Today my boss was let go. My department is very small (2 now 1 persons). The guy I worked for has 17 years experience. I have about 1.5 years relevant working experience. Our department didn’t bring in any deals in the past 8 months (I’ve been working with him for about 4) since he started. He called me in his office at 4:45 to tell me. He also told me no one was supposed to know. I had to be at home by 6:30, so I left at about 5:15. I got home from work , and I found there is a meeting scheduled with the President and COO at 9:00. Just now they also scheduled a staff wide meeting at 9:30. I’m not sure what to make of this. I’m a top employee. I consistently outperform my peers in nearly all categories. But nonetheless, when the ax falls it doesn’t care who gets cut on the way down. I feel like if they’re going to let me go, they would have done it tonight. Also, I will need to pick up his duties, so it makes sense that they will need to speak with me. Nonetheless, why tomorrow morning and not tonight? Because Mark was still in the building and it was supposed to be confidential? The fact that the staff meeting directly follows my meeting makes me worried. They would lay me off and then have a staff meeting to announce both layoffs at the same time. (Normally they wouldn’t bother having a staff for a routine layoff - just a system email). By the way, the company size is about 22 people. So, am I toast?
"My department is very small (2 now 1 persons). The guy I worked for has 17 years experience. I have about 1.5 years relevant working experience. Our department didn’t bring in any deals in the past 8 months (I’ve been working with him for about 4) since he started. " This part is relatively straight forward. A 17 year veteran should be bringing in way more deals even in this kind of environment. He probably got too use to things being easy and got too comfortable with his - I’m guessing - fairly exorbitant BASE pay. These days you get paid to perform. "I got home from work , and I found there is a meeting scheduled with the President and COO at 9:00. Just now they also scheduled a staff wide meeting at 9:30. I’m not sure what to make of this. " This part is pretty easy too…the meeting is to announce that your Boss is toast and that the COO will be taking over his role temporarily until such time as market conditions and revenues warrant the role being filled externally. "I’m a top employee. I consistently outperform my peers in nearly all categories. But nonetheless, when the ax falls it doesn’t care who gets cut on the way down. " If this part is true, then you are just being stupid. You are - if I’m reading this correctly - a low cost source of slave labour…why on earth would they get rid of you? “I feel like if they’re going to let me go, they would have done it tonight.” Right. “So, am I toast?” No…you are not. Now piss off because quite frankly there are those of us on this board with way bigger issues. You should be fine. Willy
“We find it’s always better to fire people on a Friday. Studies have statistically shown that there’s less chance of an incident if you do it at the end of the week.” Sorry, I just couldn’t help myself with that Office Space quote. Personally, I agree with your thought that they would have let you go today along with your boss if they were to lay you off. So I think the meeting’s more about restructuring and figuring out new responsibilities for people to take on. Best of luck to you.
congrats. looks like you are being promoted to replace bossman.
What exactly does your department do?
Sorry man, they’re not keeping a junior guy around to source the deals that a 17 year veteran couldn’t. Your department is now a cost center, not a revenue generator. You’re getting made redundant tomorrow.
JohnThainsLimoDriver Wrote: ------------------------------------------------------- > You’re getting made redundant tomorrow. Weren’t you totally against that term?
No way. He’ll get to keep his job because he performs well. The news tomorrow is just a shake up to show the rest of the plebes that they had better be on their best behavior. Willy
I’m about to make my dinner redundant on the crapper.
WillyR Wrote: ------------------------------------------------------- > No way. He’ll get to keep his job because he > performs well. The news tomorrow is just a shake > up to show the rest of the plebes that they had > better be on their best behavior. > > Willy Right. He’s a top performer that brings in $0 of business in a 1-person division that just lost its only potential revenue generator. That’s like saying you own the best house on crack row.
JohnThainsLimoDriver Wrote: ------------------------------------------------------- > WillyR Wrote: > -------------------------------------------------- > ----- > > No way. He’ll get to keep his job because he > > performs well. The news tomorrow is just a > shake > > up to show the rest of the plebes that they had > > better be on their best behavior. > > > > Willy > > > Right. He’s a top performer that brings in $0 of > business in a 1-person division that just lost its > only potential revenue generator. That’s like > saying you own the best house on crack row. Dude, we all know he is toast. We are just trying to prevent him from killing his self for tonight. Not on our watch bro!
