Preparing for Job Loss thread

[Wookie]

I don't think I'm going to get laid off. That said, I work for the biggest lifeco in Canada and (market cap) North America.

So, my boss and I often (of late) discuss what the odds are. We think we're pretty safe but have gone through the reasons for/against.

What does one do in preparation? I think it'd be foolish to look elsewhere, maybe not a bad idea to look - but to actively seek, a little premature. Obviously cut down on spending A LOT!

Ummm... ? I think without a job I'd last 6 months in my house. If I could rent it out and retreat to the parents I'd be okay. Should I reduce debt? Or pay as little down and keep cash? If one went bankrupt do you care how much debt you have? Or would it be better to go out in a blaze of glory?

These are all hypotheticals, I don't have much debt other than one CC and a fairly sizeable student LOC. My savings are pretty much a 10th of what it was in August and I have my mortgage.

Good times!

[Temporary_User]

Hookers and blow my friend!


er.. I mean Blaze of glory!

[BlackArcher101]

Cut plans on any big expenditures that I had. That's about all I can do.

As for bankruptcy... you're debt doesn't actually disappear, so racking it up before you go out will only worsen the situation.

[Ozy_Flame]

I work in the public sector - I just put my hands behind my head and watch with my feet up.


That said, I would actively look. Send out query letters to gauge an employer's interest, and see what their hiring policy is. Despite being in a recession some companies are still hiring, just not as much.

[burn_this_city]

I'm running some of the same senarios through my head lately.. My expenses are almost $3500 a month and I dont have much of a savings.. I could reduce them to approximately $2000 a month if I moved back home. My CC debt isnt all that bad, but my other monthly payments would sewer me. My employer has promised me employment through the tough times, but I dont think I can completely trust it when they keep cancelling our projects.

[JiriHrdina]

Polish up the 'ol resume right away so if need be you can hit the ground running.

[4X4]

I'd say that anyone that feels a little nervous about their job would be wise to have their resume locked and loaded. Have it on your keychain flash drive. You just never know when or where opportunity presents itself.

[burn_this_city]

Originally Posted by JiriHrdina

Polish up the 'ol resume right away so if need be you can hit the ground running.

I'm hearing most companies wont hire the first wave of layoffs.. You almost need to wait it out a bit while the deadwoods gets rejected.

[DuffMan]

I'm stocking up on canned beans, and bullets.

[Bill Bumface]

Sort of funny how fear of job loss is causing lots of people making just as much as ever to cut their spending, further hammering the economy and causing job loss.

[Dion]

Make sure you have an emergency fund set a side that would cover your basic expenses for at least 3 months should you get laid off.

Have a resume polished and ready to go at a moments notice.

[BlackArcher101]

Originally Posted by hulkrogan

Sort of funny how fear of job loss is causing lots of people making just as much as ever to cut their spending, further hammering the economy and causing job loss.

It's what the goverments are trying to prevent, but once it starts, it will balloon and eventually will put us neck deep in a recession. Who knows, maybe touch on depression.

[Ozy_Flame]

Anyone who lucked out in the oil industry in the last three years should have enough savings to last them a year's worth of unemployment. That is, unless they spent it all on fancy trips, sports cars and Country club memberships.

And I have seen a lot more high-end Italian sports cars ripping up Calgary streets these past few summers...

[Cowboy89]

Originally Posted by BlackArcher101

It's what the goverments are trying to prevent, but once it starts, it will balloon and eventually will put us neck deep in a recession. Who knows, maybe touch on depression.

Yes it's true. But what's happening right now is exactly this, battoning down the hatches. Yes some will need their reserve funds, but even in a 10% unemployment rate scenerio that's still a vast majority of people working in jobs. The ones that manage to stay employed will delever themselves by paying down debt and living frugally. In a years time you'll find that a good chunk of those who maintain employment will have not only paid down the debt significantly, but will also have a lot of free cash and confidence to spend it, and then the cycle starts recovery and those who were not so lucky will start finding jobs again. This will last 1-1.5 years. Everyone, make plans to get through this. If you do you'll come out the other end a better person for it.

Public sector people. Don't think you're immune either. The province of Alberta is even operating under a deficit this coming year, What does that say about finances at the municipal level? An otherwise docile electerate gets pretty hostle when they are out on their arse on the street or fighting to keep their job while their taxes remain high (or even higher with planned increases each year) to keep a bloated workforce and fund new perks for employees. October 2010 isn't going to be the same old same old come election time. After recession times, free-spending dreamer types will not be re-elected to public office.

[Ozy_Flame]

Originally Posted by Cowboy89

October 2010 isn't going to be the same old same old come election time. After recession times, free-spending dreamer types will not be re-elected to public office.

If you're concerned about public sector spending, I suggest not looking at the talking heads who show up on TV. Your real issue is with the salaried employees and the unions, assuming there is an issue.

Recessions are a big reason why unions exist.

[burn_this_city]

Originally Posted by Ozy_Flame

If you're concerned about public sector spending, I suggest not looking at the talking heads who show up on TV. Your real issue is with the salaried employees and the unions, assuming there is an issue.

Recessions are a big reason why unions exist.

Care to elaborate?

[Ozy_Flame]

Originally Posted by burn_this_city

Care to elaborate?

Well it's pretty simple. It's so that workers don't get ****ed over by employers at the snap of the fingers when times get tough.

Look at how important the CAW is in the current Canadian automotive industry debacle.

[GirlySports]

Originally Posted by Ozy_Flame

Anyone who lucked out in the oil industry in the last three years should have enough savings to last them a year's worth of unemployment. That is, unless they spent it all on fancy trips, sports cars and Country club memberships.

And I have seen a lot more high-end Italian sports cars ripping up Calgary streets these past few summers...

yup, my favorite is... buying a big fancy house. then taking out a 2nd mortgage to buy a big fancy car.

[burn_this_city]

Unions dont prevent layoffs when times are tough. Just look at all the union jobs lost at the big three since 05.

[GirlySports]

Originally Posted by Ozy_Flame

I work in the public sector - I just put my hands behind my head and watch with my feet up.

I heard the California government just laidoff a bunch of people and are making those who remain take 2 unpaid days off per month