Changing Times

  • ChicagoSteve

    Posts: 1273

    Oct 13, 2015 11:51 PM GMT
    The company I have worked for the last ten years had a takeover acquisition bid earlier this year. The acquisition was approved in mid September by the government. Since then, they have started the process of integration. The acquiring company is not headquartered in Chicago, as is my current company. Today, our CEO and entire Senior Leadership Team announced their resignations as the merger continues to progress. The team I work for had a meeting today with our managers, and although they did not say anything specific, they are hinting that we should expect maybe mid-November to be it for our jobs here. I am expecting not to get an offer from the company that is taking over, as they will probably greatly downsize the Chicago office. So, I am kind of looking at this as a new opportunity instead of being pessimistic. Having worked at my company for ten years, I will get a decent severance. Maybe I will take this opportunity to finally relocate to southern California, who knows? Anyway, just wanted to share that bit of news. Anyone else gone through a similar situation with a job and what was the outcome?
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    Oct 14, 2015 12:04 AM GMT
    Welcome to my world… I have been 'downsized' a couple of times. Im in a slightly different position in that I live on an island and when the companies merge, downsize, etc they cut the 'remote' positions first.
    If you need to move to another state for work then do it. Im sure you could land another role in your field considering you live in a major US city, but i could be wrong… what do I know… i live on an island… LOL.. icon_rolleyes.gif
  • ChicagoSteve

    Posts: 1273

    Oct 14, 2015 12:30 AM GMT
    hairyandym saidWelcome to my world… I have been 'downsized' a couple of times. Im in a slightly different position in that I live on an island and when the companies merge, downsize, etc they cut the 'remote' positions first.
    If you need to move to another state for work then do it. Im sure you could land another role in your field considering you live in a major US city, but i could be wrong… what do I know… i live on an island… LOL.. icon_rolleyes.gif


    Thanks, I am looking at all options at this point. I went through the same thing when I got hired for my current job. My previous job had a downsizing, but through networking, ended up starting this job almost immediately.
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    Oct 14, 2015 12:35 AM GMT
    Each time I faced something like yours, however, different being a company owner.....I then went on to bigger and better things. I know others who move on and do just as well. Maybe move to Sunny Arizona.

    We are friendly here and we like guys from the midwest. They too are usually friendly, we welcome that to our state!!
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    Oct 14, 2015 12:51 AM GMT
    I've worked at various start-ups that later get bought by bigger companies. Usually it's the upper management that is phased out. Then eventually it trickles down to the peons. It sucks but you can't let it get to you. Just take some time to collect your thoughts and build a plan for your next career/job. icon_cool.gif
  • ChicagoSteve

    Posts: 1273

    Oct 14, 2015 1:57 AM GMT
    MuchMoreThanMuscle said
    2Bnaked said Maybe move to Sunny Arizona.



    I've seen you suggest that other RJ members move to "Sunny Arizona."

    If we all move down will you promise to make us coconut pancakes on Sundays?


    Oooh, that sounds so good!! I love coconuts and pancakes!!
  • ChicagoSteve

    Posts: 1273

    Nov 16, 2015 2:14 AM GMT
    An update: I was told last week that my job is in a transitional role until next September. Here are my options: 1.Leave now and collect my severance. 2.Sign the transitional contract to stay until September and get a bonus severance added on. Here is the kicker, If I sign the contract to stay another 10 months, and another job outside the company comes along, if I take it and leave then, I get nothing, the severance is forfeited. I need to let them know my decision by Tuesday. I am at a job that I really dislike with a passion. 10 months seems like an eternity. If I leave now, at least I will get some money. Would appreciate some input as to what other RJers would do. Thanks!
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    Nov 16, 2015 2:39 AM GMT
    If you get another job offer while working your contract and if the offer has a better salary and job satisfaction, then why would the severance from the current contract matter? I would gladly give up any severance knowing I will be happier at my new job.
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    Nov 16, 2015 2:43 AM GMT
    In my view, it is easier to find a job while you have a job.
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    Nov 16, 2015 11:13 AM GMT
    I would take both severances to their full extent. Near the end of the 2nd contract the work ethic will be low and likely you can look for a new situation. Be sure to collect both bonuses.

    Do a national job search but try to stay in your current town or re locate to Denver. A move is exciting but you usually fall into a matching grove, only the location has changed.
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    Nov 16, 2015 7:58 PM GMT
    Erik101 saidIf you get another job offer while working your contract and if the offer has a better salary and job satisfaction, then why would the severance from the current contract matter? I would gladly give up any severance knowing I will be happier at my new job.

    I agree completely with this. I retired early because my job was driving me crazy and for me it was the smartest thing I've ever done. I would rather be happy, or not unhappy, with less money than unhappy with more money. (Assuming you're not beating the wolf away from the door in the less money situation.)
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    Nov 16, 2015 11:55 PM GMT
    Sounds like a great time to reinvent yourself.
    Bord up the house and toss your basic needs in the back of the convertible and hit the road.
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    Nov 17, 2015 12:00 AM GMT
    take all the money and run
    serious
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    Nov 17, 2015 12:35 AM GMT
    Lumpyoatmeal said<... I retired early because my job was driving me crazy and for me it was the smartest thing I've ever done...

    started with me after I paid off the house. Just couldn't keep up the attitude. still strong and came up with the good stuff at work but had no fear. I'm doing ok now.