New Year-New Challenges

[vvsonikvv]

With all that news about job cuts on Monday... unfortunately I was one of them.

The economy was doing bad and my company was doing bad so of our team of 10, I think they were letting about 5 go. My manager had sympathy and he didnt kick me out on the street. We talked and he gave some good advice. Actually told me I could use the company resources, ask for advice, review my resume, and continue to get paid for the next 2 weeks.

I think that shows that the company cares, just couldn't make it with the cashflow of the business.

Luckily I have some money saved up and I should be good with savings for a short amount of time 5-6months, but thats all I have. No car payments, just rent, and food expenses. I'm pretty young 25 and live in a fairly expensive area (DC), but I hope to find work soon.

Any advice from you wise ones here? Anyone been through this before? I'm ready to do unemployment once I eligible.

Continue to put money into the market? or hold off? Or make it minimal but stay in the game.

I'm back on monster, hotjobs, career builder, etc. and am getting some leads.

I can't wait to be w*rking again (haha - i need the money) then I can be on my way to ER again.

 

[REWahoo]

Sorry to hear about your job loss. That's tough no matter what your age or circumstances, but sounds like you are in relatively good shape compared to most your age.

Continue to put money into the market? or hold off? Or make it minimal but stay in the game.

I'd hold off on further investments until you are reemployed. Assume the worst (long lead time in finding employment) and work 8+ hours a day at your new job - selling yourself to a new employer. Hopefully you'll land something in a few weeks.

 

[leftbucket]

What's your field?

What field are you in?

I'm near DC in NoVa, and have
buddies at some of the big employers:
SAIC, Booz-Allen-Hamilton, and Mitre.

I could try to do a little recon for you.

-LB

 

[vvsonikvv]

What field are you in?

I'm near DC in NoVa, and have
buddies at some of the big employers:
SAIC, Booz-Allen-Hamilton, and Mitre.

I could try to do a little recon for you.

-LB

I greatly appreciate your help and support. I'll send you a PM.

I actually live in Arlington, but it's easier to say "DC" to the outsiders. I'm in IT Project Management with experience implementing process improvements, earned value reporting, project reporting, and some capital planing and investment control. I also have a education background with computer engineering (C++) but I haven't touched that in a while.

I have some small leads at SAIC and BAH, but haven't been getting much. Any additional help would be great. BAH and Mitre seem to be great companies to work for. I think they're on the top 100 list.

I'd hold off on further investments until you are reemployed. Assume the worst (long lead time in finding employment) and work 8+ hours a day at your new job - selling yourself to a new employer. Hopefully you'll land something in a few weeks.

Good point. I wanted to think I would get employment soon, but then again I thought I wouldn't get laid off. I've been researching tons of positions and am on all the sites sending resumes out ever since. I haven't left my computer chair.

Thanks again for your support.

Wish me luck!

 

[BigBob]

Sorry about your job loss.
I have two pieces of advice (but can't say that I am wise) from my experience about 5 years ago.
- Do what you can to avoid any tendency toward depression by exercising and keeping connected to close friends/family.
- I have had the most success landing jobs via people that I know (even if it is acquaintances, church, etc), so I suggest getting the word out to as many as possible.

Just my .02

 

[growing_older]

In the past, large scale losses of jobs was also accompanied by a very tight job market and pressure on salaries. In the dot.com bust era when the company I worked for went bust and we were all laid off, those who were willing to consider lesser positions and big pay cuts were able to find work (with considerable effort) in a few months, sometimes with 30% or more paycuts. Those who held out for comparable pay or wanted equally senior positions to the ones they left were out of work for two years or more. When they finally landed a comparable position (at 20% less pay) the folks who had earlier taken jobs had two years of income and two years of raises/promotions already, so ended up ahead by all measures.

I have no idea if the current job market is similar, but if it is, my suggestion would be to be extra flexible in jobs you would consider and be willing to accept a lesser position with lesser pay if you find one in order to get into a company and regrow your career from there.

 

[CompoundInterestFan]

Sorry to hear about that. Our company just had layoffs last week, and while I wasn't affected, the layoffs were rather large, and it's quite likely we'll have more in the near future.

