How does the actual act of communicating that you've been laid off happen? Do they call you in a conference room? If yes, who is there?
What do they tell you?
How long does it take. I am extremely nervous, if there is another round then I am expecting to be laid off, not sure why, I just have that horrible gut feeling that things are not working out.
How do they do it? Call? Conference with HR?
How does the actual act of communicating that you've been laid off happen? Do they call you in a >conference room? If yes, who is there?
What do they tell you?
How long does it take. I am extremely nervous, if there is another round then I am expecting to be laid off, not sure why, I just have that horrible gut feeling that things are not working out.
I was hired in Oct as temp worker (8 member team)in a major urban location. I have been through layoffs before sad to say at other big banks over the years, so you really do get used to it sad to say. But this I have never seen, wish I had known before taking this assignment, very stressful and sad to see tenured people just go poof no goodbyes or nice working with you, nothing. Pins and needles, the fear is rampant. Every weekend we come in it is more and more like a ghost town. Now they are complaining because they are short handed, I guess you would be when you let go like 30 people last week including some of the temps! Now its down to just 3 of us. Unsure of when the bloodshed stops..maybe when they go from 24/7 to normal business hours?? I don't see how much more they can cut and stay in successful production. Unless they are trying to be like another well know bank that has nothing but temps working there. A training class happens every week so it is a virtual revolving door. With so many out of work they are just bank hopping and they know people are desperate out here. GL everyone.
I got the call last week as I was MyWork.
Basically it was brief "you have been impacted" and you'll need to log off after the conversation ends. If you are close to a core site you'll have the opportunity to turn in your gear and badge. If not, all you get are return labels in your severance package and you'll have to find boxes and box it up yourself.
You'll have to sign the "I will not sue the bank etc." form and will elect if you want your severance in a lump sum or installments.
What you make in comparison to your job code? Wow.
I have gone through severance with Bank of America on 4 difference occasions and they way it always works is like this. Usually you receive a phone call from your 2 or 3 up manager and they will literally read from the script they are provided from human resources to prevent any liability to the bank. They will not ask any specific questions because they are told not to what I recommend if you if are thinking you are on the list it is time to start applying for other roles. If you are planning to stay internal start applying the moment you hear anything about layoffs if you are looking external apply for stuff you may not even be qualified for necessarily. If another company hires you it is their responsibility to train you for that job. Now if you are holding on just to get severance because you have tenure the best thing you can do it sit in your current role and just wait and see. It is "Moneyball" it does not matter how good of a person you are, how long you have been there, all that matters is what you currently make in comparison to your job code.
For me and several others laid off several years ago our managers came to our desk and said his manager wanted to see me in x conference room. I knew at that moment. It was a horrible blurry 10 min. However play close attention to signs they are prepping to layoff. I was suddenly asked to show others how I did a certain report. I was asked to hold a meeting to present my day to day. I was asked when I was scheduling my vacation. I realized after the layoff that they needed to understand what I did because they didn't know it all and I did it well. So that should be a clue. But as others said update resume update LinkedIn make contacts at other banks because networking helps. And the kicker? Several of my peers who were laid off were hired back as contractors for 18 months that's how they save money.
Really good advice on this post, I was a manager that had to do this in 2009, hardest thing I've ever had to do as a leader, literally takes 3 minutes, unfortunately I've become one of those hanging on for severance, seem to invested, update your resume, it's a powerful exercise that will make you feel some progress, something you can control, and an affirmation of your skills and talents
I am the original poster, thank you all for sharing your experience and advice.
At least we have a bit of a community here - I feel I cannot talk to anyone about this, and it is one of the most stressful things that can happen to each of us.
We'll get through this.
God bless.
Start looking for a new job now, you don't need to stress over this, theres nothing you can do to change the bank's decisions. Remember there is life after Bank of America
Really, think it through, the number of people they are axing vs the number of people they have to spend time on it. It is a well oiled machine, very efficient, aren't going to waste more than a few minutes on any given previously valuable associate who was critical to their success, up till that one moment in time when you no longer are. Don't expect a thank you or lame appreciation card from appreciation hub on the way out. Then, your manager puts on his game face and tells everyone else how traumatic it was for him. Poor guy.
If you are local it usually happens like this; your manager or the witness will come to your desk and ask you quietly to come with them. They'll bring you to a room, your manager or another manager will deliver the news your job was eliminated. There will be a witness in the room. They'll explain the packet etc and then thats it. If its mywork then its done over the phone, typically the manager has a person in the room with them on speaker "witnessing" They usually tell you to log off immediately. Dont try anything funny you'll lose your severance
Being someone whose on my work with a manager in another state, but other managers from her team in my location, I would assume they would do it. BOA really doesn't like unnecessary travel.
What if your manager is in a different state or country, but your manager's manager or 3rd line manager is in the same site?
If you are a my work it's a conference call with your direct manager. You will have 1 hour to close out your computer before your network access is locked. They will get an inventory of all your bank equipment, badge, business corporate card, etc and send a UPS label for you to send items back to your manager's location. Your severance package is expressed delivered to you the following day.
What if you are a mywork employee and your manager is in another state? anyone know how it's done then? Are you asked to fly out to your manager's office? Does your manager go to a local location and ask you to come in?
Your Boss will schedule a meeting with you on a Tuesday morning. No agenda is set. As soon as you sit down he says your job was eliminated, he knows it is devastating, etc. Slides a folder to you. You give him your badge and leave. It can literally take 3 minutes total. Make sure you have everything you need from work now, so you can walk out and not need anything.
@Gl29nfZ-bdk good points
Don't panic.....I know everybody worries....but there is absolutely NOTHING you can do.
If you are feeling insecure about your position, start looking.....it's not worth the stress to stay.