For months, I was fearful of layoffs.. now, I'm begging for a package. My department has been out of work since January, and the pressure to perform (production, quality, "managing risk") is greater than ever. It's hard to be productive when you're always looking over your shoulder and when there is no work to be assigned. Just rip the band-aid off already.
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Nice post. Good advice.
I was in the same position as you a few months ago. One of the challenges I faced was once I received my package, the 60 day WARN period started. I used that time to finish up my work, update my resume and LinkedIn profile and begin looking for my next job. I wasted a few weeks looking at internal positions. Applied for many that I was clearly qualified and only had one screening interview. It was a huge waste of time. I’ve heard similar things from other internal team members looking for new WF jobs.
On the other hand, I found many opportunities outside WF. I was upfront with employers and told them I could not accept/sign any offer letter until my WARN period expired. Many employers wanted me to started before my WARN period was up but if you do that or even if you sign an offer letter before the date, WF has been known for rescinding severance packages. I was warned by another employee of this tactic. My boss would always ask how the job search was going and if I’d accepted an offer. But resist the urge to tell them anything or tell them you’ve only had a few interviews but no offers yet.
Your severance package may also offer job placement services with Right Management or another firm. Definitely take advantage of it. They have good training resources, extensive networks you can tap into, and great one on one coaching.
It really s---s waiting for the ax to fall but if you can line everything up, getting two paychecks is wonderful. Plus, it’s wonderful to get out of the stress of being at WF and into a productive job where you can make a difference.
Good luck and enjoy the transition.
Agreed. Too big to manage for the numbskulls at the helm.
Break it up the bank is too big to manage.