Anyone ever had to take a massive pay cut after being laid off? How long did it take your to recover? Share any tips.

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I've been laid off three times over my several decade career. The first time I was able to find a job 2.5 months later that paid a few hundred more than the one I was laid off from.

The second and third layoffs involved pay cuts, ~5% pay cut for the second and a nearly 30% cut for the third.

After being blindsided by the first layoff, I'd built an emergency layoff fund that was roughly equivalent to two months of full salary at whatever my current position was. By the third layoff I'd built my layoff fund up to about 3.5 months of current income. It took me nearly the full 3.5 months to find a replacement job. Within 2 years I was back to my pre-layoff comp, and within 5 years I was at +40%.

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Got laid off of EY making 94k. Ended up here making 80k and then 2 weeks ago I just got bumped to 85k. Unlike EY, I actually like my team here so I didn’t care too much

likeuplifting

I’m in middle office so I’m in portfolio management

Been laid off 2x. Got a 10% bump because I saw it coming the first time.
Second time 5% loss. 2 years to recover.

It’s really the’reset’ of promotions and building relationships and goodwill that sets you back over time.

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Nothing humiliating and gov jobs often may still have some outstanding pension oppty

Laid off 4 times - each resulted in an upward jump in title and pay for me.

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I’ve been laid off 7 times. The last time I took a pay cut was when I was 23 ($25k to $23k). Continued to bump up and took my first purposeful pay cut (-$15k) in 2018 to convert from contract to a full time position with a horrible manager.

Got laid off in 2021 and since then have added $30k to my salary and love my job so much more now!

I was laid off and ended up selling cars to make ends meet while continuing my job search. It was definitely a huge adjustment. I made decent money as this was about two years ago but it’s such a grind with terrible hours.

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Ong was just thinking abt this; 1st layoff lost $8k then 2nd layoff went to a job 75% less; back up to $5k Fromm 1st layoff

Now, unemployed and not sure if I shld do the presentation for a city job which will be 1/2 of what I was making

Luckily, staying with family member now n will hv to take a pay cut to survive

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This has been my second layoff. First one I jump comp about 25%. Second one remains to be seen.

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First layoff I was down about 5%. 2nd one I went down 25% in base pay but got equity which has now made up for the loss in year 1.

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Hi all,

I have one question -coming 2023 year maybe recession hit worldwide economy. Can we worried as a accenture employee? Any news for mass layoff for recession?

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@iqvia

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Hi Fishes,

I have offer on LTIMindtree for 13 LPA and CTS for 15 LPA
I am worried about layoffs and job security
Could you please let me know which one is better option ?
YOE - 3.7 Tech - Java, springboot

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Given the outbreak, are places actually going to be hiring right now? Recently laid off from 9-5 and my freelance is starting to fizzle.

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How is everyone feeling amidst these layoffs? Hope everyone is taking care of themselves!

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I was in the final stages of an interview with Microsoft two weeks ago, in partner marketing. Then the recruiter told me they were putting the hiring process on hold to assess the need for the role. Well, then we heard about Microsoft layoffs last week. Seems like most were in Xbox and Project Alpha but there’s not a lot of information out there. Should I hold out any hope that I’m going to get this job? Any insights on how much these layoffs have impacted the marketing org and/or new hiring?

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I heard from my head that there is a lot of slowdown in VW Germany... There is Hiring freeze, level freeze and all ... And soon that will spillover to india. So be prepared for very less hikes in coming cycle :( Also automotive sector in general is struggling with tesla laying off 10% workforce recently. Maybe time to make a move? What do you say fishes?

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