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angels
10th Jun 2008, 11:37
The City, where I have worked for 30 years, is notorious for
bouts of hiring, which a few years later are followed by firing.
We're in firing mode right now.

I rather suspect that I'm for the chop this time at the age of
51. We learnt this morning that 50 percent of my department is
going to be sacrificed on the beancounters' altar. I fear that
in today's world my experience counts against me. Younger, less
experienced, folk are cheaper than me.

I recently had a spell of psychiatric treatment where we were
taught that we shouldn't 'project', IE anticipate the worst-case
scenario and start getting depressed about something that a) has
not happened and b) may not happen.

However, being made redundant is pretty serious stuff, so I
ought to get some possible plans in place. I married and had
kids late so I can't just retire. Job hunting in the City is
very hard at the moment (!).

If I get tinned my redundancy payment would pay off
approximately half the mortgage. I have other money tied up in
property which would pay off the other half, but for various
reasons -- not just related to the property market -- I can't
really sell.

I'm not looking for sympathy, I know that shite happens, but any
advice anyone? Not necessarily specifically about my case but
the process of redundancy, your experience of it etc.

Cheers.

Parapunter
10th Jun 2008, 11:58
When it happened to me, I took the chance to go on a ski season (canned in November) & spend a few agreeable months working out the future. Fortunately, I had the twin advantages of an unreasonably generous redundancy package (I even negotiated my desk & chair) & singledom which meant I had no dependents.

I appreciate you may not have that fortune, but I would give serious consideration to paddling your own canoe. Is your job the kind you could either freelance as a gun for hire or establish on your own, taking that sweetest of nectar - your old firms clients with you?

If so, you would be surprised at how motivated you would feel & a little redundancy will tide you over the early days - there is method in this; it may be hard times for small business, but ask yourself this: do you really want to go through the rigmarole of interviews, induction, wage slavery etc etc again? Food for thought.

corsair
10th Jun 2008, 13:01
Well I've been redundant three times now. (Habit forming :hmm:) Twice was voluntary. Once was not and led to the kind of thing you fear. But, to use a cliche. 'It's not the end of the world'. Project yourself ahead to five years time. By then you'll have moved on and the whole thing will be an unpleasant memory and a learning experience. I know it's easy to knock out the glib platitudes in situations like this. But my experience has shown me that once it happens your mindset changes and you simply get on with the next thing. For my last redundancy. I was a bit worked up about it until the day arrived. But I think my anxiety lasted as far as the main gate and I literally never looked back.

I can't give you any good financial advice as I spent all mine.:= But I would be wary of sinking your redundancy into your mortgage. Cash in the bank is always more useful. But as they say, speak to your financial advisor. Like Parapunter I would take time out and lets things settle. Enjoy the break from work. They don't happen often. Lottery winners are advised similarly. Let it sink in and then make plans. Maybe it's time to start taking it easier. A lot of people who I know said being made redundant was the best thing that ever happened to him. My brother in law was made redundant years ago. Now he has his own cosy little business from home where he doesn't have to work too hard, quite a few houses and drives a Lexus which he paid cash for. He's about the same age as you.:D

whiz
10th Jun 2008, 13:07
I fully agree with parapunter. Since leaving the RAF over 10 years ago I have been running a small engineering business, I've had good times and I've had bad times and it looks like some more bad times are just around the corner. One thing I know for sure is if it all went pop tomorrow I'd find another business to run as I know for a fact that I almost need to be my own boss. If the worst comes to the worst give it some serious thought Angels you may find its a door opening rather than a door closing. Good luck !

redsnail
10th Jun 2008, 13:57
Good luck. :\

In ground school...

seacue
10th Jun 2008, 14:32
It seems that spending your redundancy payment as a lump sum on the mortgage would seriously limit your flexibility. Cash in the bank would seem to be a good short-run backstop against current expenses and could earn some interest.

I have fortunately never been involuntarily in your position. But the last time I changed was because I couldn't stomach what the job had become. I had to move on. Every time I changed jobs I invoked "know who" at the next one. I suppose the nice name for it is networking these days.

