Laid-off executives struggle to find any kind of job

But that isn't the problem. The problem is that you will have a hard time finding any job if you get laid off because the jobs that pay at that level are very scarce and companies won't offer you a job at less money because they don't think you will be happy with the new pay rate.

I didn't think I was worth $91k, but that is what I was paid the last two years at my job. I actually talked about bailing out with my GF because it was obvious that the owner was going to close the company, but she agreed I should just stick it out because I was looking at a substantial pay cut no matter what. So I stayed until the end so other people I worked with wouldn't lose their jobs too. I was literally the last employee of the company, pointing out which equipment should be saved (and shipped to Malaysia where our work was sent) and which equipment should be scrapped.

Now I am applying for state jobs because they seem less likely to discriminate based on age and previous salary (the salary is set by classification) but the state is god awful slow at the hiring process and several agencies have hiring freezes. Private employers have ridiculous requirements on their job postings. You would literally have to have already worked for them or their competition to have the experience they are requiring for any engineering position.

I don't feel totally sorry for someone who was making $400k, but I do understand their problem. And I believe that most people would not turn down a $400k salary even if they didn't feel that it was completely justified.

 

true true, execs' arent the only ones having trouble finding jobs. i know a couple both in the $40-50,000. both lost jobs, one in fall 2008, the other this past summer. it took about 3 months at one income for them to be in trouble. they had 2 kids in college, 2 car payments, etc. despite good planning (they started college funds for kids at birth) they still had to have a very large bailout from parents to survive (basically an early inheritance) otherwise they would be homeless.

the first one started working this month, the other is supposed to be starting a job in mid Jan. total salary reduction only $15,000...not bad really. the selection of middle income jobs around are pretty thin

it didnt help that college expenses were much higher than anticipated either.

 

i don't think many dual-income people could maintain their lifestyle on a single income. i'll give you this, we've made some tremendous sacrifices since 2007. when we do have a second income again, we will have far better uses for it than we once did. we've always been pretty good with spending our money wisely, but the intense pressure of the last couple of years have taught us what's really important.

 

I keep expecting to hear the college bubble collapsing. So many mediocre students, so many $30k/year attendance costs, many by loan.

My wife is like others: she is willing to spend less when income is low, but wants to spend more when income is high. I encourage the former, and tell her that the latter will have to wait until our retirement is secure.

 

thats a SMART way to think

sorru but i have to ask what are mediocre students?

 

Hi Dutch,
Somewhat accepted notions of mediocre:

• Around the median in ability
• Unable to finish a degree in 4 years
• BullS degrees

My favorite: students below thresholds that countries where college education is completely subsidized by the taxpayer are admitted.

 

My favorite mediocre student.

 

We are in a slightly uncomfortable position right now, and I am waiting to hear on a job I interviewed for last Thursday.

My Dear Hubby has had a very good job for many years - I have worked, up until last year, when the client I supported vanished (thanks, banking industry collapse...). With his job, we decided that I didn't absolutely NEED to work, so I settled in to try out a few ideas I had, get some personal stuff done, etc. Then, he got hurt on the job.

Worker's Compensation (LNI) only covers so much. He couldn't drive for several months, so I was not able to get a job, as my job was driving him to the 3, 4, sometimes 5 times a week doctor/specialist/physical therapy appointments required. Okay, we dealt with that.

Now, he's reaching the point where LNI wants to cut him loose - and he is unable to return to his original job - he is in a light duty position that pays significantly less than his original job. So much less, that we cannot currently see ourselves making it on just his income. *sigh*

Retraining would be an option - however, retraining for what? there are no jobs here! It's a little scary.

 

I'm actually taking night classes (can't take them during normal working hours or I lose unemployment benefits) in [ame="http://en.wikipedia.org/wiki/GIS"]GIS[/ame] in case I cannot find an engineering job, but there are no guarantees of finding a job in that field either. I'm considering trying to get an unpaid internship because there aren't any paid ones right now.

