Lay Offs

Madmartagen · **Lay Offs -** 03-02-2007, 12:36 PM

Damn its been a hell of a week for me at work. First we have this DST issue going on so, we all have to scramble and make sure our systems are ready. Now we have this layoff sneak up on us and so me and my partner had to remote access and terminate 60 people before they knew what hit them. Most were sales, but some were IT and one was in our Telecom group. I wasn't too familiar, but my partner knew and had worked with them all for years.

One of the ladies upstairs in accounting who got let go was pregnant and was about to go on maternity leave, its kinda sad. The HR manager whose office is right in front of me has had people going in and out this morning - her boss got let go too. I've been laid off before and it sucks, but I haven't been so personally involved like this where I have to kill someones access and leave their blackberries useless when some of them are out on the road. I think I'm going to take a longer lunch or something.

Any of you been laid off or had to do the chopping?

Arch · 03-02-2007, 01:01 PM

about 3 years ago i was credit supervisor for Kohls and when the big guy said to let someone go, i was the one who had to tell them. It sucks ass, but you gotta do what you gotta do.

TGB! · 03-02-2007, 01:09 PM

Its the nature of business. Someone's gotta go. Depending on what state you are in though, their chances for rebound are very good. Most states should have resources available for folks who are involved in mass layoffs; for situations like this - WIA funding to assist with job search, and potentially getting some training to suppliment existing skills.

The maternity leave layoff is f'd though - but a smart business move.

ninty · 03-02-2007, 01:49 PM

how long is maternity leave for in the states?

Nyck · 03-02-2007, 01:58 PM

Quote:

Originally Posted by ninty

how long is maternity leave for in the states?

3 months/12 weeks

Pyro · 03-02-2007, 02:38 PM

it's kinda sad we fucking up the employment system so much that layoffs are even needed in established firms.

Arkan · 03-02-2007, 06:24 PM

Better don your flak jacket to work tomorrow. Fucking peeps are going to be out for blood

Miscguy · 03-02-2007, 09:48 PM

I fire people all the time...

Now if only i had the power to have it mean they're really fired.

Nyck · 03-03-2007, 12:11 AM

Quote:

Originally Posted by Arkan

Better don your flak jacket to work tomorrow. Fucking peeps are going to be out for blood

fired on friday...gives them time to chill and get drunk on the weekend

Madmartagen · 03-03-2007, 12:19 AM

hah, things turned out to be a little worse than i had thought. we had another emergency townhall meeting to give a status on the company and this is what was said.

basically the mortage industry is taking a beating and alot of it is due to the bad rep of 'interest only loans' and how they turn out to be low quality lowns where the lendee would go into default of his loan and so our company would be stuck with the bill. our projected earnings for the quarter would not be met or released on time, so the company made an anouncement to the FDIC or SEC that we would not release our quarter results on time. this made the FDIC order us to cease all sub-prime real estate lending and so our parent company felt that they were fucked and so that instead of fixing the damage, they would pull out entirely of that market. seeing that sub-prime loans constitute nearly 90% of our Residential Real Estate Market, we are losing almost 75% of our business and so we are going to drop alot of people who would normally support that. since i work in IT, my job is in jeapordy because they do not need a large technical staff to support the reduction in force. we still have retail, loan servicing and commercial markets, but seeing that residential was the bread and butter of the company, it looks like i'm going to have to look for a new job too.

anyways, i havent been let go yet, but we'll see what happens on Monday. we lost one data engineer in our group and some desktop support guys. alot of us went out to get a bite and drink after work and i think some arent going to show up next week.

happy friday mad:

eeves · 03-03-2007, 03:54 AM

bummer dude...

Tripper · 03-03-2007, 04:49 AM

holyy shit that sucks mad

good luc k dude

ninty · 03-03-2007, 10:38 AM

thats brutal. hope it somehow works out for you guys.

anti · 03-03-2007, 12:25 PM

openf ire.

[DAS REICH] Blitz · 03-03-2007, 12:30 PM

Follow me!