Best wishes and good luck.

seacue

gingernut
10th Jun 2008, 15:35
Mrs G was recently made redundant. 20 odd years in some corporate bolloc*s speaking organisation.

Dealing with the sense of loss, anger, bargaining and being generally p*ssed off, was very trying, initially.

Then the practical realities of paying the bills, bringing up the kids etc hit home, but contingency plans staved off any need for immediate change.

Then the sudden realisation, that this is as low as it gets. (Actually, the threat of redundancy was worse the the redundancy itself.) Everything from this point was a positive.

Problems with confidence, and managing interview techniques were eventually overcome.

She initially took in a bit of ironing, which was fun, and believe it or not, lucrative, but I'm glad to say she now back in the corporate world in which she fits so well.:) (More bullsh*t bingo).

The new organisation employed her on the basis of her attitude, in the hope that the knowledge and skills will follow.

Remain positive if you can, and good luck.

G-CPTN
10th Jun 2008, 15:35
I too have had periods of forced unemployment.
The worst was soon after having moved my family to a new location and bought a fresh larger house.
There was the mortgage to pay (and food to provide for wife and two small children). And there were the alterations that I'd started on the house.
Fortunately I had taken a '110%' mortgage to cover the anticipated building works, so I was able to continue to pay the mortgage from the capital.
It was ten months before I managed to get employment. During that period I applied for every likely job in the Telegraph and local newspapers. I didn't restrict my search to the immediate area (I had moved from Bedfordshire to Somerset) and eventually got a job based in Nottingham, so had to move yet again.
So, angels, I would advise keeping hold of your redundancy money to cover the rainy day(s) that might persist until you get something that provides sufficient income to cover your overheads.
Yes, I attended all the government retraining lectures and courses that were essential for continued benefit payment (meagre though it was). I also attended many interviews throughout the country and rarely got my expenses paid . . .

Here's hoping that you will survive the cut.

Of course you could anticipate the event and find yourself a new position (and maybe make the transfer after pocketing the redundancy payment).

gingernut
10th Jun 2008, 15:59
Some practical points:

go over your finances with a fine tooth comb. You may find that with some adjustments, you can still lead the lifestyle your are living, with a lower income. You probably need to do some frank thinking.

Agencies- tend to lead you the runaround, not returning calls etc, but, there were some good ones. Get advice on your CV, like estate agencies, they seem to have a grip on some of the "selling" buzzwords, and the good ones, are good:)

Interviews-rehearse your answers so you can say em off pat. You've probably got some idea of the forthcoming questions- see what the answers sound like when spoken.

mike834
10th Jun 2008, 16:44
Don't worry too much about it. If the worst comes to the worst worry about it then. Chances are in a few months time you could be looking back and saying it was a good thing in retrospect.
It's happened to me twice (involuntary). The last time was 12 months ago and I thought I was :mad: Took the summer off and actually ended up getting a job pretty quickly after I started searching in earnest (6 weeks). In both cases I ended up in better paid jobs

mrsurrey
10th Jun 2008, 18:40
well I don't have any constructive advice other than to point out that I've just done by CFA level 1 and am not getting any sniffs. at least you've got experience to market when things calm down. How about going for a gap year like lots of people in your situation seem to be doing?

Whirlygig
10th Jun 2008, 19:01
I've been made redundant so many times I've lost count, so it ain't always the "beancounters'" fault!!!

However, I have also had to make people redundant and there are set procedures which a company must follow especially if it's a large scale redundancy such as this.

Firstly, a person is not made redundant, the job role is redundant therefore, they must not recruit someone in that role either 6 months before the redundancy or 12 months after. If they do, and it's 6 months before, then the newest person goes as that job didn't really "exist". If it's 12 months after, then you can claim wrongful redundancy. In reality companies will try to change job description etc.

I do remember that there were six factors we had to consider when making people redundant i.e. we had two purchase ledger clerks and only enough work for one. Each of these factors had a different weighting so length of service did not carry as much weight as qualifications and experience.

