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The Ax Falls
By Jay | February 13, 2008
I wrote yesterday about a feeling I had that cuts were about to happen in my department. Well sure enough, my instincts were correct: the ax fell today. Four members of my group were let go, along with thousands across the firm. On the one hand, I feel relieved that the ax missed me; on the other, I suddenly have several new projects and will likely be picking up some extra slack, on top of my already heavy workload. I put in 60+ hours per week at this job. When I was 30, long work hours didn’t bother me, but at 44 I feel it much more.
I don’t think this is the last round of layoffs. The financial industry is an absolute mess, and layoffs are happening across the industry. Whole divisions are being let go. If I can hold on to this job for the rest of the year while I build my emergency fund, I’ll be more than happy.
I hate to think of the effect that all these layoffs are going to have on New York City’s real estate market and economy. Well, maybe I’ll finally be able to afford to buy an apartment anyway….if I manage to keep my job.
One thing that has helped me is that I have developed a knowledge of an obscure but complex and important Research Compliance process that no one else on my team (or even in the firm) understands. No one else ever wanted learn about it either. I sensed a long time ago that this would be a good niche for me if I wanted to keep my job, and this skill has kept me safe through more than one round of layoffs over the past eight years. It’s not at all marketable so won’t help me a whit if I ever do get the ax. But for now, I’m OK.
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Topics: Business |
February 13th, 2008 at 9:20 pm
OH MY GOD!!!!
Unbelievable. Lucky you.
February 14th, 2008 at 1:04 am
I glad you got spared the axe. I hope it continues to go well.
February 14th, 2008 at 3:05 pm
Good to hear you didn’t get the ax. You’re totally right in planning for the worst at this point the larger your emergency fund the better!!