Preparing to be let go

[Anonymous]

I’m a director at my finance org and am being pushed out of my role due to a new hire coming in and wanting to hire his own people. I can see it coming down the pike so I’m wondering what I should be doing to prepare at work. I am saving money and networking but is there anything else that could be useful? I feel like I’m not thinking straight due to the stress of it all. Thanks.

[Anonymous]

Do you have examples of your work, or email contact information, etc that you’d like to have? If so, grab it now. If someone told you to clear out your desk today, what would you wish you’d done?

[Anonymous]

Update your resume, make is searchable even if you aren't quite ready to apply. The way this market is recruiters and HR will find you. I receive legit requests for my resume weekly.

You've got this. You will move up and land a better role. Don't sell yourself short.

[Anonymous]

Email yourself contacts you want to stay in touch with, connect with them on LinkedIn, write out your job description (I always have a hard time explaining what I do) now while you're still doing it. Clean out your desk a bit - don't take every picture of your kids home, but clean out the drawers and bring home the three extra sweaters and two pairs of shoes that accumulated.

[Anonymous]

Port your contact list to a personal computer;
grab a sample of work product that are NOT proprietary to the company or a client -- redact if needed (do not take ANYTHING that isn't yours);
review your contract or company handbook for information about non-disclosures and non-competes and take care to comply to the extent applicable (if you're not sure, spend an hour with a lawyer to review your rights and responsibilities);
start taking home your personal items ASAP -- you might not get to do it yourself on your last day 9take a photo of everything in your office in case you don't get a chance so you can be clear about what is yours);
update your resume and get it to a headhunter ASAP, polish up your Linked In profile with words describing your next desired position -- make it a step up -- why not? You don't need to wait to be let go to land your next gig;
review your company policies on severance, pay-out of unused leave, end of benefits, COBRA, etc. -- know what to expect, or at least start a list of practical questions for HR at your exit.

[Anonymous]

Start researching your next job and get a strong sense of what pay to ask for, etc. Be proactive about this and help yourself reframe this as moving on and up.

[Anonymous]

Thank you for your replies, they are very helpful. I have been in touch with an attorney already and have cleared off my computers. I have been actively job searching for some time so thankfully my resume is in good shape and the headhunters know me. I am not sure if there is any point trying to refute anything at work (they’re basically trying to make it seem like I have violated policy) but I’m trying to stop them from rewriting the narrative to suit themselves. It’s so exhausting, I almost just wish I could quit.

[Anonymous]

make sure you have recent performance reviews on your personal and not work e-mail. If you happen to use work e-mail for anything not work related, update to personal e-mail. If they really are trying to force you out realize that you can't win, but also realizing that quitting means no unemployment

[Anonymous]

Anonymous wrote:make sure you have recent performance reviews on your personal and not work e-mail. If you happen to use work e-mail for anything not work related, update to personal e-mail. If they really are trying to force you out realize that you can't win, but also realizing that quitting means no unemployment

Even apart from the unemployment issue, quitting is a bad idea. Stay as long as you can, or until you find something else. Much easier to get hired if you currently have a job

[Anonymous]

Thank you, yes for sure on unemployment. I am desperately trying to get something else before being let go. I can’t support my family on just my DH’s income forever so I definitely would need unemployment.

[Anonymous]

How long have you been with the firm? Research how to negotiate a favorable severance package for yourself. Are there opportunities for you at the company?

[Anonymous]

Anonymous wrote:How long have you been with the firm? Research how to negotiate a favorable severance package for yourself. Are there opportunities for you at the company?

I’ve been there 14 years. I am doubtful I would get severance but I would have my attorney try to negotiate for sure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How long have you been with the firm? Research how to negotiate a favorable severance package for yourself. Are there opportunities for you at the company?

I’ve been there 14 years. I am doubtful I would get severance but I would have my attorney try to negotiate for sure.

Look up reputable books and sites on preparing to negotiate severance. A financial blog I follow, financial samurai, has a book about a severance package he negotiated leaving Wall Street- I think Goldman but not positive. If you’ve been there 14 years and are fairly senior you should absolutely get a good severance package.

[Anonymous]

Thanks. If it happens, they are going to fire me for cause, so I’m not sure how successful I will be with negotiation. Mostly I just wish I could get it over with because the tension and uncertainty is eating away at me. I have some big job interviews coming up and I’m afraid I will allow this to impact my performance.

[Anonymous]

What would be their “cause?” Def consult with your attorney now so if you’re called in and let go without severance or with a crappy package offered know how to push back and demand more. Or Whether you should accept a package (which usually requires you to sign various agreements—not to sue, stating that you are actually resigning (so they can avoid paying unemployment) etc.