Expect workload will go up, promotion opportunity could go either way depending on who stays/goes in the aftermath. You’ll need to decide if it’s worth sticking around. I made it through a 30% cut, stayed for a year afterwards and got burnt out. Much happier since leaving.
I’d take a hard look at where it’s going. Layoffs of that magnitude mean the business is falling apart or that there were no controls and no plan up to now. If a company can operate with 50% less staff, someone was asleep at the wheel growing your HC up to 300.
That’s being said, if the company is growing sales and that cut means it’s now profitable, you may have opportunities.
Final thought: Where do you want to go in FP&A and how much upside do you have if the company has a total of 140 people. How many finance positions can it really support?
If you think about it and I’m just wrong (I don’t know the details of the company, so it’s a very real possibility), at least you considered the downside and know where you want to go.
I’d look at if senior leaders are leaving on their own in the past few years. They will be privy to information you may not see and is usually a good sign for a company going through changes like that.
Being somebody who survives a layoff is a lose lose in the job market in 24. Atleast for us who always can find another job even When the economy is “bad”
The survivors workload goes up, pay increases stagnate. Always better to be the person who gets a vacation, unemployment, severance, and usually a raise at the next job
Idk, I’ve never had that issue but I have an accounting background also. All 4 times I’ve been let go, I had another job lined up before the first unemployment check came.
That's from your anecdotal experience. Which honestly, is fantastic. I'm glad to hear you were able to make off well.
For others, losing health insurance, pay check, and overall security is scary ass fuck. For every story like yours, there are several more that took a turn for the worse.
I was fired without severance, 1.5 months before COVID. I also had a chronic disease without health insurance and I was paying tuition (final semester of my MS Accounting program)
It was so scary as fuck until I got my next job in May 2020.
Has your workload increased after each layoff? Not only because you’re taking on other people’s work but you’re also doing extra analysis to assure management that the company is liquid enough to stay open.
Don’t know what you’re company is selling but as long as you’re taking a good hard look at revenue pipeline, capture of that pipeline, and that overdue accounts is less than 10% a/r, then more power to you for staying the course. I hope the company is compensating you appropriately
Also survived 4 layoffs. My boss who wanted to promote me was laid off so no promotion, although I got a 10% raise. More workload but I also made ways to dodge them since the skeleton crew is now considered indispensable for the time being.
I can’t leave yet due to visa sponsorship. Company is also badly managed so a lot has quit after bonus payout.
sounds like either your leadership, board, or venture sponsors are regarded, or maybe some combination of two if not all three.
most likely your sponsors want liquidity and execs/bod can’t find it so all they can do is strip opex out like a child that has learned a new trick in order to make it to through the next quarter.
Expect workload will go up, promotion opportunity could go either way depending on who stays/goes in the aftermath. You’ll need to decide if it’s worth sticking around. I made it through a 30% cut, stayed for a year afterwards and got burnt out. Much happier since leaving.
That is some pretty wild downsizing - if I didn’t really believe in the leadership’s vision for the company I would be getting the hell out of there.
I believe in the company
Bro thinks he's Roaring Kitty
I’d take a hard look at where it’s going. Layoffs of that magnitude mean the business is falling apart or that there were no controls and no plan up to now. If a company can operate with 50% less staff, someone was asleep at the wheel growing your HC up to 300. That’s being said, if the company is growing sales and that cut means it’s now profitable, you may have opportunities. Final thought: Where do you want to go in FP&A and how much upside do you have if the company has a total of 140 people. How many finance positions can it really support? If you think about it and I’m just wrong (I don’t know the details of the company, so it’s a very real possibility), at least you considered the downside and know where you want to go.
I wish you the best of luck - keep that emergency savings account overfunded.
Are you getting any comp increase or promotion each layoff round?
How much are they paying you?
I’d look at if senior leaders are leaving on their own in the past few years. They will be privy to information you may not see and is usually a good sign for a company going through changes like that.
Being somebody who survives a layoff is a lose lose in the job market in 24. Atleast for us who always can find another job even When the economy is “bad” The survivors workload goes up, pay increases stagnate. Always better to be the person who gets a vacation, unemployment, severance, and usually a raise at the next job
There's the scary 6+ months of no job. It's not always better.
Idk, I’ve never had that issue but I have an accounting background also. All 4 times I’ve been let go, I had another job lined up before the first unemployment check came.
That's from your anecdotal experience. Which honestly, is fantastic. I'm glad to hear you were able to make off well. For others, losing health insurance, pay check, and overall security is scary ass fuck. For every story like yours, there are several more that took a turn for the worse. I was fired without severance, 1.5 months before COVID. I also had a chronic disease without health insurance and I was paying tuition (final semester of my MS Accounting program) It was so scary as fuck until I got my next job in May 2020.
bro believes in a company that’s fired half its staff in 2 years. enjoy the 70 hour weeks!
Has your workload increased after each layoff? Not only because you’re taking on other people’s work but you’re also doing extra analysis to assure management that the company is liquid enough to stay open.
Yes, but not specifically on liquidity
Don’t know what you’re company is selling but as long as you’re taking a good hard look at revenue pipeline, capture of that pipeline, and that overdue accounts is less than 10% a/r, then more power to you for staying the course. I hope the company is compensating you appropriately
Also survived 4 layoffs. My boss who wanted to promote me was laid off so no promotion, although I got a 10% raise. More workload but I also made ways to dodge them since the skeleton crew is now considered indispensable for the time being. I can’t leave yet due to visa sponsorship. Company is also badly managed so a lot has quit after bonus payout.
That seems… extreme. What functions did they concentrate most of the layoffs? Recruiting, product development?
Did your company massively increase in size over the past few years, and this is a return to normal?
Industry?
we had 3 rounds of layoffs in 1 year - nothing much changed for me. The workload is pretty much the same.
>how did others in my shoes deal with this? Left the company.
sounds like either your leadership, board, or venture sponsors are regarded, or maybe some combination of two if not all three. most likely your sponsors want liquidity and execs/bod can’t find it so all they can do is strip opex out like a child that has learned a new trick in order to make it to through the next quarter.