Laid Off Friday and have some concerns

After being employed for many years with my company, I was laid off on Friday at 11am...

You all will think I am nuts but I was not pissed at all about it..what will that do for you but stress you out.

I did get a package and am happy with it, plus I have several hundred hours of PTO and a possible bonus coming. The fiscal year was over at end of October.

My concern is the wording in the package I got. As a protected employee, age 50, I cannot be replaced by a younger worker for less money. In accepting the package I give up the right to argue over this. There is an offical act...Older Worker Benefit Protection Act. go figure.

Also, the first paragraph of the letter indicates that I should have an attorney review the documents before I sign it and I plan on doing that...

What is the world coming too when you have to have an attorney review everything that you sign.

Also the outplacement company did not even have the names of the employees that were laid off, they will contact us in a week.

This is my second time losing a job in this way, last time was in 2003, but at least this time, I have a back up plan.

Unemployment benefits are insane, who can survive on that and it does not come close to what you make.

My plan is to relax for a bit and enjoy the holiday .. will start serious looking in January.

Did the company lay you off for performance reasons or did your job cease to be needed?

Also, do indeed get an attorney to read the documents. The Company in question did not put that wording in there for your benefit.

The reason given to us was a reduction in force due to decreased sales.

Usually the company puts the wording in that by accepting the severance package you will not file suit. I have heard of some laid off people signing the waiver and then suing claiming they were under duress when they signed.

Do not count on receiving any bonuses. Companies have a way of getting around commissions, bonuses, etc by stating the payment is due employees as of a date in the future.

Do not wait around until January to start the job hunt. It takes a lot longer to locate employment than it used to take. Jump on it early and maybe you can double dip, severance and pay check.

Not to sure- don't know your vocation
Being blue collar- I can usually find
work in under a month.
White collar desk jockeys on the
other hand deal with HR more
than my ilk. HR is usually loathe
to hire anyone last qtr of the yr.
Review apps in Jan
Interview prospects in Feb
First hires in March.

Now this isn't set in stone.
But it's what I've observed.
There are always exceptions so do keep
eyes open for sudden opportunities.
But barring breakout sales and a dire
need for seasoned help- they usually
string you out till jan/feb anyway.

Make sure you get a labor lawyer, not some generalist. Labor law has some very arcane rules. Best to get an expert in this area.

1. You need to get a good employment rights lawyer (which is very different from a labor law lawyer) to review the document. (Unless you have a union contract. Then, it's a little trickier, but I'd still start with a employment lawyer.)

2. This is not my field of law, but basically, your severance package likely contains, among other things, a release of all possible claims that you have against your employers. So you have to weigh what claims, if any, you may have against your employer; the value of those claims; subtract the costs of prevailing on those claims and the probability of not prevailing, etc.; the length of time that it might take to prevail, etc.; and balance that against the severance package. Generally -- but always -- taking the severance is the best bet. But that is a very fact intensive issue. (And to complicate it even more, many of the relevant facts are not now known to you or your soon to be lawyer.)

3. You also have to include the issue of what assistance your now ex-employer can provide you in finding a new job. Sometimes a recommendation letter can be negotiated as part of the severance. Other times, you have former colleagues still with the company who will go to bat for you now, write a letter, make a phone call, etc., but if you sue, then that asset is endangered.

Relax, take a day or two. But seek good counsel very soon. And I know nothing about your industry, or seasonal hiring cycles, but the sooner your get back to looking for work and networking, generally the better. Call folks. Let them know that you are looking. Offer to go see folks you haven't seen in a while and buy them a drink (they'll usually insist on paying since you've been let go, but offer to buy). Put your name out there. Most jobs leads, in most industries still come from word of mouth.

Best of luck.

Thanks for the great advice all. It is appreciated greatly. BTW, I am in medical sales/repair/install type job. Have many feelers out there and a lot of letters of recommendations.

If the company is still in business; and you like your job, I would dialgue with upper management; someone within the company that you have a relationship with....maybe they would be willing to keep you on as an Independent Contractor....especially if they have liked your performance in the past....the company still needs a sales force I assume.

And don't burn bridges as you exit; it isn't personal.

Euph, I'm sorry that this happened to you and if I were you, I'd like to swap any document I might sign for a check for the TOTAL severance package. But, as TTH advises, go see someone who really knows the field. I lost a job a few years ago at age 55 and was lucky enough to find one in 3.5 months due to my professional network and, luckily, changed jobs this year for more pay, benefits, etc., I just want to tell you that the sooner you start following the advice others above have mentioned, the better. If you want to stay active, Christmas is coming up and there are short term, low paying gigs out there (maybe even some for cash, hint, hint) and that will get you out of the house and mixing it up with people. There's always a potential for some post layoff blues and getting out helps fend that off.

Good luck with this and keep your head up. I think that the medical equipment field probably has more options than construction related areas, for example. I sure hope so! Plus, while you're hunting, there may be some related areas to look into. Also, what about representing some of the manufacturers who sold equipment to your old company or it's competitors, if that applies? And, if you have strong sales experience there are a bunch of rep agencies in all sorts of fields that are looking for experienced inside and outside people.

Now, for the 800# gorilla...Your age will work against you unless you deal with someone who is familiar with your work. Hence, I'd check out your old employer's competition first, especially if you can bring some accounts over with you. In the mean time, Whirlaway's advice is very helpful - burn no bridges (at least until you're employed, and even then it's not the best of ideas).

Good luck, again and give 'em hell!

Thanks Randy... and everyone else.

I have started with lots of the advice given...in addition, I am getting out of this house daily for a very long walk to think and avoiding the shopping places big time.

Unfortunately, part of this big layoff is that I cannot go work for a competetitor for at least 6 months in my same capacity, so am looking into some certificates that will change things up for me so that I dont have to get their permission to work for another company... go figure.

i think finding the right recruiter helps a lot and that has happended this week.

Networking is key for sure and one can spend hours on internet on sites like linkened etc.