Got some bad news yesterday

[ScubaCinci]

It was announced publicly today but we were told yesterday that part of the company I work for is being sourced to another company. Since I support that part of the company (from an IT perspective), that means my group will be no longer needed either. The whole transition will take 12-18 months but I expect cuts to start in January (we were told nothing would happen prior to the end of the year). I've been there over 18 years. I may be able to find something else within the company but given that I'll have competition from 400 other people, I don't have high expectations. Gonna be weird to go somewhere else.

 

http://www.wcpo.com/money/local-business-news/fidelity-investments-moving-400-jobs-from-kentucky-to-texas

 

[Tpoppa]

Sucks.  I am only as loyal to a company as a company would be to me.

 

Look elsewhere right away.  If they ask you to stay until the end of the transition, demand a large lump sum payment (6-12 months pay) on top of reg pay.

[Casper]

Sucks. I am only as loyal to a company as a company would be to me.

Look elsewhere right away. If they ask you to stay until the end of the transition, demand a large lump sum payment (6-12 months pay) on top of reg pay.

Exactly. No severance, no way I'd stick around. Post up what types of positions you'd be interested in. It's amazing how many folks are on here. Might just be able to land a job.

[smccrory]

Exactly. No severance, no way I'd stick around. Post up what types of positions you'd be interested in. It's amazing how many folks are on here. Might just be able to land a job.

 

Ditto what they said.  I've been in I.T. for 30 years and 20 of those in large financial and manufacturing companies on both sides of several very large mergers and divestitures.  I've always felt much better about myself and my career when I was in control instead of hoping they will employ me another week or month if I just keep my head down...  It doesn't work.  They either will value you enough to secure a termination timeframe and completion bonus (which you'll then have to determine its value) or they'll risk losing you to a better position, which is always easier to secure while you're employed.

[mojocho]

Never fool yourself into thinking a company will be loyal to you. It's business. I've been on the cutting end many times. It sucks. You feel bad that you have to pick who stays and goes but the alternative is everyone goes when the business can't survive.

My advice is get your resume out there pronto before everyone does. An employed person is more desirable than an unemployed one. Your blessing is that you have 18 months to find something and be selective.

Good luck man!

[smccrory]

Never fool yourself into thinking a company will be loyal to you. It's business. I've been on the cutting end many times. It sucks. You feel bad that you have to pick who stays and goes but the alternative is everyone goes when the business can't survive.

My advice is get your resume out there pronto before everyone does. An employed person is more desirable than an unemployed one. Your blessing is that you have 18 months to find something and be selective.

Good luck man!

 

Ditto, sympathies and good luck - I forgot to say that.  And mojocho reminds me that it's even OK to interview for positions you may not actually want, just for the experience.  If it's been a while since you hunted for a job, you will NOT find the first round easy, and that's OK - perfectly expected.  Interviewing for the first time after years of steady employment is spooky and not completely unlike dating again after a divorce - both of which I am qualified to compare ;-).  Anyway, what I'm trying to say is that all that detailed techie shit you have to stay current with takes practice and dedication, and so do the skills of evaluating next career steps, so do NOT get hard on yourself if you find any of this rocky at first.  It very well could end up being one of the best changes in your life, and if you give tat a possibility, hell, even create that inevitability, this could end up a pretty rock'n development for you.  I've had several moments in my career where that exact thing happened, so again, I'm not really talking out my rear here... ;-)

[JaSSon]

Yes, there are ~400 employees from the MM division @ the Covington campus that will be looking for new roles in Fidelity, but most of them are equipment operators or work in material handling, and won't necessarily be looking for IT work.  Being in IT, I assume that you have the experience, education, and certifications to move at least laterally to a new IT position.

 

This really is a sad thing.  There are a lot more people that will be affected than just the ~400 Fidelity employees.

Edited July 10, 2014 by JaSSon

[ScubaCinci]

Thanks guys...yeah, they are offering severance if you see it through. No word on what that is yet but historically it's been 2wks pay for every year of service. My wife is self employed and makes a lot more $ than I do so I really just need something with good insurance I'm looking right away but may stay through the end of the year to get my profit sharing and annual bonus first

[smccrory]

Thanks guys...yeah, they are offering severance if you see it through. No word on what that is yet but historically it's been 2wks pay for every year of service. My wife is self employed and makes a lot more $ than I do so I really just need something with good insurance I'm looking right away but may stay through the end of the year to get my profit sharing and annual bonus first

 

There ya go!  In the meanwhile, it's best to be as supportive of management's direction as possible.  The more you're valued by the check writers, the more inclined they'll be to keep you as on as an agent instead of a reason to shed the dead weight and antagonists early.  You'll also maintain an excellent chapter to your career story, making you more valuable to future employers, and your professional network will recognize it.

[Helmutt]

Good luck Joe. Bright side is that your wife has financial position enough to allow you to be more selective in your hunt. Benefits are quite a big decision maker now days when multiple opportunities arise.

Company I work for was recently bought out, but luckily we're profitable enough that they're not changing a thing ( yet ), they even bought the rights to our company's name due to the high position in the marketplace.

[Cheech]

Good to know they're offering severance, and with the time you have in that should amount to a significant chunk of change.

 

That said, I'd start getting on the horn to recruiters now, and explain your situation to them.  I don't know many people in the Cincy area, but CBTS and the usual suspects (TekSystems, etc.) might be a good place to start.  On top of that, start on some cert learnin', and find a way to get some paper to your name before interviews come around.

 

I'm not sure what specialty you're in in IT, but from a networking perspective I've never had a job gap in 12 years, and I've bounced around a LOT.  The last 2 gigs I've had (including my current, started in May) I've gotten within 1.5 months, I was kinda half-assing how wide I casted my net, and I was pretty picky.

 

You can put your stuff on careerbuilder/Dice/whatever, but chances are you're going to get hit up by national recruiters who don't know their ass from a hole in the ground.  You'll get calls/emails that don't pass the smell test, just ignore them.

 

If you need some help, I'll do what I can.  Good luck.

[Tonik]

Watch the fine print on the severance. They will probably require you to start to the end.