Great, input from a Limo Drive. JTLD…he’s is completely completely safe…otherwise they’d have axed him today, which leads me - and should lead anyone who cleared Level 1 - to the inescapable conclusion that he’s fine tomorrow. The pressure to create and close deals was on the Boss’ head. He’s just an order taker or processor as far as I can tell. I’d love to be in the meeting: CEO: “We really need to turf Jim, he’s a 17 year veteran and he hasn’t closed a door in ages”. COO: “Yeah, and we should also axe his little man whore eire1130”. CEO: “No no, I heard that kid’s good…he’s a top performer in all categories…we need someone like him for the future…sure he’s scare of his own shadow and asks pointless questions on anonymous websites to kill time…but we can build him into a real man around here when things turnaround…besides…you can take Jim’s old role…[that way when you too cannot close deals I can save even more costs by firing you]” Willy
Posted by: needhelp (IP Logged) [hide posts from this user] Date: March 5, 2009 09:11PM JohnThainsLimoDriver Wrote: ------------------------------------------------------- > WillyR Wrote: > -------------------------------------------------- > ----- > > No way. He’ll get to keep his job because he > > performs well. The news tomorrow is just a > shake > > up to show the rest of the plebes that they had > > better be on their best behavior. > > > > Willy > > > Right. He’s a top performer that brings in $0 of > business in a 1-person division that just lost its > only potential revenue generator. That’s like > saying you own the best house on crack row. > >Dude, we all know he is toast. We are just trying to prevent him from killing his self for >tonight. Not on our watch bro! Ok, but you’re just TARPing him: TARPing – (v.) – to delay an inevitable disaster by providing a false sense of immediate comfort at the expense of long-term stability.
The more I think about it, the more I think WillyR’s analysis is closest to situation at hand (and no, I wasn’t exaggerating about my work performance - I have no reason to at this point). Frankly my salary is a pittance at NYC wages, I work longer hours than anyone else, and I am more efficient on a per hour basis then nearly all of my peers. I waited for JTLD to post because I like his style. They can’t make my department “redundant”. The entire operation of the firm revolves around new or existing deals. Unfortunately for us, it’s not the deals as much as it is the lenders. For example, we were about to ink a deal last Wednesday, which tooks months to prepare, and everything was put on hold because the lender is stalling. We want to enter as an LP to an existing deal and switch the jurisdiction to lux, but this needs the lenders approval. The leverage expires in August, so all they have to do is drag their feet. But WllyR is right. You get paid on performance. This guy - while I liked him, wasn’t exactly cutting edge. The irony here is that I was just meeting with an alum from my school yesterday to tell him about my current work frustrations and what I should be doing about it. I wasn’t getting good experience under him. He seemed to miss a lot of basic concepts, and I routinely had to explain to him some basic technical details. Certain things he was very good at though, like working through a PPM and NPA and I was able to learn a lot of that side, but everything else I had to more or learn on my own or from the CFA curriculum (who’d a thunk). So anyway, the current tally is 3 for “I have a job tomorrow” 1 for toast machine. Oh, one other question, if I do get canned, should I cancel my (first) date with this girl for tomorrow? I can see the questions now: So, what do you do? I say: Funny you should ask that! Yeah, probably not gonna go home with her…
See my other post about prison inmates who land chicks. If they can do it with a shank hidden up their @ss, you can do it with a lack of a job.
BTW, the “I’m too cheap to be fired” rationale doesn’t really work in this environment. Anyone getting paid a salary is on the chopping block in this industry. We made a very junior analyst redundant back in December who was making south of $50K all-in while keeping his secretary who was making $60K and sits around filing her nails all day. No one gives a sh!t about what your long-term future contribution potential to the firm is, if they can’t justify your existence through lunch time, you’re redundant. Sorry to be the bearer of bad news, hope I’m wrong about your situation but wouldn’t be surprised if I wasn’t.
I don’t think so JTLD…sooner or later this economy is going to turn around and the stock market - as it always does - will give us the indication. But before then, corporate managers are going to have to realize “Hey, I need to retain and least SOME people for when business picks up”. Don’t worry eire1130…your boss was a little too much corporate dead weight and they were just doing some trimming like most shops. It started at the highest levels and now it’s coming down to your firm. But you are safe as far as I can tell. Willy
Apparently you don’t understand the employment situation on Wall Street. There are tens of thousands of highly qualified people unemployed and willing to jump in at the drop of a hat. There’s no reason to keep dead weight around, even for an extra day. “Sooner or later” is not how business decisions are made. People aren’t kept around just to fill space or engender good will. Like I said, I hope for his sake that I am wrong, but if he was working at my firm he would be redundant around 9:01am tomorrow morning.
NOT a chance. Sooner or later things WILL pick up. The markets always come back. ALWAYS. And let’s face it, no disrespect to eire1130 but how much could it possibly cost to keep him around? I say way less than the expense and trouble of having to externally hire some other plebe who’ll be a drag to the firm for the first 90 days as they’re learning the ropes. Willy
By your logic, everyone would be fully staffed right now waiting for a market that “has to” turn around. Sorry, not even close to being reality. Employers don’t think in terms of “hmmm if I fire this guy now I’m going to have to spend $10,423.45 and 92.3 days training someone else.” You aren’t even in the ballpark in understanding how they think. Try “if I fire this guy tomorrow I will not have to pay him anymore.” That is it, the train of thought ends there. This is how a recession on Wall Street works. You are delusional if you think anyone gives a sh!t about what’s going to happen two days from now, much less “sooner or later” when things “have to pick up.”