- This topic has 10 replies, 4 voices, and was last updated 3 weeks, 6 days ago by Bittergaymark.
- February 26, 2020 at 11:39 pm #876536CassandraGuest
Hi, I have been working at a job for 5 months now. Since I started two people left for other jobs and 6 others were fired. First two were fired, then four others today. I am FREAKING out. I am a career re-entry and this job has been great for me but now it feels unstable. It was bought by another company last year and so, the new company is making changes, but my god. I feel like any day could be my last there and of course morale there is low. My boss assures me I will be fine because I was hired under the new owners…she says its the people who were here BEFORE THE NEW OWNERS took over who should be nervous.
I just don’t know whether I can believe her or not. Honestly if I were her I would be worried for the BOTH OF US, not just me.
I frantically put out resumes tonight for jobs, I just put a contract on a house. I am freaking out that this employer is unstable. I am doing all I can now to get out of there, but I close on my house in two months. Omg this is a nightmare. Someone help me.February 27, 2020 at 1:11 am #876538First reply…long time lurkerGuest
I decided to reply to this because I can actually sense your panic through your post. First, of course nothing in life is guaranteed: not life itself, not a job for 5 months or a job for 20 years. So now try to breathe and marinate in your boss’s words (albeit the boss could have been a slight bit more diplomatic in her deliverance): you were hired after the management change. For whatever reasons they let the others go, that does not necessarily reflect on you. Perhaps this company came into new management because it was failing because of employees’ conduct or lack of work integrity, who knows. But if you like your job and you were hired after this change took place, I would probably stay while passively keeping my options open to other opportunities, just for peace of mind. And if something else becomes available with another company and you feel it’s a better/safer fit, go for it. Until then, do not show your paranoia at work; do your very best with every work detail, keep it professional, keep emotions out of it. And at the end of the day, go home to a cocktail and a cheesy Hallmark movie (or whatever your go-to chill genre is).February 27, 2020 at 5:43 am #876542KateKeymaster
Don’t buy a house right now if it’s dependent on this job, meaning you’re buying just to be close to this job etc. If there’s a decent chance this company may fall apart and you’ll lose your job, or you’re going to go elsewhere, you don’t want to be locked in to a mortgage.
In truth, the place does sound very unstable, and unfortunately you can’t take your boss’s statements at face value in a situation like this. They could be wrong.
Don’t panic, don’t be frantic, just stay calm, don’t buy property, and look for another job.
ETA I have worked for a company that got acquired. I have worked for a small company that was run poorly. At both, I saw multiple rounds of layoffs. At the second one, the owners told the remaining few of us to our faces that they had enough money in reserves to keep us on for the next year, that our jobs were secure. I didn’t believe them. I had been steadily looking for months. That’s what you need to be doing. The person who believed that BS about her job being secure for a year was the next to be laid off.
If you feel that a company is a shitshow and your job isn’t secure, don’t make major purchases, and look for another one. It’s a common-sense fact of life. It’s also not the end of the world if you lose your job. They’ll probably give you a little severance. There’s unemployment payments. There’s your savings you were going to use for a house.
February 27, 2020 at 8:18 am #876554bloodymediocrityMember
- This reply was modified 1 month ago by Kate.
You’re right to be keeping your eyes peeled for new opportunities. You’re probably at less risk as a new-boss-post-takeover hire, but remember – your employer is not your friend.February 27, 2020 at 10:31 am #876578LisforLeslieGuest
Your stress is understandable and palpable. You have to weigh the cost of backing out of your home purchase against the possibility that you lose your job. If you can not pay your mortgage out of your current savings/investments for a full year then take the hit and back out of the deal to buy the house.
In the long run, that penalty will be significantly less severe than if you go into foreclosure.
All of this sucks and I’m sorry you’re going through this.February 27, 2020 at 10:37 am #876580CopaParticipant
I wouldn’t count on your boss’s reassurances as an absolute truth. Mergers do tend to lead to layoffs, and this is something your boss likely has limited control over at the end of the day. I’d be actively job hunting if I were in your shoes, though I’d caution against jumping ship for any new job that comes along. Several years ago, I left a company that felt unstable to me. No layoffs, but things weren’t looking awesome and it was keeping me up at night. Left for the first thing to come along and the new company was stable but toxic. I wish I’d made the transition out a bit more mindfully because I ended up leaving the toxic company less than a year later.
I hope it doesn’t come to this, but IF you are in a position where you are being let go, remember you can negotiate your severance package.February 27, 2020 at 11:34 am #876583EssieParticipant
I know how this feels, I worked for a company that went through the post-merger layoffs. It was terrifying. A lot of people jumped ship and left for other companies. Other than the uncertainty, I liked the job and the pay and benefits were great, so I decided to stay and hope for the best. It turned out to be a good choice, in the long run. I didn’t get laid off and stayed another 15 years, until we got bought out again, the new owners changed a lot and took away a lot of the good things about working there. Then I left.
Mergers and layoffs happen, so there’s nothing to say it won’t happen at the next company you go to. You can look around, sure, but I wouldn’t leave in a panic. If you see something that looks like a better situation for you overall, you can take it.
Instead of buying a house right now, think about putting that money into building a nest egg. Work on saving enough money that you’ll be OK for at least 6-9 months if you get laid off. It’s always good to have an emergency fund, and you’ll *especially* need one if you own a home.February 27, 2020 at 12:50 pm #876592KateKeymaster
Yeah, Essie’s last point, 100%.
And of course don’t do anything in a panic, or take a job you’re not excited about, but DO actively look.March 5, 2020 at 6:48 pm #877043dirtorsoilGuest
This is the worst situation to be in, as the ground is shifting beneath your feet. When a company is acquired like this anyone can be let go for any “reason”. Generally they fire everyone and replace them with new non-traumatized people. Do not buy a house now, take as much pressure off as you can because the stress is real. Focus on distributing your resume, applying for open jobs and _no matter what you do_ do not let on to potential employers about your current situation. There is no way that you can say anything truthful about the situation that does not give off panic or desperation signals. Just like dating, no one likes that. Come up with a generic pat answer for “why are you looking for new opportunities” like “I would like to work more in X area” or “I love doing Y and I would like a position that allows me to explore that” or “Your company has such a great reputation as being the leader Z field and I would love to be part of that”. Good luckMarch 5, 2020 at 7:48 pm #877047PhoebeGuest
I’m in accounting, and one of the people frequently in the know behind-the-scenes when companies are in flux. It is absolutely astonishing how upper management can behave as if everything is going to be exactly the same in 6 months, while knowing that half the people they’re speaking to won’t have a job, or that their pay structure is changing, or that they won’t be working from home anymore.
I see people buy big houses, start families, etc and I want to shout at them to be careful — their bonuses aren’t coming next year. But I can’t. I can only say to everyone, everywhere, that no job is guaranteed, no salary is guaranteed, no bonus is guaranteed, and the existence of your company isn’t even guaranteed. Even with the nicest of bosses, with the best of intentions, things happen. Watch out for yourselves.
I think I just heard the Debbie Downer music at the end of that paragraph. Sorry.March 5, 2020 at 8:04 pm #877048BittergaymarkGuest
I was blatantly lied to FOR MONTHS before my dept got laid off years ago. It was rather shameless. Trust nothing ANYBODY says.