As the title suggests how are you managing the layoffs and what’s been your strategy?
I was laid off in March and have approx 7 years of experience. Not seeing many roles at the mid senior level and do not want to accept something mediocre. Focusing on staying on top of the news cycle and reaching out to my network.
I was laid off around March as well and have similar years of experience. I just took a lesser role that is not too demanding to continue to save and focus on my own venture. I'm tired of how RE treats its employees. For better or worse, I'm content with just figuring it out on my own at this point. As far as the job market goes, good luck. Seems like unless your'e a perfect fit, it will be tough to land a great role.
Did the lesser role have upside? I'm having trouble accepting the lesser roles. I can do something else and make more money than do grunt work. Really hoping something happens eventually. May break my 401K to get me across this time. Would rather end up somewhere I see a long term career trajectory.
I'm from Canada and worked for a US firm. I've sworn not work at another US company ever. The culture is very different compared to Canada and in tough times they cut very easily. In Canada however, companies usually don't pursue any growth hires and moreso replacement hires.
The upside is flexibility and time off. I need that to focus on my own thing and family. I'm fortunate to be married to a woman that makes a decent amount and saved like a beast before getting laid off. Haven't touched saving at all during the time off. My generally distrust of working for people has always had me saving an obnoxious amount. Yes, the US company culture is absolute trash, so I don't blame for looking else where. It's just weird time despite what media and government are saying. Take something and keep looking. Nothing wrong with that either. Have to be nimble in these times. Good luck.
I got laid off before so I can help shed some light.
Ignore title, similar years of exp.
You have to reset your expectations and not let your ego get in the way. You have to take a lesser role if it comes down to it and build yourself back up afterwards.
I got laid off from a $250k job and took a pay cut to $150k when I got laid off. This was also to a much smaller shop with no brand recognition. Fast forward 3 years later, I’m still with the same shop but make close to $350k (took time to gain trust of founder and because I did everything, no one else knew what to do if I left). Keep in mind, the role was not glamorous. I had to move furniture, plan events, do acquisitions sometimes, asset management, property management.
The company I’m with is probably capped and won’t grow much but that’s ok with me. We will continue to be a small company and collect our AM fees and my pay is also capped. Benefit is that I almost never go into office and I have time to do whatever I want.
This is a good point. Though, I'm happy you found a role that you're in. I'd happily take a lesser comp as long as I see the growth over the 2-3 year span and build myself back up. However, right now, the roles are in Sched A banks or brokerages with no to limited upside.
I'm just taking some time off. I'm sure the roles will come back come fall.
Its been super disappointing. We had two rounds of layoffs and the second one was really bad. Very sad to see so many coworkers and great friends over the years go all of whom were truly intelligent and hard workers. I guess it is what it is. I truly think the CRE golden years are well past us now and its sad to say as I am in the industry. Best to keep our heads down and just be thankful.
I think the market is going to be shit for way longer than everyone is hoping, but the golden years aren't past us forever. The government has taken on so much debt that the Fed will be forced to lower interest rates again to avoid completely consuming the budget. And when that happens, it's party time.
This. Inflation will be back with a vengeance in 3-7 years.
Layoff Strategy for Companies:
Companies typically approach layoffs with sensitivity and careful consideration, as they can have a significant impact on both the affected employees and the company's reputation. Some common strategies for managing layoffs include:
Transparency: Being open and honest about the reasons for the layoffs can help build trust with remaining employees and mitigate negative feelings.
Fairness: Ensuring that the layoff process is fair, unbiased, and based on objective criteria can minimize legal and employee morale issues.
Communication: Providing clear and compassionate communication to the affected employees, explaining the reasons for the layoffs, available support, and any severance packages or outplacement services.
Support Services: Offering support services, such as career counseling or job placement assistance, to help affected employees transition to new roles.
Retention of Talent: Retaining key talent can be critical for the company's success during challenging times. Decisions about who to retain should be strategic and based on future business needs.
thx ChatGPT
That’s not even the question. Stop copy pasta
Making me wonder if I should still push for promotion given I've been crushing it and it's time. I pushed for promotion during COVID time too which worked out ok. Maybe a more tempered push this time.
At OP, all those things are good to do. Sucks being laid off, definitely makes you shift focus.
I'd add, never be afraid to look into other areas, maybe something similar to real estate (or banking) like strategy or corporate finance. Not saying its what you want, but could be something that fits that you're not looking for.
I'd say getting fired is like breaking up with someone, you're not building on what you had before. Meaning, if you just because say your last bf/gf was super organized and cooked food doesn't mean your next bf/gf should also be organized, cook food and handling the budgeting (maybe they do the organizing and budget) .
Agree with this. The market is really bad right now. Hoping Q4 I’ll see some traction
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