1. Length of service
2. Disciplinary record
3. Time keeping
4. Sickness record (yes, really! sadly)
5. Qualifications
6. Experience

Everyone had to be measured up against these in a meeting and scored.

If you are worried Angels, you might to ask your HR Dept what criteria they are going to use. The company for whom I worked tried to make the process as transparent as possible without breaking confidentialities.

After doing all that and actually having to tell someone (which is the second worst thing I have ever done in my life) that they no longer have a job, I was sacked. However, they had to buy me out of my employment contract so it did cost them!!

Cheers

Whirls

Aaaaaaaaaaaaaaaargh!
10th Jun 2008, 19:23
I've been made redundant so many times I've lost count, so it ain't always the "beancounters'" fault!!!
Whirls, what with you being an accountant and all, perhaps, if you have lost count, it really wasn't the fault of the beancounters :}


but don't spend the lump sum on the mortgage, because all tht does is lower the outstanding principal. You'll still have to make payments (albeit that the principal/interest split will be more favorable). Stick it somewhere safe where it can earn a measly two or three percent and set up automatic bill pay to feed the mortgage beast once a month.

I too have had my ass walked out of the door. (Philip Marlowe in The Big Sleep said "General, I test high in insubordination"). It sucks and I spent most of the next year looking and going to (free) schooling instead of enjoying myself and working on my house (the eternal project).

So my other advice would be to take a week and go somewhere. Make a break from the past and settle into the new life, or the old life will always be at the back of your mind.




...and that's only assuming you actualyl do get canned, which might of course never happen. Good luck anyway.

airship
10th Jun 2008, 19:39
Over a 3 year period beginning about 1982 and ending 1985, I was made redundunt 3 times. I'll admit to having being "thanked for my services" 2 times out of the 3 because I somehow failed to meet their expectations. Though I'd continue to dispute in both cases whether or not they'd kept their ends of the bargain (ie. never forking up the investment required up front as had been agreed) in what were basically 'start-up' operations.

The last (and my only true redundancy) as I see it, was when Debenhams (the department store chain) decided to close down their entire DBS computer systems division, having informed all employees the Friday before at 13 branches to return their company cars to head office the following Monday. It's memorable because I got into a huge fight one day soon afterwards with the Jaguar-driving MD who was being kept on whilst remaining stocks were being liquidated. I was there to "buy all the gear" cheaply hopefully, that I'd originally quoted for to a few customers and who'd demonstrated their confidence in airship by cancelling their original orders with DBS upon hearing the news of their immenent demise and reordering their (first-ever PC systems) with airship and former branch manager. The pot-bellied Jaguar-driving MD accused me of stealing his orders and threw me out of the office?! I tried explaining that these former customers knew that DBS was being wound-up, it was no secret. They could maintain their orders and receive support for their installation for an undefined period. Nonono, you sold us on installing PCs, we want you to see us through. So I did. We finally bought all the hardware wherever we could whilst maintaining the original pricing. Installed it, loaded the software, instructed everyone how to use it. Contracted a hardware maintenance company for the PCs and accessories, contracted a maintenance agreement for updates and additional software training on their business-accounting package. Because as I made abunduntly clear to everyone at the time, I was only doing this because I'd been made redundunt and I didn't know whether I'd still be doing this in 6 months (though I'd like to). As it happens, my former manager (and financier) found a new job with IBM or NCR or whoever quite rapidly and didn't want to continue. So after a hectic few weeks during which I ran about all over SE England in a hastily-acquired 1000cc Golf Mk.1 (which ran perfectly on 4 forward gears and I sold for more than she cost me 6 months later), I made enough to repay my overdraft, my personal loan for a non-existent car and had money in the bankl leftover. That was when I finally quit UK...?! :ok: :{

PS. Yes, I do have regrets. The most important of those was not buying any Microsoft stock when it was still relatively cheap. I mean, I was selling PC systems consisting of servers with a 10Mb hardrive networked with one or two PCs with floppy drives...?! :confused:

And I was only 24 years old. :sad:

BlooMoo
10th Jun 2008, 20:33
In my experience of the City which is since mid eighties - they fire too quick(ly?) and they hire too quick(ly?). The last round was 2001-2002 and by mid 2003 things were back on the usual track - i.e. lack of supply.

