Excellent advice on how to cope with upcoming layoffs:
https://www.cnbc.com/2022/11/11/what-to-do-after-unexpected-layoff.html
4 replies (most recent on top)
@1tdz+1qLoTWf0 The interesting thing is that the Nintendo Switch is just a "modernized" Wii U, so the idea was good, the hardware was barely OK, and the software was mostly absent. By keeping the employees that worked on the Wii U, the company came up with the Switch, which became their best selling home console of all times (132 millions of units).
Now let's look at Ford. All the C suite and the Ford family kept their salaries, bonuses and privileges while laying off the best employees because they had pensions or "high" salaries (that upper management considered hundreds of thousands of dollars compensation as "high" salaries, while receiving millions is one of the biggest hypocrisies here at Ford, and believe me, I have seem many hypocrisies here). Then they "cleaned" the company of the best ICE engineers because we're going full EV. So now we are not selling BEVs, nor most ICE vehicles. Even the f-150 had lower sales last year. How are we goint to get the talent to design new line ups? The company is fu---d, employees losing their jobs, while the liars at the top are laughing on their way to the bank.
Japanese's way of cost cut.
https://www.msn.com/en-us/news/technology/nintendo-ceo-satoru-iwata-s-views-on-layoffs-go-viral/ar-BB1hkoMz?ocid=winp1taskbar&cvid=208c07e5985845e8c2f42e6e7a71608c&ei=14
What to do BEFORE an unexpected layoff:
- Live below your means.
- Pay all your debt aggressively during good economic times.
- If young, always keep looking for a better job/salary.
- If no kids, work paid OT and learn the most you can on your trade/career.
- If already with spouse + kids, family comes first. Don't miss big family events.
- Keep a rainy fund, even bigger during bad times.
- Keep saving/investing your hard earned money after paying the debts.
- Don't stress about your job. Plan for the worst, hope for the best. Life is more than a job. Losing a job is hard, but not the end of the world. Be open to start a second career.
I have followed the rules above, and they have helped me a lot all my life. It is hard to do at the beginning, but in time, you reap the peace of mind of no debt.
There is only one way
Before or after
Start a side gig
Never trust the greedy corporates nor their executives
Slowly attain financial freedom
Show your middle finger to these executives