More than a lifetime ago, about now (in 2008), I was laid off from Nortel. At the time, it was indeed a gut punch (spiritually, financially and physically). I worked for BNR and then Nortel for 20 years. Then, I was declared redundant. It wasn’t a surprise, but it still crushed my self-esteem for a long time. I have spoken about this on Podcasts so I won’t rehash too much of this life-altering event, but in the end it was a good thing.
Financially I was fortunate, even though it took me a year to get back on my feet and find a job. If I had been laid off 2 months later, I would have been in a much larger financial world of hurt. I was lucky enough to receive all of my severance package. If I had been laid off any later, I would have waited until Mid-January to get my package. If I had done that I would have received nothing, due to Nortel declaring Bankruptcy.
I was lucky that I withdrew my pension from Nortel. Before that plans, problems came forward. The reasons for withdrawing the money were emotional. I am not letting those bastards keep my money. That emotion-based decision, however, worked out well.
In hindsight being laid off was the luckiest thing that happened to me, and caused me to make the most brilliant financial decisions I have ever made. It always astounds me that the most gut-wrenching events in my life usually cause something good.
Ideally, it would have been nice if I could have found a job in less than a year. However, the job I found I am still in, and I still enjoy it.
Laid Off, but Lucky?
You didn’t think you’d read that headline today, did you?
Nortel related articles
- On Being Laid Off (a 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 itâ€™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.