Folks.. as a 17 year Cisconian. I have been thru 12 LR's and was affected by 6. In those 6 layoffs, the 1st one was tough. The next ones, I grew stronger (mentally, physically, etc.) **I will watch what I say, as I don't want to get sued. (hint hint). My advice to ALL incoming talent, which could save some headaches and unwanted stress in case a LR happens down the road. 1. Forget car notes.. drive an old vehicle. 2. Always keep your PTO close to the 240 range, as it's a great pay check by itself if a LR happens. 3. Don't burn any bridges and be nice. 4. Do NOT assume a large mortgage or housing expense. My mortgage has been $518 per month. Each layoff allowed me to do a complete reset , start a new hobby and remain less stress. My peers all had 2-3 car notes, big homes, and always had big travel plans. I bet I can go to about 7-8 parking spots that I parked in over the 17 years, and my oil stains are likely still present. (plus I was remote most of the time) Just my .02 cents.
13 replies (most recent on top)
It's a great list!
A few things I'd add: at my first job out of college I lucked out and got a job at a startup doing systems work. I had to take on a wide range of roles and the leadership really helped me grow in the non-technical areas which college doesn't cover. I left with skills that people at far higher levels at other companies I joined never had. If I went straight to a big company I'd never know that existed and could have become a generic cog doing the same thing thinking "it's a successful company so this is the way things should probably be even though it still feels wrong." I've always advanced my technical skills on my own time so I wouldn't have been a complete loss, but I wouldn't have done nearly as well as I have.
You really have to take ownership of your own career and professional network to know what's out there, learn how to interview the interviewer to reveal major red flags, and be willing to put in your own time building complimentary skills your peers won't have which is particularly useful if you're all tossed into the street at the same time. When you make a bad jump it's still a learning experience so make the most of it. Jumping jobs with some regularity is the best way to grow your salary and mix up the kind of work you do as you age. Winning is being able to stay in the career (not individual job) until you choose to leave, and even then there will be bumps along the way. Personally I'd never go back to Cisco, but otherwise OP gives great recommendations to manage those bumps.
Hey Dear Abby - no one cares about your oil stains. Get an EV!
The overall sentiment is sound. Simply, live under your means — regardless of which company you work for. Having dry powder does amazing things for your psyche, your ability to weather change, and to take advantage of once in a lifetime type opportunities that may incur some risk. Managers that encourage high lifestyles for their workers are not doing them a service...
I don't work at Cisco but some of my friends do and so I am concerned for them. I spent decades in the tech industry and so here is some more .02 worth of advice.
1: ALWAYS assume that any given day at any company you work for could be your last. This alone affects everything else I have to say
2: Have at least a year's worth of cash savings on hand
3: If your company offers 401k's and retirement plans, max all of those out. Make sure to invest in many different areas.
4: Like the other guy said don't blow it all on fancy cars, gadgets and real estate. If its cheaper to rent- then rent. If it makes sense to buy, then buy. And remember that real estate is always in a cycle. We bought after the last bubble crashed. It'll happen again.
5: Understand that its not your fault. Don't take it personally.
6: Reach out to your network first. Always better to get into a new place via people you know who can push your resume to the top.
7: Finding a new job can take time. I've been laid off several times and it took me an average of 6 months to find a new one.
8: Hiring someone to write your resume is money well spent
9: Most resumes sent in are read initially by robots. Pay careful attention to the job description and make sure you include specifics in your resume that fit the job. Also not a bad idea to run resumes through sites that can make them more " Robot friendly"
10: Lastly, remember that if you are an engineer, a sales person, a marketing person, an HR person and so on that there are other companies and other industries that need your talents. A lot of people in tech will for some reason only apply to other tech companies. I left the tech ind and now work at an older and more established company where things are more stable and layoffs are far fewer and less severe.
Good luck to you all. You WILL get through this. Trust me.
Although I don't obey all the above financial rules myself, they are darn good baseline rules to have. And I think the message is not a specific "$518" mortgage but to have a low one and don't go beyond your means. Thanks for re-iterating and ignore the haters.
My only question is "LR'd 6 times"?? That's a lot!!!
A mortgage under $2,000 these days? Get fu--ing real.
Or get a job at a company that doesn’t do continuous mass layoffs
Great advice for 1979! Are you living in the multiverse, seriously. Sounds like your post is basically a humble brag 👎😆
So what’s the message here? Better financial planning for the future, or if you come to work for Cisco you better have no hopes or dreams or any chance of building a career that is happy or gets you towards financial independence through hard work and being a decent human being…. Come to Cisco and plan to be laid off….
let me just grab my time machine and buy a house back when they cost $5, why didn't i think of that before?
You got LRd six times??
Good advice. I've been here just as long while investing and saving a ton. Plus also recognizing market trends to know when we're in a market bubble, inflation, raising interest rates, and when to tap out from most investment markets.
There are no houses left where you can have that mortgage.