While I've never been laid off before, I've thought quite a bit about what I'd do, and I concur with REWahoo about holding off on further investments. I'd trim all expenses to the bone, simply because it's difficult to know how long you'll be out of work.

I also concur with BigBob that your connections will serve you much better than sending out resumes over the internet. I'm not sure if you're on linkedin.com, but it's one way to keep connected with people you've worked with. I've been involved with some of the hiring in my department, and personal connections usually trump everything else. If someone in our department recommends a potential candidate, that weighs very heavily, and can even get a candidate past a poor interview.

 

[vvsonikvv]

I've stopped my investments. It's hard bc I've been doing it so long and especially now with the market at "such a good price" compared to before. I used to have weekly $100 deposits into some mutual funds.

I've definitely cut back on spending. I don't drive much anymore (since i dont goto work). I eat less (maybe a bad thing) and don't eat out very much anymore. (A few value menu items at fast food here and there.)

I've had lots of support and people helping me. Thanks LB! I've been checking job sites all day everyday for the past week. Checking out companies, applying, modifying cover letters, modifying resumes.

If things work out well, this might just turn into a "vacation" if I can push back the start date some. haha . But yeah I like the stability of knowing there will be money in the bank account more.

I have an in person interview tomorrow and phone interview tomorrow later in the day with another company. I hope this one goes well.

Wish me luck!

 

[harley]

As an ex-Arlingtonian and NoVa IT guy, I have 2 comments. First, there should be plenty of consulting work available to help you get by until you find something permanent. Second, whatever job you end up with going forward, try to work out getting a security clearance with it. Once you have one you'll be golden for decades. There's so much consulting and direct employment by DHS and others in the area (especially DC and Reston) that you'll probably spend the rest of your career shopping for jobs instead of searching for them. Good luck. Oh yeah, don't bother with Verizon. They aren't hiring. Ever.

 

[vvsonikvv]

Yes, I have a security clearance. I don't think the work is as "great" as it used to be but there is good work out there.

I've been working like a madman contacting people, networking, and applying for jobs. Even to the point where I've had like 10 interviews in one week. I've been getting so many phone calls back and forth... I feel like an agent checking in on my clients.

All that hard work paid off and... I actually got 3 offers! Lot's of relief there! I actually started my contributions into my mutual funds again (just $100) so I don't lose out.

Here's the conundrum, they're at different levels of compensation, different work, different environments, different company structures. I don't know what to do. The pay difference is pretty significant about 15%.

I'm down to two companies.

1. B'ooz Allen but that has a smaller pay, but lots of name recognition (good for future jobs and business school), supposed firm/job security and stability, opportunity to grow and move to different areas bc the firm is so big. #52 on Fortune top 100 companies to work for (and has been top 100 many years I believe)

2. A local small boutique mangement consulting firm about 50 people big (compared to b'ooz's about 20k people). Alot higher pay, nice performance bonus (which isnt guarenteed), not as much job security since it's smaller, alot of transparency within the company. I'll work hard and they'll notice. I'll know the CEO and all the VPs.

Both have great people to work for. The people are smart and hard working. Lot's of learning opportunities at both, so i'm not just there using up life hours. I'll be learning and growing. Both commutes are equally very good, about 20 mins minimal stress driving or metro'ing. Both of solid benefits and 401k match.

I've always dreamed of working at b'ooz, but wasn't expecting a pay decrease (it's less than my previous job), and now i have much higher offers. Would i have a chance in the future? What would you recommend? What else should i look into that I'm forgetting?

 

[W2R]

I don't have any suggestions but just wanted to offer my congratulations on getting these job offers!!

 

[vvsonikvv]

W2R, thanks!

After much much thought, I ended up deciding to go with the smaller firm. I want to run a business one day and think getting my hands dirty and interacting with all aspects of this smaller firm will give me the experience needed, rather than being an ant in a giant corporation.

Also, the financials help too especially in this economy.

I start on Monday, we'll see how it goes. It's been enjoyable with time off, but I need to get back into the flow and getting some money coming in.

Thanks for the support.