Author Topic: About to engineer my layoff need feedback  (Read 3670 times)

hwg09

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About to engineer my layoff need feedback
« on: April 16, 2019, 07:11:12 AM »
What's up people. 

I've been reading this site for awhile hoping I had an excuse to engineer my layoff and now is the time. 

I've been in my career for 17 years now (commodity trading) and I've been offered a job in a different city still in finance but completely different field (private wealth mgmt).

Trading has been lots of fun but it no longer has the huge upside potential and I have lost the passion for it.  Plus I get to move closer to family which is important with 3 kids.

The scenario is I've accepted this other job with a start date after July 4th because I have a year end bonus coming first of June as well as some deferred comp middle of June.

I work on a team of 5 and I am the only trader of my kind in my group.  Our business is ok but the stuff that I trade is not our main focus and I'm coming off a rather tough year.  To be honest the rest of the team can probably do it without me.  I'm quite certain they wouldn't refill my position if I left.  They'll be saving a lot of direct costs if I leave so I have to sell the story on why we should part ways and how it's beneficial to them.

My concern is they're going to know I'm taking another job even if it's not with a competitor so they'll have no interest in paying me severance.

Any thoughts/feedback/guidance on how to start this conversation?  Would love to be leaving to start a new business but that's not my reality and I'm excited to switch careers at this stage of my life.

Thanks all.

Sam

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Re: About to engineer my layoff need feedback
« Reply #1 on: April 16, 2019, 05:33:10 PM »
17 years is a great career! Let me know of any specific questions you have after reading my book. I’ve spent six years in crafting the book and I’m still working on it for a new addition at the end of this year.
Regards,

Sam

hwg09

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Re: About to engineer my layoff need feedback
« Reply #2 on: April 18, 2019, 08:59:48 AM »
17 years is a great career! Let me know of any specific questions you have after reading my book. I’ve spent six years in crafting the book and I’m still working on it for a new addition at the end of this year.

Thanks Sam, really enjoyed the book!

I think my main concern is how to start off the conversation.  I would prefer to put the ball in their court and mention I had a tough year and where do they see the future of my business and my role on the team.  If it's questionable then can go from there but if they say they have full confidence in me and my business it's gonna be an uphill battle.

I'd love to get 2-3 weeks severence for every year I've been there (6 years) but I have to convince them it's a net benefit for them but if they figure out I have accepted another role even not in the same niche they'll prob balk.

So really just interested on your thoughts on how to word the intial conversation.  I want them to know I'm not quitting but I'm concerned for the future.

Thanks!

hwg09

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Re: About to engineer my layoff need feedback
« Reply #3 on: June 10, 2019, 06:47:19 PM »
Quick update.  Today was the day to let my employer know.

I have already accepted a job in a different field/industry but after receving a less than great bonus last Friday and discussing with my boss it was clear things weren't working out between each other.

While I didn't exactly request a layoff when I did suggest we mutually agree to part ways it was immediately agreed upon and I recieved my remaining PTO, deferred comp and 3 months salary paid out from now until September. 

I didn't speicifcally ask for an amount but I felt it was more than fair (roughly equivalent to 2 weeks for every year I had been there).

Very happy with the package and all parties were happy it would seem.  Thanks Sam for putting this out there otherwise I would've never approached them in this manner.  I also suggested the same to another friend leaving his industry and he got 2 months.

Thanks again!

cclarke

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Re: About to engineer my layoff need feedback
« Reply #4 on: July 04, 2019, 06:25:39 PM »
Great going! Very happy to hear the method in Sam's book worked out so well for you.

Sam

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Re: About to engineer my layoff need feedback
« Reply #5 on: July 06, 2019, 10:05:07 PM »
Quick update.  Today was the day to let my employer know.

I have already accepted a job in a different field/industry but after receving a less than great bonus last Friday and discussing with my boss it was clear things weren't working out between each other.

While I didn't exactly request a layoff when I did suggest we mutually agree to part ways it was immediately agreed upon and I recieved my remaining PTO, deferred comp and 3 months salary paid out from now until September. 

I didn't speicifcally ask for an amount but I felt it was more than fair (roughly equivalent to 2 weeks for every year I had been there).

Very happy with the package and all parties were happy it would seem.  Thanks Sam for putting this out there otherwise I would've never approached them in this manner.  I also suggested the same to another friend leaving his industry and he got 2 months.

Thanks again!

Congrats! If you don't ask, you'll never get. Now you get to DOUBLE DIP! Gotta love it.
Regards,

Sam

Cindy

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Re: About to engineer my layoff need feedback
« Reply #6 on: September 18, 2019, 08:51:57 AM »
17 years is a great career! Let me know of any specific questions you have after reading my book. I’ve spent six years in crafting the book and I’m still working on it for a new addition at the end of this year.

Hi Sam,
I want to purchase your book and just read this.  Is the version out now the new edition you mentioned you are working on at the end of the year?  If not, when do you expect it will release?

Thanks,
Cindy

Sam

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Re: About to engineer my layoff need feedback
« Reply #7 on: September 21, 2019, 09:13:56 PM »
17 years is a great career! Let me know of any specific questions you have after reading my book. I’ve spent six years in crafting the book and I’m still working on it for a new addition at the end of this year.

Hi Sam,
I want to purchase your book and just read this.  Is the version out now the new edition you mentioned you are working on at the end of the year?  If not, when do you expect it will release?

Thanks,
Cindy

The newest addition just came out. It’s on my homepage and the Todd menu under “negotiate a severance”.

Thx
Regards,

Sam