The latest cull seems to me to be a function of a shift in the fundamental attitudes of the big houses to how they play the markets, rather than just a need-to-shave-off-the-large-excess following the dot.com/millennium bubble.

That says to me that it isn't necessarily going to be biz-as-usual once cash-flows revert and dust settles. Don't know what area you're in but generally I see the City big-guns being much more risk averse in the short/med term and this trickles down to all including the bar-staff at Corney&Barrow. In my view, generally, City depth of experience (depending on specifically what experience obviously) increases in value when the market goes all cautious so I'd suggest looking positively at what area you're in now and what you've done over the last 30 years and think where the demand is for that now - be creative.

At a general level I would be gob-smacked if there were not a number of employers in the City already talking on lines of 'needing some grey hairs on this or that' - no offence about the hair but I'm younger than you and mines going grey (what's left anyway).

In the CIty/WallSt. more than anywhere in my view it's about what you can do in the future. At 51 you have 10yrs plus to offer at minimum and that's a career span for some folks where you are.

Maybe it doesn't happen anyway, but if it does - stay positive, don't let it get you down and in a year or two you will be saying what I and everyone else I know, who has gone through this, say which is - 'best thing that could have happened to me'. Good Luck!

Cricket23
10th Jun 2008, 22:27
I have never been made redundant (yet), but I did want to move jobs but couldn't summon up the courage to do it. That is until I read the book "Feel the fear and do it anyway".

Some bits are a bit :yuk: but other bits are :ok: Overall, it really helped me not to :} too much about the future. Eventually I took the plunge, felt the fear and 5+ years later I was wishing that I'd done it earlier.

For me the message is that whilst we have to weigh up the pros/cons, things rarely completely turn out for the worst, unless we've been completely reckless.

Chin up, and although it sounds trite, do try and see it as an opportunity.

Good Luck"

C23

G-SCUD
10th Jun 2008, 23:46
C23 - see my post on "Olympics (again ! ) and sums for Civil Servants Book1" and rethink your options!

airship
10th Jun 2008, 23:47
In addition to a hefty payout, I reckon everyone subjected to similar upheavals around the age of 50 should also be presented with an RPG launcher together with several rounds along with the final pay cheque. And be awarded immunity, or at least a certain discretion on how these assets are used afterwards...?! :E:O

notmyC150v2
11th Jun 2008, 01:01
Dunno what your skills are, but you could consider moving over here.

We are desperate for all kinds of workers and our State Government is even running an ad campaign to convince employers of the benefit of employing older workers (over 55s).

May sound a bit extreme but the houses are cheaper, the sun is brighter, the weather is better and the mosquitoes are bigger. How could you not consider moving?? :}:}

Keep your chin up. I have had to give the bad news to quite a few folks over the years and nearly all of them have been better off in the long run. Some friends of mine have been made redundant several times (at least twice by the same employer) and the payouts funded their house and pool.

foxy12
11th Jun 2008, 04:01
Could be the best thing that ever happed to you. I was made redundent in 2000, it was a messy business and cost the company because of how they went about it.. In reality I only received a few thousand dollars but had the satifaction of turning the tables and having the company cited for wrongful dismissal. When it happened I first had a moment of "heck now what" as I was 50 years old I thought I would be out of work or doing a lesser job than I was used too.

The first thing is do not panic. Work out your finances to find out what the minimum amount of money and I mean the minimum amount you require to just keep body and soul together. After that your outlook on the situation changes quite quickly as often you realise that you don't need the high powered stressful jobs you have been doing over the years. Once I found my minimum requirement and realised that if I went a cut a few lawns a week I could meet my commitments.

As it turned out customers who I had relationships with kept ringing me to do work for them saying that at the end of the day people deal with people, so I continued in my engineering role and found that I worked an average of 20 hours per week instead of the 50 ~60 in my previous emplyment and ended up earning 1/3rd more in money as a result. I am sure that once the redundency happens your thinking will focus on being a success and you will look back and wonder why you stuck with the job for so long....good luck.

