On Being Laid Off

in Economy, Nortel, Unemployment

To preface this article, it was written about 6 days after I had found out I had been laid off from Nortel (for some reason I didn’t want to mention the name?). It is quite raw, but well worth reading if you want to get a feel for how it feels to be given the boot from a company after 20 years of service (no bitterness here though).

Those of you who are regular readers know that I work in the High Tech industry at a large telecommunications company. This previous sentence was true until Wednesday July 30th (2008), when my position there was declared redundant . I was given a  generous severance package.

This is not a parable or a story, this has actually transpired, I am now gainfully looking for employment after 20 years of work at the same company. As I mentioned yesterday, this is most likely going to temper and change the tone of this blog, to be less “savings” oriented and more “survival” oriented. As most can tell, I write about things in the financial area that matter to me and to my family. This kind of upheaval and change is bound to cause a thematic change in my writings.

Nortel

Nortel Once a Giant Now Deceased High Tech Firm

I have spoken to many people about this already (including most of my loved ones, hopefully no more are learning from odd places, as my Brother learned from a comment I left on an industry web site). I have “activated” my network of contacts for job searching, as well.

If you have requests for articles and  requests from my readers about this event in my life, however I must say that legally I am not allowed to say how much my severance package is, and there are some other points I am not supposed to discuss, that I can’t remember. The severance package I received is very generous (but it should be given I have been there for 20 years, and am now 47 years old), and I have been given access to a firm that will help me get ready to find a new job.

I am also eager to hear of stories of redemption and success in this area. Helpful tips on how to survive and better still overcome this tumultuous event in any worker’s career, are also appreciated.

Epilogue

The severance package ended up being about 10 months pay, and then another 4 months had I not found a job. I never saw the 4 months, but I did get the first part of the package. As I have written previously, this really was a gut punch to me.

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