[Enjoiyourlife]

My firm is laying off 10% of work force.

There was a buzz around the office yesterday that today would be the day that the firm was laying people off....

Seems like nobody slept well last night, including myself...

Walked up to the building and there are about 6 men in black suits with ear pieces guarding the entrance/exits to the building. Looks like extra security along with the normal guards. They had everyone swipe their clearance cards one by one to make sure we still had access to the building..

This shit is scary! Investment Management is not a good place to be right now... I'm crossing my fingers. This really sucks, especially for those with families

But I did come prepared with a bottle of Jack Daniels.

[c0nstant]

damn man, i wish you the best!

[Seminole]

See, I have zero respect for companies that handle things like that.

I don't care if you are laying off 50% of your work force, you shouldn't just throw people on the street like that. If I ever owned my own business I would have meetings, or at least send out e-mails letting the employees know what is going on in the company, and if we are struggling or not. If I needed to cut people I would let them know at least 1-2 months prior so they could at least save up a bit and have some notice.

[Perpetrator]

Crazy stuff....good luck. My team and I just got our notice last week. our VP happened to stop by on a "surprise" visit from chicago. When they started calling in people one by one...we knew what was going down. def not a good feeling.

good luck buddy.

[Enjoiyourlife]

Originally Posted by Seminole

See, I have zero respect for companies that handle things like that.

I don't care if you are laying off 50% of your work force, you shouldn't just throw people on the street like that. If I ever owned my own business I would have meetings, or at least send out e-mails letting the employees know what is going on in the company, and if we are struggling or not. If I needed to cut people I would let them know at least 1-2 months prior so they could at least save up a bit and have some notice.

+1 on that. Well, we are a privately held company and I would expect that since we are not public, that they would have let us know in advance. But then again, it did take awhile for the economy to catch up to us. Most investment managers were fired a long time ago. We should have saw it coming.

Wow there are even more security guards now. They are standing in the hallways outside of the conference rooms on each floor. Escort service, eh? To make sure we leave the building peacefully? It's too bad they have to act like complete jerks too.

Terrible...... just awful.

[Enjoiyourlife]

Originally Posted by Perpetrator

Crazy stuff....good luck. My team and I just got our notice last week. our VP happened to stop by on a "surprise" visit from chicago. When they started calling in people one by one...we knew what was going down. def not a good feeling.

good luck buddy.

Sorry to hear that man. Can't imagine what that feels like. I hope you have a backup plan .. Thanks for your support though.

[darkcloud]

Hope you make it through the day. Good luck.

[jlspeed29]

that sucks man, but then again, signs of the times.
We just had our national sales meeting a couple days ago, so Im waiting to hear from my wholesaler what the news is gonna be

<----When all else fails

[addy85]

damn, good luck bro! Keep us updated

[Enjoiyourlife]

Originally Posted by addy85

damn, good luck bro! Keep us updated

I've seen 3 people go so far... They were given a bag to put their stuff in. Some paperwork... and were escorted to their vehicles.

I've never seen this kind of thing before. This is my first job out of school and it is nerve wracking to watch everyone pack up their desks because no one knows who is next. LOL i dunno about the escorts in suits though... Is it really neccessary?

[addy85]

Originally Posted by Enjoiyourlife

I've seen 3 people go so far... They were given a bag to put their stuff in. Some paperwork... and were escorted to their vehicles.

I've never seen this kind of thing before. This is my first job out of school and it is nerve wracking to watch everyone pack up their desks because no one knows who is next. LOL i dunno about the escorts in suits though... Is it really neccessary?

well, there have been some instances where people got a little out of line when being let go so I guess you can some how justify it

[Scorpion]

Dang, sounds intense man, good luck.

[Whostheboss]

Wow not a good feeling.....but good luck

[MadDog]

Originally Posted by addy85

well, there have been some instances where people got a little out of line when being let go so I guess you can some how justify it

+1. Companies are very worried about sabotage and someone going postal.

[Tondtar]

Good luck, MadDog.

I have never been in a similar situation but I am sure the feeling is not good at all. Owning my own business has its perks. I am the first one to know who is getting the pink slip. In this sh*tty times, I just hope it's not me, myself.

[MadDog]

Originally Posted by Tondtar

Good luck, MadDog.

I have never been in a similar situation but I am sure the feeling is not good at all. Owning my own business has its perks. I am the fisrt one to know who is getting the pink slip. In this sh*tty times, I just hope it's not me, myself.

It's not me who's worried. The OP is Enjoiyourlife.

[Enjoiyourlife]

And there went both my managers... Packing up their offices......... WTF!!!

[Tondtar]

Originally Posted by MadDog

It's not me who's worried. The OP is Enjoiyourlife.

Him too ...

Sorry for the confusion. have not had my morning coffee yet.

[The Cleaner]

Originally Posted by Seminole

See, I have zero respect for companies that handle things like that.

I don't care if you are laying off 50% of your work force, you shouldn't just throw people on the street like that. If I ever owned my own business I would have meetings, or at least send out e-mails letting the employees know what is going on in the company, and if we are struggling or not. If I needed to cut people I would let them know at least 1-2 months prior so they could at least save up a bit and have some notice.

This is the right way to do it provided you don't have sensitive information that can be taken and end up at competing companies. Giving employees months to gather data to increase there chances of landing a job at a competing business is not ideal for many employers.

[MadDog]

Originally Posted by Enjoiyourlife

And there went both my managers... Packing up their offices......... WTF!!!

Damn. That sucks.

[jaiman]

Originally Posted by Seminole

See, I have zero respect for companies that handle things like that.

I don't care if you are laying off 50% of your work force, you shouldn't just throw people on the street like that. If I ever owned my own business I would have meetings, or at least send out e-mails letting the employees know what is going on in the company, and if we are struggling or not. If I needed to cut people I would let them know at least 1-2 months prior so they could at least save up a bit and have some notice.

The only problem with this approach is that it gives people time to print up client lists and other sensitive info that you would prefer they didn't have.

[darkcloud]

Originally Posted by Enjoiyourlife

And there went both my managers... Packing up their offices......... WTF!!!

Do one of these managers happen to be the hot manager you want to bang??? You'd be in the clear then