Job Update No. 2

Alright folks, so here’s the deal.  As I said earlier, it was announced that, effective immediately, everyone in my company would be taking a 5% pay/salary cut.  I am going to keep this fairly vague as it makes me a bit nervous to write about my job.  Some of you know where I work, so I just ask that you don’t say anything in the comments.

There will be layoffs, next week.  I thought this might be the case as next Friday is a payday.  They will happen across the company.  There are two pieces of good news here; one, I am fairly certain that I will not be laid off, and two, I don’t think they can possibly lay more people off after this.  It’s the 8th round of layoffs I’ve witnessed, and I’ve been with company for 5 years.

I didn’t ask who was being laid off and I don’t want to know.  My boss told me that “none of us” will be going, and I asked that that meant those of us (just 3) under him, or those of us in Creative Services.  He answered that between the three of us no one would be going.  This means at least one person will be going from CS.  Which…..fucking sucks.  Just a few years back there were roughly 30 of of us in CS, now there are 10 – including two directors and our VP.

My boss and I have positioned ourselves as pretty valuable assets for the company, luckily.  We’re multi-functional, we actively try to save the company money, we’re good at what we do, and we’re flexible.

That said, we’re on a sinking ship.  We’re on credit hold with most of our vendors and sales are crap.  I would guess that roughly 20% of our stores will be closing in the near future, which is just under 10% of our fleet.

The powers that be ARE doing what they can, but as we’ve seen, it’s certainly not out of the realm of possibility that our company could shut down completely.  I do think that our CEO will fight to the end, it’s privately held, family run company.  And although we’re small to mid-sized, the brand would be missed.

At this point, I am having to reevaluate both my spending, budget and dept repayment goals.  Obviously now that I have a consolidation loan, that will be a large, fixed monthly payment.  I will continue to pay as much as I can toward the other two credit cards that remain open.  However, additional money coming in will need to be saved.  I am worried that I have thrown thousands toward my credit cards in the past few months.  It was GREAT to do so, but I think I need to start building up some emergency savings, just in the case the axe does fall.

However, in case you think I’ve lost ALL perspective, I consider myself to be very lucky.  I still have my job.  I also have parents who can and will help me out if and when I become unemployed.  This doesn’t mean they will pay all of my bills while I leisurely look for a new job, but that’s a HUGE deal, knowing that you have that cushion waiting for you.  Most people don’t have that.

For now, I plan on spending the weekend sleeping, listing some things on eBay and drinking wine.  Next week will likely be quiet here on the blog.

xo

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9 Responses to “Job Update No. 2”

  1. Le Berri Says:

    Scary times. I will keep my fingers crossed for you.

  2. funnyface Says:

    I’m glad you’re OK for now. It’s effing scary out there!

  3. Melissa (AthertonMerriweather) Says:

    I hope everything works out for you! I’m having similar problems with my finances. It seems like everytime I get ahead on paying off credit cards, my car breaks or I need a new stove. Good luck!

  4. jdregent Says:

    you’re gonna be fine!!! our grandparents did it and so can we! i’m trying to get into the romance of depression era living, taking in boarders, cooking whatever’s in the kitchen and playing cards with friends instead of going to bars. in between panic attacks about when the ax is going to fall my way. emergency savings are a must have in any environment, more important even than paying down your loans I agree. have you thought about stopping your 401k payments for two months and redirecting it into an emergency fund? I don’t know if there are any penalties or anything to think about.

  5. Drew Says:

    Hi,

    There will be bumpy times for everyone, to be sure.

    And while it might get worse before it gets better, we’ll learn from it. I think everyone knows a grandparent so frugal it borders eccentric. (An entire generation of Ziploc bag re-users.)

    Perhaps that will be us in 40 years: wacky but still kickin’ nonetheless.

    PS: Long time, no chat. Drop me a line (via gmail) one of these days.

    PPS: Your blog is neat, though I’m surprised you don’t have a cooler layout ;-)

  6. bebehblog Says:

    JD: The TV finance gurus would lose their %$#& for suggesting such a thing but I completely agree. As far as I know there are no penalties except for “missing out on free money!!!11!!1” as they are so fond of saying.

    Try not to think of your debt repayment as throwing your money away. If you do end up in a really difficult financial situation you’ll be glad your minimum payments are $60 instead of $200. That could be the difference between Ramen for dinner and Ramen three meals a day. Good luck with the employment situation. My only suggestion is to make sure your resume is up to date, just in case it suddenly becomes important.

  7. pennyplastic Says:

    Hey Drew, you up for some pro bono web design work? Because I know fuck-all about it, which is why I am using a WP template!

  8. Drew Says:

    Just dig through the dozens of built in themes (Appearance->Themes in your WP dashboard).

    Gotta be something in there for you …

  9. Sukie Says:

    It’s good to hear you’re getting prepared. I’m crossing my fingers that you stay with your job. A 5% pay cut is nothing when it could be a 100% cut.

    I think that you should definitely keep the payment plans going just reduce the amount you pay each month if possible. 5 year plans may become 7 year or 10 year plans but it’s important to keep your goals in sight.

    …you never know when they may disappear completely…

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