To preface this article, it was written about six 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 pretty 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 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 transpired. I am now gainfully looking for employment after 20 years at the same company. As I mentioned yesterday, this will most likely temper and change this blog’s tone to be less “savings” oriented and more “survival” introduced. As most can tell, I write about things in the financial area that matter to my family and me. This kind of upheaval and change is bound to cause a thematic shift in my writings.
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 website). I have “activated” my network of contacts for job searching.
Suppose you have requests for articles and recommendations from my readers about this event in my life. In that case, 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 prepare to find a new job.
I am also eager to hear 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.
The severance package ended up being about ten months’ pay and another four months had I not found a job. I never saw the four months, but I got the package’s first part. As I have written previously, this was a gut punch to me.
Nortel related articles
- On Being Laid Off (a 10 year retrospective) what had I learned the 10 years after getting laid off.
- A Year Ago, written a year after that day I was laid off luckily I was waiting to start a new job
- Sometimes it’s better to be lucky a retrospective about how lucky I was to get laid off when I did. Read on to find out why.
- Pensions and Severance an important topic I took from my layoff from Nortel.
- Twenty Years in One Line is what my severance letter did. My 20 years are summed up in a sentence.
- Financial Issues With Severance what do you do with your severance if you have options? If you get severance as well.
- On Being Laid Off my explanation of being laid off from Nortel, a day or two afterwards.
- Nortel Still Paying Out? Really, well not that much.