It will most likely happen next month. What are you doing to prepare in case you are affected? I have tightened the belt in the last few months and plan to continue saving as much as I can. I have also started networking just to feel out the situation. I haven't been applying yet, since my main goal isn't to leave. I just want to be prepared if I have to. Is there anything else I should be doing?
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Not so fast… what makes the Bank think that clients are going to welcome the Bank delegating clerical operations work to them with circa 1990s web sites? I’ll be surprised if all major clients don’t immediately request fee reductions. We work for our customers… they don’t work for us.
Pretty sure that this isn’t going to be a large layoff in the scheme of things. A few percent…. You’ll see.
I was let go in 2020 after giving 40 years there. I was hoping to retire from there but that won’t happen. I could write a book on that place and all my ups and downs there. And all the great mgrs and the worse also. I wish I would of stuck up for myself more there but I didn’t. I have a great job now and a great managers an very good benefits and the pay is the same as when I left BNYMellon. I can drive easily to work and don’t pay for parking. I get free lunches and my medical benefit plan is awesome. I am at the exact company I always wanted to work for. Life it good. No more worrying about getting let go and no more putting up with a few of the jerks in my unit who were envious of me, my time there and all the vacation I got. Haha. I’m happy again. Life goes on
Training is already both singular and plural. “Trainings” is simply poor grammar.
I understand my team usually post jobs when sponsoring H1 visa workers. I realize a portion of these postings may not be real openings. How do we know for sure we are applying real openings or paperwork for Department of labor?
Keep LinkedIn and resume updated. Research available positions and cross reference them on Glassdoor to understand if they meet your requirements. Find companies that are hiring jobs that interest you and if you are fired be ready to apply to a few positions that day. Keep in mind that companies take LONGER THAN EVER to fill positions so you're looking at 3-6 months to physically get in the door at another company. Tighten the belt now if you're concerned about being on the chopping block.
Lots of great advice here that I won't repeat, but I will say that simply creating a plan of action for yourself and ticking off to-do list (such as resume updating) will help ease the anxiety around impending layoffs. Even if you are not laid off (this time), you will feel more in control of your situation, which will help your state of mind.
Plus, the employees who are left behind must deal with the aftermath of layoffs. This typically means absorbing the work of those who were laid off, the old "doing more with less" B.S. You may find your workload doubles or triples (more than many could bear). Again, you would be well served to have your exit strategy already underway, because you may not have the time/energy later.
I want to thank those of you who offered me advice. I've added a bunch of things to my "to-do list" and I will also start applying. You are right, it could end up being good interviewing practice.
Cuts are coming and the numbers are pretty big. The good news is they are getting rid of highly paid people that have coasted or are doing a job way below their level. That should minimize the number of people let go.
Never a bad idea to tighten the belt a bit.
Order a cake and celebrate when the time comes
If it happens, I retire. End of story. I am done playing this game.
Karma Yoga: we are responsible for actions, but we must not get attached to results. Do your best, then let go.
@xfp+1kjuRJy5 - can you share the names of some resume writing companies?
With the company adding digital forms I would expect OPS to be hit hard as most of the work is now with the submitter (client). There is no need for 50 people to watch a dashboard, reject reports or emails. also FA and project managers, it’s mostly who you know at BNYM. Your manager is given a number they need to cut and they know about a month or two in advance.
update your resume and start looking now so you can get ahead of it if you are afraid you’ll be next.
In January of 2022 , they hired a new senior manager which made my management lines way too top heavy. I believed either me or my direct boss would've been let go at some point. Months later, they got rid of my boss but I had really expected to be me instead. So in April, I had paid for a resume writing service and the company I worked with had a calls to me which felt like an interview experience where I really had to sell myself. The result was a much better, more modern resume and I think that positioned me well when I left in August. I paid around $500 but if you think that's too steep, try to look at sample resumes from some of these companies' websites so at least you can get new ideas on how to spice it up and then you can try to do it on your own. Previously I only had updated my resume every two years or so but my problem was that I kept the same bland format and I think that was hurting me. Trust me I did not want to shell out $500 for a professional resume write up (I worked at BNYM - I'm not affording that easily lol), but today I'm at a company which pays me 50K more and I think that small investment was worth it.
OP you can also apply for jobs so that you can get some interview experience - who knows? you may get a compelling offer. If it's outside BNYM, they won't know. Unless you really love your job, it's in everyone's best interest to try to do a few interviews per year.
Update your LinkedIn profile, attend free trainings related to your area of work (some provide certificates), polish your resume and yes, start applying. If you start getting interviews (remember, the EOY-no-hiring-is-going-on is a myth), you will get some experience - after all, you can always walk away from an interview process.
The requestor has a legitimate question. The three prior answers could have made a small effort at providing something more positive.
My take - ride it out. We have all been through many layoffs. Just keep working, look for possible other positions in BNY (although that has never worked for me), and just be prepared.
If you are laid off you get 2 weeks per year of service. Hopefully, you will have enough of a break to look for a job.
Just being prepared is good. Don't waste your time worrying since it does nothing to change the situation.
A layoff can be a good thing - there will be work involved looking for that new job, but it could provide you with a much better job.
clearly you know youre either in a vulnerable role or you just aren't good at your job. what makes you think you wont just get canned within a year or so at a new company?
i think you should use the holiday to really think about what youre good at and where you want to take your career.
Just do your job.
Pray to whatever God you believe in.