Thread regarding T. Rowe Price Group Inc. layoffs

Move on and don't try to rationalize or understand why you

I was part of the 2018 purge. Did not make logical sense and, while the group was relatively small, it was impactful. I was lucky to find out via phone since I was off that day. I remember hearing what was going on and wondering what I was actually hoping for. Did I want to be part of the residual staff and be taking on all the work of my co-workers who had been let go, or did I just want to take my package and move on. Didn't really matter what I wanted as I wasn't given any option anyway. So it happened. I'd probably still be there if they hadn't kicked me out. I loved working there, my co-workers, and my management was fantastic. When it happened, despite having children and supporting my household, an eerie calm was with me.

That day, I started working on my resume. After 20 years, needed tweaking to say the least. I took advantage of the outplacement services TRP offered and enlisted the help of a good friend to help me with my resume (in addition to the help from the outplacement firm). I worked to compile a list with questions and answers of questions I thought might come up in interviews. Let's face it, we get to a point where we know how to do our jobs but may not have a concise answers to something specific. I basically made a war room in my basement so I could have the info in front of me for any phone/online interviews. I told everyone I knew that I was laid off. Friends, family, occasionally random people I might meet at the gym, pool, strip club (just kidding), wherever. My family initially did not agree with me telling the world. Like it was some kind of embarrassing thing I should hide. Nope, the more you tell, the more likely that someone, or someone that knows someone, might have a contact or a lead that can help.

After applying to many positions, sending out lot's of resumes (all with no real responses), I did find a prospective employer. I should say they found me because of the network I had built over the years. After a seemingly long few months, I landed a great job from that network. I was, and still am, grateful to the friends and past co-workers that helped me.

I know it is easy to be bitter and blame people. I can't speak to this latest RIF but it's not usually your manager or the manager above them that makes the decisions. It's not easy for those people either. They too have feelings. It's just life. TRP has been going down hill for a number of years. Changes in executive management, bad strategic decisions, and a lack of flexibility to change with the times is taking them down a path. I went through this before with another company I had been with for over 10 years. New CEO said we had to cut costs, eliminate unprofitable segments and functions. Said the goal was to get lean and build back up and get back to the companies core values. It was all BS. The real goal was to become as cheap as possible while still making money. That did what it was intended to do, brought other companies that were interested in purchasing the one I worked for. My opinion is that TRP is going that rout. At some point, I think they will be bought out. There may still be a core group of people that get brought along for the ride.

So, as hard as it is, please don't dwell on the pain. Make the decisions that are best for you. Company loyalty is out the window. Be loyal to yourself and your family and do what's best for you. Good luck.

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