Howgh Merckees, I have been through a number of large downsizing cycles and here are some pearls of wisdom from a pink-slip veteran (retiring for good on 1/1/2019):
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Relax, breathe in, get mentally ready. You will need to be calm and collected over next few months – you need that inner stability to get through what’s ahead. Yes, you will be fine.
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Avoid negativity on any level, there will be a ton of venom floating around, try to avoid it at all cost
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There will be more layoffs, accept this – you may survive this wave but do not get too relaxed – evaluate your position and if you think that you may be affected in the future, look around and start looking for a job – I suggest that you budget one month of job searching time for every 30,000 you make in total comp – so, if your total comp is $180K, allocate about 6 months for that job search.
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Be kind of others, leave on good terms – Merckies are ubiquitous in the industry, you need to preserve your personal brand and keep it intact. Be nice to people, this includes management – rocking the boat will not help you with anything – be pragmatic
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No matter what: Don’t panic, you have skills and the market is good. You will be fine. Focus on ‘moving on’ – if in a relationship work with spouse/partner on agreeing on what the plan is – what works best for the family or the two of you. If you are solo, talk to a friend – sharing this sh-- is liberating.
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Take any job that comes your way to bridge the gap – if you do not like it, jet after some time – a job on a resume is better than a gap – talk to a recruiter, see how they look at gaps.
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Stick with pharma, do not waver – this is a good career and will only get better – with all tech advances, all research, computing power, breakthroughs the importance of our industry will grow – someone needs to sell and they will pay you good money if you are good at it. If you are loaded with money - ask yourself - can I say F--- YOU all - if yes, quit pharma, you are good!
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If your CTL loads you with crazy work over next few weeks – push back, take a sick day to recover from the stress. They also need to know that you are interviewing, be open about it – take time off for this – they will get a message. Some CTL’s are just a--holes and slave drivers – push back and fight it. It’s extremely unlikely they will fire you right now (lawsuit, anyone?) and they’ve lost all other leverage (bonus, performance, etc.)
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Start looking for a job TODAY – this is what you will need to do:
-- A) update your linkedin profile, from today until the day you get that new job update this profile every day – the update does not have to be substantial, you can just add a period or a dash – linkedin will recognize that your profile is active and this indicates to them that you are getting ready to jump the ship (or you are actively seeking a job).
-- B) Reach out to a couple of recruiters, schedule meetings, work with them on the resume.
-- C) Network like crazy. I think I've said this already, does not matter, I am repeating it - it's critical.
-- D) Go defensive on your personal budget – cut everything that can be cut – be aggressive here – you want to preserve cash, things may drag on – no matter how financially stable you are, be careful.
-- E) Solicit tips on openings (use your network), you want to find out about openings before they are published – your friend at that ABC Phrama may know what will be open soon – you have no competition for those spots.
That's it for now - hope things turn out good for everyone reading this....