It took one of my former coworkers nearly six months to find a new job after he was laid off at the start of the year. Knowing how bad the job market is makes me even more worried about being laid off. My stress levels skyrocketed since I learned that. Are others having more luck? Does anybody know?
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@3hle+1ttUeroe, your anecdotal experiences are no better than anyone else's. The market is tough from my vantage point.
We're still operating under record unemployment. The job market is not tough. People who say that obviously haven't looked for jobs when things were actually tough.
Just went through displacements. Two people had shorter severance periods. Both started working within 2 months of starting their job search. Both are paid more now vs what they were paid at WF (appr $140k).
Finding a job is stressful and there are no guarantees but this fear mongering is doing no one any favors.
engineering jobs are easy to find if you belong to 2 groups determined by birth. None of them is me.
People love to politicize the job market. Has the job market ever been easy for anyone other than engineers, doctors, etc.? Nope. Anyone who has job searched during each administration knows that it's never easy unless you have one of those degrees that's always in demand.
Start applying now. Gaming the severance and hiring time is what’s giving you stress. Sometimes it will burn you. If you find a good job while you’re still employed, take it!
I'm the one who wrote the long post about government jobs. My job was listed as hybrid but is remote (the offer letter specifically says remote). Some jobs are listed as hybrid, but they want you to come in to the office like 8 days a year. I found my role by looking at jobs that are offered in multiple locations. So like on the state job website, i searched for my city and applied to jobs that listed multiple cities. I was floored to find out that it was 100% remote since the job posting said it was hybrid for people who qualified.
I'm not saying this is the case for every city, state, for every role. I just wanted to mention that those roles are out there in case there is anyone who hasn't considered looking at the government.
Federal jobs are tough to get, but there are remote ones, www.usajobs.gov. Most state and local jobs offer a hybrid schedule. My wife works for the State of NC and has a hybrid schedule. She earns about $85,000 a year but will have a pension in 6 years not to mention health care until age 65. Health care is cheap and much better than WF.
@1nkx+1ttUeroe Ideally I get laid off closer to the upswing when interest rates have come down some and companies start hiring again.
There is also a probability if I quit my job at Wells, my new company will have a massive layoff after 6 months.
What are some examples of remote government jobs? I looked in my area, most are hybrid. No one leaves their government job here. Thank you for the suggestions.
We are all on cruise control working in the bank, never having to fight for anything.
Years of just coasting is what makes us anxious now.
Remember you are a highly intelligent and capable human being. Don't be afraid to start digging and find out what you are made of again.
Lol, i hear you. I mean the government exists to spend money, but they aren't in bed with the commercial real estate market is all I'm sayin' XD
Yes, exactly! Glad to hear you're in a good place. Getting laid off from Wells was a big wake-up call on how easily most jobs can be eliminated or offshored. I don't want to get another role in finance, only to be laid off again in five years. Very excited to start my state job. Floored that it's remote - i feel like no one is talking about government jobs, and yet there they are, offering competitive pay, benefits, and remote or hybrid options. Crazy!
Did you just say the government is committed to saving money? Not sure anything you say is true now.
I am a retired gov employee, never made a huge salary over those 25 years, but worked and earned a $70k pension. Job security is rock solid and most state and local gov still offer pensions.
You can find a job, but a great job in this market will be tough. I expect to get laid off 2-3 quarter next year, I think, and have been getting on state and city lists. I’m not sure if people who are not close to retirement and getting 52 weeks of severance are less worried, but I’m telling you 6 months flys by.
Start now and get your resume updated. I’m hoping everything lines up right, but I would leave now for a city or state job.
If you’re willing to go into an office and not be that picky on pay it may not be bad. If your looking for a remote job at high pay it could take a while.
Remember it's July, and not only can hiring processes take forever in general but they tend to slow even more as EOY approaches. Start looking now.
To add to my long post below, it took me 2-3 months to land that position once i started looking seriously and applying. From the date i submitted my application for the role i accepted to the start date of the position was exactly 2 months. Start looking early, as positions that are a good fit for your individual experience may come and go while you aren't even searching. So by the time you start looking, you could have missed a great opportunity. Not trying to spook anyone, but if you're actually worried about the market, then you may as well start looking casually in case something pops up that's a home run.
Consider looking into government jobs (not politics, lol, just government). City, county, and state jobs. I just scored a 100% remote government job for the state that pays a bit less than what i was making at Wells. But it's beyond worth it to me since it's remote and is a foot in the door to a new career that's pretty safe from layoffs. I'll be getting a 7% cost of living adjustment before i even start and another 7% bump after working for 6 months. I was previously in a mid-level role at Wells. I had no idea the government had so many remote roles available. It makes sense - the gov is very committed to finding ways to save money. Whereas Wells is highly invested in commercial real estate, as all banks are (which motivates them to keep people in offices). Look for gov roles in areas that are expanding, as they may have more than one position available, which increases your chances of being hired obviously.
Tailor your resume heavily for the keywords and phrases required. You need a cover letter, too. Look for roles that are a good fit for your transferable skills and sell it! If you apply to roles that are truly not a good fit for your experience, then you probably won't move on in the process - try to be honest with yourself about what jobs are a good use of your time to put effort into applying to.
I always said that I'd take a significant paycut for a remote-only position, and i can't believe I've landed one without having to take a huge paycut. Great benefits in the government, too. And so many opportunities to move up and around once you get your foot in the door.
As others have said it depends on your location and skill set, if looking for fully remote theres a lot of competition but still some opportunities out there, although not as much as last year. If looking for hybrid in many cities you would be fine. I know someone that is actively being recruited but has skills that are in high demand right now.
"transferable skills"
These aren't as meaningful as they used to be. In this market, employers are increasingly looking for unicorns.
This question can't be answered on this board, as everyone has different levels of experience, education, severance lengths, salary needs / expectations, budgets, and job markets / locations. If you're worried, nothing is stopping you from starting the search now. Ignore the fear mongering.
I am worried that I have to move far away for a new job. I have a family, a home and a mortgage. Do you have to move away for a similar job?
If your skillset is based on WF systems you will have struggles finding something. Learn transferable skills and be able to quantify them on your resume.
Start saving as much $$$ as you possibly can NOW, brush up the resume and start looking for jobs NOW. Worst case scenario you don't get laid off and you have a bunch of $ saved up.
It took me 13 months to find a similar job/pay
OP-- it's natural to feel the way you do....... hang in there.
Depends on where you live and timing. I know some who have been out of work for over a year. Another coworker was hired in less than a month.