G-CPTN
11th Jun 2008, 04:14
My personal 'fear' was the prospect of working for myself. I've never been keen on paperwork, so, although I studied the basics of becoming self-employed I decided that the 'overheads' just were too complicated and I would never cope. And then there was having to keep finding work. At least an employer provides pay whether there is work or not. Bing self-employed means no work - no pay . . .
I realise that you'll never be rich whilst working for someone else and it's only though establishing your own business that you can make big money - but there's a risk (that you don't make enough to survive).

arcniz
11th Jun 2008, 09:21
Very interesting thread you've started, angels. Well done!

One cannot help but notice the large number of folks responding who've used a similar opportunity to transition to self-employment - and who can still praise the choice in long retrospect.

I did this also, giving up a really posh job in my late 20's by choosing to resign as I started a new company in pursuit of an epochal opportunity. For some years, I had watched the fear and resignation of older co-workers during business cycles and the RIF's that inevitably thinned their ranks; that exposure to Marlowe's ghost convinced me quite early to look for security through independent enterprise, rather than 'just working for somebody'. What followed had good points and bad, but it helped pass the time. I learned that one is always 'working for somebody', even when totally self-employed, so maybe the difference is not so great after all. Certainly, however, there is a considerable transition - in style, spirit, methods and understandings - from the one to the other.

You did not indicate any great yearning to make such a transition, so my suggestion will be different from many of the others: Do not take a week or a month in some recreational space to lick your wounds and repair hurt feelings.
Instead, I say you should prepare early and start fast at a serious job-hunting campaign by a) identifying the best prospects for employment in your area, b) polishing up the resume and reading up on the job-chase skills appropriate to your work. If the flag drops and you are made redundant, then set out to meet your prospects and pitch for a job on the very first day possible.... in short, take the bit and run with it.

As a freshly-minted free-agent, you will have the advantages of currency in your work and still-fresh aura of gainful employ. You will demonstrate energy and ambition by turning up for serious job search visits in the days after your
notice - and being up-front about it, while many others with similar circumstance are likely found lurking in pubs and online time-wasting places.You will find yourself higher on the call-back lists than those who chose to "wait-out the down cycle". And you may very well walk into a situation that will be pleasing and available as a work opportunity. In finance, particularly, cycles float different boats on the up and the down, but there's always plenty to be done by them who know how.

If nothing else, going out for opportunities earlier rather than later will do a bunch for your self-esteem and fighting spirit. If nothing pans out, you'll be none the worse for wear, and if something does work to put you back in the saddle, then you might seriously consider preparing for a future period of self-employment by:

1) learning the moves, -- not necessarily a quick course
2) paying down your bills and stashing some actual spendable money as a backbone stiffener,
3) paying off your mortgage and then arranging a credit line with your home as collateral.. very similar but likely less cost in interest and likely more freedom to draw on it when going through dry spells.

Good luck!

Gainesy
11th Jun 2008, 10:35
Dunno what your skills are, but you could consider moving over here.


Where is that then Notmy?

Angels, chin up mate and don't forget to note all the network passwords.:E

Cheerio
11th Jun 2008, 11:13
I've never been redundant and spent my life shimmiying up the greasy pole. I earn more than I ever did now, and yet I have less disposable income than I ever did then. I bet I'm not alone, and there is a lesson here somewhere. Sometimes we become so tied to the yoke with blinkers on that some fundamental things about life get overlooked. Redundancy is not nice because it is enforced. But how many times have we thought about choosing to go through exactly that process. Think Reggie Perrin. Change is nothing to be scared of.

Effluent Man
11th Jun 2008, 11:35
Can you consider downsizing? I suppose it depends pretty much on the family.If the Mrs. is high maintenance and the kids are at private schools etc it probably will cause more problems than it solves.

On the other hand if they were open to that option it would give you breathing space.Presumably your house is in a fairly pricy area so relocation to somewhere offering better value would get you out of the mortgage treadmill.

An often overlooked benefit is that the lifestyle is more rewarding and enjoyable but to be perfectly up front you do need that outlook,if hanging onto the Jones' coat tails is essential you will possibly suffer loss of self esteem.

