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Any word on layoffs at JPM?
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Layoffs at Omnicom shops today?
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Rising Star
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Some of us younger folk could use some perspective I think.
It’s a succinct and accurate summary.
1st wave of layoffs was a shock to the system. 2nd wave of layoffs you were like oh shi I know that person. 3rd wave of layoffs you were like how am I supposed to do work when people on my team keep being let go?!
Raises and bonuses were a joke and career advancement/hiring basically froze for a year or two. Then things started looking up, business adjusted, game changed, and the train was back on track.
Rising Star
I went to get my MBA. Good timing.
I graduated in 2008 and it sucked. I must have applied for hundreds of positions before I got something but I made sure to keep looking for ways to add to my value either through learning new skills or taking other courses. I can also tell you that Associates who are complaining about ~$65K salaries should get off their high horses and be glad they have jobs, especially ones that pay that rate out of college in a major downturn.
Chief
Graduated in 07 and man was it tough. A lot of us had jobs lined up after graduating that basically disappeared. I def would rather be making $65k than be jobless right now.
My advice is to focus on what you can control and pass on the rumor mill. If it helps you to test the employment market do it, but stay focused on serving your clients exceptionally well. As with everything, this will pass.
Rising Star
It was a blood bath for layoffs. And I went from having a really cool global travel role to taking an outsourcing delivery role (which was the most emotionally draining role I have ever had). While I wasn’t laid off, I kept applying for jobs and eventually ended up with ACN (which eventually led to my current role at IBM).
A) Expect more layoffs.
B) Take whatever role you can get, even one that sucks, because that will reduce (but not eliminate) any chance of you being laid-off.
C) Take any education you can get, to get ready when the economy gets better.
D) Eventually, things will pick up again.
Even when you know layoffs may be coming, and even if you feel prepared, somehow if and when it happens to you, you're still jolted a bit. This is normal and transient.
If you're young and don't yet have the responsibilities of supporting a family, it's best to focus on the new, exciting doors and opportunities this forced change can present. Lean in to your network, and don't let your job be the only thing that defines you, even if you're doing what you love.
I recall someone more experienced than myself at the time (we were let go as part of a large reduction in force post 9-11) saying the quote "This too shall pass." In that moment I found that quote a bit irritating and didn't really find it comforting. But it's true!
For firms that advise people on how to do it, we are all really terrible at managing this internally. My experience in 2008 was a lot like D1. It was really hard for about a year, and then all of a sudden it got better. A1 has the advice right here- focus on what you can control, don’t get frustrated with additional red tape or restrictions.
Most importantly: don’t lost touch with friends that leave. One of my best friends who was laid off in 2008 is now a fantastic client.
Graduated in May 2007. Had an offer and they froze it, but ended up bringing me on in August 2007 thankfully. I did really well my first year, got promoted, moved to southern California, and bought my first house in 2009 at 22. Promptly laid off 3 months after I closed and it was another 5 years of working in retail and commissioned sales positions before I was gainfully employed again (making about 60% of what I was making when I first got out of college). Very thankful to have a job right now because it's feeling like a bit of deja vu!
I was laid off in fall 08' a year out of a top college with $80k debt and no income. There were literally no jobs and if there were, you were competing against literally thousands of other consultants/bankers /etc. I was unemployed for probably 8 months and underemployed in industry for probably another year after. I was working at a barbecue restaurant to make enough money to keep my roommate from kicking me out. It was a very depressing time to say the least with some bad thoughts. I feel very lucky to have made it back to strategy SM after grinding hard. Don't listen to people saying getting laid off is great and you'll just immediately get a raise at another firm. Perhaps right now that's somewhat true, but if you can see the writing on the wall for the economy, you probably don't want to be unemployed in October.
Promoted from Consultant to Manager in 2009 at Accenture. No raise. Market came back in early 2010 and they did a round of mid year promotions and they all got raises.
At the time, Accenture cut back really hard and was caught on the back foot when demand hit. They swung the pendulum too hard and over hired and ended up later cutting back again. Was like living in a washing machine for a while.