I know a lot of people are worried, scared or anxious about the upcoming layoffs. I have been though multiple ones. Sometimes you felt they were personal and sometimes not. One thing you have to remember is they have a number in kind and they will hit that number. Got to make the shareholders happy. It is just what it is. There are jobs out there for you. You may have to really work at it, but there are jobs. As far as leadership goes, they need to go, but they won’t of course which is the problem. They cut from the hand that feeds the company and leadership reaps the benefits with pay raises and bonuses because they navigated the restructuring. Has the CEO come out and said , hey ya know what? I make a lot of money, I’ll volunteer a pay cut? Nope haven’t seen that one. Other CEO’s at companies that are laying off are doing that. Greed is what it is.
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@ Mr/Ms 6 month employee, your likely young and don't make much money. If your not in a targeted space and they dont use LIFO you should be OK. But this time its numbers and time of service. IMHO
100k and still useable is a good starting point.
Keep also in mind recruiters and companies are coming up with really poor offers because they know it's not an applicants market. The earlier you can get out the better because it'll get worse with time with the huge influx of applicants. Silicon valley layoffs also don't help because a lot of those people have easily transferable skills for the med device world and are often viewed more favorably if they come from FAANG
I live our mission everyday and put patients first in every decision that is made, Shareholders first concern is return on investment. Sad.
Trust me when I tell you that recruiters talk. I have been contacted already, weeks ago, by recruiters who want to talk. If they are a smart recruiter, they read the news, they follow companies, they network with people.
My advice is be honest with any potential employers. Layoffs are happening across all industries. Sadly, it part of doing business now days. It’s not your fault that you may potentially be laid off. Like I mentioned, it starts at the top with a number they have to hit for cost reductions. Unfortunately, the actual job of laying someone off is given to your manager to do the dirty work. Maybe leadership should do it?? I remember one time my manager told us who were saved from being laid off, that she was told you have to cut 3 people. We all performed well, but she didn’t have a choice, she was told 3 people. Cr-ppy position to be put in.
Companies will understand that it’s by not fault of your own. On top of that, this will make the news, especially if it’s BIG numbers so people will know. As a side note, you should always be networking even if you are spared and stay on. Never ever stop networking, you never know when the next opportunity, a better opportunity will come up to grow your career.
F the shareholders lol. Patients and employees first.
@OP - Need advice from you. I'm a new employee of around 6 months. How could I explain the job search? Are recruiters aware of what is going on here at MDT?
Well said, OP.
The stock price collapse is a sign of zero confidence in leadership