I've also been thinking of getting a part time job before unemployment runs out, but its pretty bad here; there are very few jobs of any kind.

 

You could always move to Michigan.

Tom

 

Then I would be cold and unemployed. :madgrin:

I cannot move right now; My dad is dependent upon me for help. He is almost 88 years old and losing his eyesight to macular degeneration. Actually, that is the good thing about not working right now; I have the time to take him to doctor appointments and help him do his banking, etc.

We are lucky; we resisted the pull to buy a bigger house and when we refinanced, it was to go from a 30 yr fixed to a 10 yr fixed. We paid it off in November with some money that my dad loaned to us. We now pay him 4x what the bank was paying him for interest on his CD; we are paying him roughly the same amount that we were paying for interest on our mortgage and saving $1200 a month.

 

I came back from the lab after lunch to read an e-mail note "<so and so> resigned today." He was escorted off the site. He has a wife and kids ...

Bob Wilson

 

hmm. people who "resign" normally dont get escorted off. bummer.

 

retraining is a calculated risk. DH took it, because in 2007 it wasn't looking like the whole economy would nearly implode. he's glad he did it, but the class of 09 is largely unemployed...

 

Yep, it is a matter of timing - if you are lucky, people are hiring when you complete the program - if not, then you are one of the mass of people in the hunt.

I haven't been super lucky in the past - it seems to always be bad when I'm trying to find a job - but it seems way worse now.

I came pretty close just a couple of weeks ago - it was a state job and I had the 3rd highest score on the test. I interviewed pretty well, I think, but one of the other candidates got it. At least the manager was nice enough to call me and let me know they picked someone else - he has been the only one to do that. I was way overqualified for the job - I had done exactly what they wanted at a previous job many years ago. I think I would have been bored eventually, but boredom with a regular salary is better than boredom with unemployment.

 

You can sit here and chastise them, but here is the deal, my good friend is a Pilot for Alaska Airlines. A few years ago he got his salary cut in half. Sure he was making $160k a year, and went to $80k which sounds like a lot to most, but you are just broke at a higher level. He was forced to sell his house, downsize his 2 vehicles and his wife had to take on a part time job. She had never worked before, and he wanted her home with their 3 kids, they went to a private Christian school, and now they are in public school.

If you make $40k, and $80k doubles your income, I bet my bottom dollar no one on here will save the entire extra $40k, no one, I know I would not. And if you said you would, I bet your lying to look good.

I also know this summer, my income will be cut in half, and I am planning as best I can for it. I knew it was coming for about the last 4 months, but it is still going to be one rough road.

 

Gasit; you are right. unless you are Bill Gates, you will spend what you make. sure some will save some towards retirement, but what good is it now?? a 401K takes an act of congress to get out. borrowing against it only really delays the inevitable. times are tough no doubt and we can only hope that we will continue to recover, but everytime we do, we do it with extra baggage, more commitments put off for another generation to pay. when will it all end?

when will the time come when we say we have to stop putting it off and accept what we have become? we have very hard choices ahead and ones that we need to make now. its already a monumental task ahead AFTER the decision is made. more waiting just makes the task at hand that much harder.

 

If my income doubled I couldn't save all of the extra because my tax bill would triple.

 

Tens of millions of us do spend less than we make. Maybe I'm fortunate that dad's agricultural income was very erratic, so I was accustomed to setting aside a big cushion and minimizing debt.

While the first few corporate downsizings during my adult life were very nerve wracking, the rest were less stressful. They became an expected part of the business cycle. By the first time I actually got whacked in these slaughters, the nest egg was big enough to carry over with plenty of margin. The second time, it became an enjoyable vacation.

For flexibility, save and invest both inside and outside of 401ks/IRAs.

 

i am not trying to look good but if my income doubles then i keep the life i live right now and dont go and buy a bigger home are anything like that.
only some gadgets i liked and could not buy before but al the rest is going to my savings account just like i try to spent as less as possible to make more for the savings account for time's off less financiel income.