I sold a business in 2001 and effectively had a very low income for 5 years.Admittedly I did do a couple of house changes in that period that made me as much as I would have earned in an ordinary sort of job.It was a nice break and I went back into business 2 years ago refreshed.When the time is right I will have no hesitation in hitting the silk again.

TBirdFrank
11th Jun 2008, 12:24
It happened to me in 2001 - age 51

Voluntary redundancy - well - "if you go we'll cross your palm with silver - if not - you get statutory" We all went!

Garden leave for six months - lovely summer - enjoyed it. Belting straight back into the workplace might suit the twenty somethings - At our age take a break, do the housework, take a holiday - recharge.

Then get back onto the merry go round conscious of a few very salient facts

You will scare your interviewer shitless - you will know everything he does, and more, because most of them are a lot younger than you.

You will probably find that your professionalism surpasses theirs by a country mile - keep your standards - its the only way.

If you can drop back to part time, or a job that can be done anywhere, (new ways of working) - Do it. Most business requires personal interaction that after initial introductions can be maintained just as well by phone and email.

Me - seven years later - three day week, enjoying life - may have been happier to reach the magic pensionable at 66% of final salary that would have been in prospect in 2010, but I wouldn't have been part time for six years at 57 and looking forward to more of less!

Sod the silly bastards.

arcniz
11th Jun 2008, 19:57
TBirdFrank says:

Garden leave for six months - lovely summer - enjoyed it. Belting straight back into the workplace might suit the twenty somethings - At our age take a break, do the housework, take a holiday - recharge.

It all goes to attitude and choices, TBF. I am a fair number of years older than you and yet normally put in work weeks of 100 hours plus. (with work defined as either doing something one must do in line with prior agreements & commitments, or something one choses to do in order to create future value-added.) Was much more of a rotter in my 30's than now, at least from a time-served perspective.

The plot line is that angels expects to be involuntarily removed from his/her long-practised work activity by outside circumstances & wonders how to deal with it. Certainly it is not unreasonable that A might want to resume what he is accustomed to doing at the earliest juncture, rather than embark on an unscheduled and unprepared-for ad-hoc restructuring of A's entire personal, social, and financial life - during a period of emotional upheaval and diminished financial capacity.

The idea of getting at the task of replacing one's "work-flow" asap when it is disrupted is a bit like actively looking for a suitable flat spot while also doing the checklists when one's single aircraft engine stops putting out... various consequences will ensue from that unbidden circumstance, and the more energetically one applies oneself to working the alternatives before the crunch time, the wider the range of possible happy endings.

I have had a lot of ups and downs, not a few of them self-inflicted, complicated by a couple episodes of prolonged poor health, & so have had the opportunity to try many variations and combinations of employment, relaxation, engagement, isolation, affluence & poverty in the course of an interesting life. All of those choices should be available to a person, of course, but not everybody will be comfortable with the consequences.

I have also employed and hired quite a range of people in various situations and know well the perspective of bosses who want a job done on-time and on-plan with a minimum of uncertainty and soap-opera from the performers.

From this collective, I strongly suggest it is better for an experienced but displaced worker to make the choices affirmatively, rather than by default. To accomplish this, someone who IS or recently has been well-employed and is not actively motivated to be otherwise should put forth maximum focus and effort ASAP to repair the inconvenience of a lost position while their bloom is still fresh and their energies are still attuned to the "long march" of the office day. Once high-performing people are spoiled by a period of self-indulgence, it begins to show and their chances for re-hire taper off sharply..... especially when they are noticeably long in the tooth.

mixture
11th Jun 2008, 22:26
rehearse your answers so you can say em off pat

Gingernut (and others reading that post),

A little tip .....

There's nothing the HR professional hates more than the "professional interviewee". Any battle hardened, experienced interviewer worth their salt will simply dig their teeth into you like a dog with a bone and do their best to catch you out.

airship
12th Jun 2008, 00:53
Have I got this right...?

