Company is crumbling--what's the proper job move?

So you know the question before you read the rest: How bad does it look on a resume if I move jobs again? Will it even be possible given the scenario? So, as some of you may know, I work with one of the GSEs that was just taken over. I have an awesome job and I love my company and my bosses treat my really well–I have flippin’ 38-hour work weeks! However, word is our bonuses (a huge part of our compensation) are going to be scaled back or eliminated–in spite of the fact that my team (in multifamily) has made an absolute killing. In addition, there appears to be the first step of significant “brain drain” as people–the really skilled, necessary people–are beginning to look around. A subordinate of mine even had the audacity to ask me to critique his resume! haha. Basically, the company I was hired on to is crumbling (tough to describe it here, but you can just feel it) and is likely to be radically different–gov’t-esque and far more bureaucratic than it already is–a year from now. And I’m losing out on a 25% bonus if they finalize the elimination of bonuses. So the dilemma is this: I graduated in May of 2007 and spent a summer working at a muni bonds investment bank. Left it because I hated the job and joined a small firm (250 employees) in multifamily real estate. After 8 months I was laid off with pretty much the rest of the junior level staff. I was immediately hired onto my GSE and started in June. There’s a strong likelihood I’ll be joining my friend’s real estate shop in 10-12 months (already been offered pending circumstances well under my own control). Basically, can I really justify leaving my firm after 3 or 4 months and have the cajones to ever put it on my resume (even though it has been an amazing experience)? And if I start looking around now, won’t companies pretty much tell me to go to hell anyway given my “jumping” of jobs?

Dude, people will understand the move if the ship is going down.

If you have another job lined up in 10-12 months I’d suggest sticking it out until then. In this environment a lot of people are getting screwed out of bonuses, even if they are high performers.

ok to look around, but may not be as bad as you think if you stay (plus maybe good opps with all the departures). job market is pretty tough right now, especially if a lot are trying to jump ship.

Whether or not it’s possible for you to move around is between you and your prospective employer. However, I think it is always a good idea to be looking around. Moving around is not a bad thing in and of itself, especially if you have explainable reasons. I’ve had three jobs in the last three years, but people still want to hire me. In fact, it seems that people want to hire me progressively more for each subsequent job that I’ve held, at least based on what they’ve been paying me…

Hmm…interesting insight. It’s funny how we as people are really just looking for people to affirm what we already believe when we ask questions, but interesting, unique take from all. Thanks for the input.

more and firms are understanding that turnover on Wall St is increasing by leaps and bounds. bottom line is exogenous circumstances took you ouf the game. even if you got a good god damn batting avg, sometimes the game rains out. stick strong, man, you’ll come out of this stronger.

kkent Wrote: ------------------------------------------------------- > Hmm…interesting insight. It’s funny how we as > people are really just looking for people to > affirm what we already believe when we ask > questions, but interesting, unique take from all. > Thanks for the input. You’re in a stressful situation, and sometimes our brains don’t function logically under stress (partly why it’s hard to be a good trader); therefore it’s pretty natural to want to check if others will affirm what you already believe - it’s a sanity check, when you know you might not be sane. The problem, of course, is when everyone else is insane at the same time! :wink:

I just moved after 9 months at a job. I was asked about it several times while interviewing for my new job, but as long as you have a decent reason behind it people seem to really understand. Many of them have hopped before, just make sure you have an answer that sounds good.

kkent Wrote: ------------------------------------------------------- > So you know the question before you read the > rest: > > How bad does it look on a resume if I move jobs > again? Will it even be possible given the > scenario? > > > So, as some of you may know, I work with one of > the GSEs that was just taken over. I have an > awesome job and I love my company and my bosses > treat my really well–I have flippin’ 38-hour work > weeks! However, word is our bonuses (a huge part > of our compensation) are going to be scaled back > or eliminated–in spite of the fact that my team > (in multifamily) has made an absolute killing. In > addition, there appears to be the first step of > significant “brain drain” as people–the really > skilled, necessary people–are beginning to look > around. A subordinate of mine even had the > audacity to ask me to critique his resume! haha. > Basically, the company I was hired on to is > crumbling (tough to describe it here, but you can > just feel it) and is likely to be radically > different–gov’t-esque and far more bureaucratic > than it already is–a year from now. And I’m > losing out on a 25% bonus if they finalize the > elimination of bonuses. > > So the dilemma is this: I graduated in May of 2007 > and spent a summer working at a muni bonds > investment bank. Left it because I hated the job > and joined a small firm (250 employees) in > multifamily real estate. After 8 months I was laid > off with pretty much the rest of the junior level > staff. I was immediately hired onto my GSE and > started in June. There’s a strong likelihood I’ll > be joining my friend’s real estate shop in 10-12 > months (already been offered pending circumstances > well under my own control). Basically, can I > really justify leaving my firm after 3 or 4 months > and have the cajones to ever put it on my resume > (even though it has been an amazing experience)? > And if I start looking around now, won’t companies > pretty much tell me to go to hell anyway given my > “jumping” of jobs? How would you explain in a job interview how you thought it was okay to screw over the average american taxpayer?

Jesus buddy what a string of bad luck / mismatch you’ve had! 3 jobs in a year. Sorry about that

IronMan Wrote: ------------------------------------------------------- > > > How would you explain in a job interview how you > thought it was okay to screw over the average > american taxpayer? I think I would look at him quizzically and condescendingly and say that I think that working for a GSE is an honorable job…

Uh… 25% bonuses? Get out. Seriously, though, can’t you stick around for 3-4 months? It’s a once in a lifetime chance to experience nationalisation from the inside. After that, go travel for 6 months. I am assuming you have (or can get), say, $5000-6000 to pay for it.

Etienne Wrote: ------------------------------------------------------- > Uh… 25% bonuses? Get out. > > Seriously, though, can’t you stick around for 3-4 > months? It’s a once in a lifetime chance to > experience nationalisation from the inside. After > that, go travel for 6 months. I am assuming you > have (or can get), say, $5000-6000 to pay for it. Where you can travel for 6 months, on $6,000? Tiajuana?

We talk in hushed whispers about some senior guy in AU who’s made a career out of being hired and fired within 6-9 months (foreign set-ups keep entering and exiting the market; it’s basically a game of musical chairs). He is essentially set for life on his signing/firing bonuses. As a career path, this is doesn’t necessarily come with stigma attached (in my view) but it may kill your chances of actually learning stuff. I don’t know where your ambitions lie but I personally would love to stick around and see how they ‘fix’ your GSE. Would you have a front row seat?

mook Wrote: ------------------------------------------------------- > We talk in hushed whispers about some senior guy > in AU who’s made a career out of being hired and > fired within 6-9 months (foreign set-ups keep > entering and exiting the market; it’s basically a > game of musical chairs). > > He is essentially set for life on his > signing/firing bonuses. As a career path, this is > doesn’t necessarily come with stigma attached (in > my view) but it may kill your chances of actually > learning stuff. > > I don’t know where your ambitions lie but I > personally would love to stick around and see how > they ‘fix’ your GSE. Would you have a front row > seat? Let’s put it this way–it’s more likely you found out more–a lot more–well before me about the GSE situation over the last few months than I did. In fact, it’s more likely you knew about the takeover before my senior VP did. Absolutely no transparency here whatsoever. This place is run like a frickin’ Cold War-era spy agency.