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Tuesday, August 21, 2007

A Reprieve

Okay, I can stop the panic process for now. My whole department is being retained for 12 months. We'll get the retention package via mail probably next week, but in the meantime, at least I won't be out of a job come this Friday. What a relief.

I have no clue as to what the retention package with contain, but if I stick it out until the end of the 12 months, I'll at least get severance at that point. And, since I'll know ahead of time when it's coming, I can start the job hunt in advance.

Anyway, I'm no longer feeling nauseated and anxious. However, I do know that it will be different, with other co-workers and support staff from other areas of the company being phased out before the end of my employment. It will be a challenge, no doubt.

Thank you all for your kind words of support!


Dagny said...

Yay! Now get that resume out and polished. When I worked for the Death Star and knew that layoff was imminent, I was surprised at how slowly many in my department were at doing this. They seemed to think that the severance would be enough. Little did they know that right before we were due for layoff that September 11 would occur and that the job market would change drastically. I like to think that I got through all of that job-wise because I was a realist.

Joie said...

I have to say that I agree with Dagny. Now is the time to "hop-to". It is so much less stressful to look for a job while you have a safety net (your current job).

I'm not saying that you should leave immediately, but I do think now is a good time to go job shopping, and if you find a good fit, take it. You don't want to wait until the job market is flooded with mortage people and the best jobs are snapped up. Your company isn't the only one going down right now.

Severance packages also aren't nearly as attractive as they first appear. They are taxed as if that one lump sum is your typical paycheck. Due to that, Uncle Sam took a full HALF of Andy's when he was laid off.

I hope I'm not freaking you out. I'm not trying to. You can take a deep breath because you are safe for now, but I really do encourage you to start looking now. It sure won't hurt, and you never know, something better might come along and fall in your lap!!

D.T. said...

WOW Tami...for someone whose future just took a wild spin, you sure do seem calm. And that's good. In cases like these it's best to keep a cool and collective mind. I think you're handling everything very well and if I were you I'd listen to Dagny's and Joie's advice. It sounds like the best thing to do.

Tami said...

Don't worry guys - I'm naturally paranoid enough that I'm not going to wait until this time next year to start looking for something. Though right now the job market is already flooded with displaced mortgage personnel. A year from now (or 6mo etc) may be a more promising job market. But, I'm not necessarily married to the mortgage business, so I'm open to other ideas. I do have experience in this though. We'll see what happens. And yeah, the severance and retention plans will be heavily taxed, but it's better than getting nothing. I'm definitely hoping to line something up before it comes to the very end. I do want to stick it out as long as I can though, since it sounds like we'll get incentives every 3 months for staying.

BellaKarma said...

Hey Tami,
Didn't we say 2007 was going to be a better year for us? So why so much suckage going on? Thankfully we have four more months to turn it around.