Whilst levels of corporate taxation have mainly diminished over the last decade or so, companies have continued to close their pension schemes or otherwise reduced employee benefits wherever possible (Google are an obvious exception I guess).

Now that it's abunduntly clear that (UK companies) have forsaken their (UK employees), isn't it high time that we made it abunduntly clear to them that as consumers, we will no longer buy their products unless they can prove that their manufacture and/or distribution still benefits our local (or national) economy...?!

They probably won't really like the idea, but I'm all for pushing these companies away and incorporating in say, Nauru for example (the CEOs and support staff would have to move out there too...).

PS. I can just imagine it: brick and the rest of them accusing me of being a communist. And I don't even work in southern California or Hollywood. (but any excuse will suffice...?!) :}

Effluent Man
12th Jun 2008, 12:37
This thread demonstrates quite clearly just how much this represents "horses for courses".At the age of 24 I pulled the plug on a mediocre-ish low/middle management job. Over the following decade I estimate I made roughly the same amount of money as I would have earned,albeit for about a 25 hour week.The decade after that I made a lot more money from a lot more work. In the last decade I have gone back to less work/less money.

I think if you were a worrier some of the downs would have been stressful.Personally I dont care.For this reason I consider it virtually impossible to give advice to another individual without being in full possession of all the relevant facts and figures.

Binoculars
12th Jun 2008, 13:23
Angels, knowing your trade means I know it's cyclical. When the "gentlemen's restaurants" are advertising everywhere, the City is doing well. You're old enough to have been through a couple of cycles and you know how it works when things are on the downslide, and that's not pretty.

But technology has moved on a long way, hasn't it? For a long time I have not been able to figure out why the financial industry, which is run entirely by computers, is physically located in expensive towers. If you have the contacts you could do your job from anywhere. The most expensive IT gear will be more than compensated by the costs of living/working in London.

Whether you set yourself up as a personal consultant with your current clients or arrange with your employer to work on a commission basis, then sit at your desk in a nice oak-panelled room in the Lakes District or whatever, surely there must be some alternative?

Good luck mate, but whatever you do remember it's your family that has the final say. :ok:

CherokeeDriver
12th Jun 2008, 14:08
Angels

It happened to me a couple of months ago from a large Scottish / Dutch bank ;-) based in Bishopsgate.

It was swift (meeting, cloear desk, hand back pass all in 10mins) but in retrospect not that bad. The fear of the event was much worse than the actual event.

Bottom line is in the past 8 weeks I've lost 2 stone in weight, can sleep through the night, reconnected with my amazing 2 year old boy, spent as much time with my little 5 month old girl as her mother and done all of the odd jobs around the house that have been accumulating for several years.

I'm mentally and physically stronger than I've ever been in my life.

I'm off to spend the next few months living by the beach in a lovely part of Sicily with my family, and I start a full time MBA at one of Europes best busienss schools in September. All of this funded by my ex-employer without having to touch a penny of our savings.

Check your PM's - I'll let you know what I learned about UK employment law and how to maximise the payment you'll get ;-)

I'm 16 years younger than you angels, but trust me once you've dealt with the shock, panic, and fear (on a par with the engine cutting out in a single engined plane) you realise your true identitiy again, and your friends and family will give you all the support you need.

CD

angels
12th Jun 2008, 14:45
Just a quick word to say thanks to all for their support/PMs etc.

I'll reply to all the PMs when I get a chance.

mixture
13th Jun 2008, 22:51
If you have the contacts you could do your job from anywhere.

What a load of nonsense.

The proper IT jobs are based in proper offices. The only IT engineers you'll find on Bondi Beach are those on holiday, not at work .....:cool:

Yes there is remote working in IT jobs, but in the majority of companies, I think you'll find that's when the engineers don't fancy going into the office on the weekend, not during their normal working hours where they can usually be found seated at their desks in an office !

G-CPTN
13th Jun 2008, 22:57
I think you'll find that's when the engineers don't fancy going into the office on the weekend, not during their normal working hours where they can usually be found seated at their desks in an office !Son who works for Cable and Wireless frequently works 'remotely' (often from home) especially when doing 'standby' troubleshooting.