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How worried should I be? Update: Not so much anymore (1 Viewer)

Insein

Insein

Footballguy
Just started a new job in January. It's with a mid level Pharma company. This is my first time in the Pharma business but I'm a data analyst so my job doesn't require me to know the ins and outs as much as the sales reps do. 

Within a couple weeks of me getting there, the company's stock has been in freefall. A lot of long term people seem worried about another round of layoffs. I've been there a little under 2 months in a newly created position. Does that make me very expendable or somewhat safe since my manager's neck would be on the line since they did the hiring?

 
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Ask around to some of the other employees as they would have more background into the company's situation. A pharmacy company stock in freefall doesn't sound good. But, get all the information you can.

Nevertheless, I'd keep your resume polished and updated.

 
Impossible to tell from the outside. They obviously decided the position was needed, not too long ago. Worrying isn't going to solve anything. Keep your eyes open for other opportunities and do good work when you're at the office. What other choice do you have? 

 
Cjw_55106 said:
Impossible to tell from the outside. They obviously decided the position was needed, not too long ago. Worrying isn't going to solve anything. Keep your eyes open for other opportunities and do good work when you're at the office. What other choice do you have? 
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None really. I wasn't fretting too much but this woman that had been there for about 5 years and in the industry for her whole career is leaving. Again didn't read into it too much but Friday she started telling me about how she can't go through another recession in the company again. Got me spooked a bit. 

Now she's also much closer to retirement. So I get why she would be concerned. Just left me uneasy when I still had that new job confidence.

 
So the company got a new CEO a couple months ago. The old one did not leave willingly.  Since then, the entire senior level officer team has either been replaced or left. 

Just today they announced that 3/4 of the sales force has been laid off along with all of their operations and support teams. My group should be insolated for now because we are understaffed and over worked as is. There's also the rumor the new CEO wants to move our HQ from PA to NY since he lives up there.

I've already been looking. Now it seems like a race to either me getting a new job or them laying us off.

Merry ####### Christmas 

 
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Sorry to hear. The bright side is you're a data guy and not part of the 3/4 of the sales staff who will need to be fighting over jobs in an industry already facing a lot of layoffs. Any announcements yet on severance? 

Use this time to be patient and try to find the best opportunity for yourself. May as well ride it out and get any severance due to you at this point. 

Good luck. 

 
Insein said:
There's also the rumor the new CEO wants to move our HQ from PA to NY since he lives up there.
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Even if this happens, it's going to take a year or so (or more) to do it.  It doesn't sound like you're on the hot seat so hang in there. 

I wouldn't turn down a better job in your situation but don't jump yet if you don't have to. 

New CEO's are usually very self-conscious and spend most of their time building a team around them (and canning old blood).  

You're in the Philly area; huge hub for pharm companies (but you already know that).  Get the experience, pad the resume and you'll be fine. 

 
Eh, I would chill and don't read the news about the stock price or engage in banter about it. Company employees tend to form panic herds. Keep your head down, stay positive at work and you'll get past it.

 
SaintsInDome2006 said:
Eh, I would chill and don't read the news about the stock price or engage in banter about it. Company employees tend to form panic herds. Keep your head down, stay positive at work and you'll get past it.
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I'm just worried because I'm last in so first out.  I'm not sitting Pat to wait for the axe.

 
Well, definitely don't do anything rash like quit without a definite job offer in place.

Getting laid off isn't the worst thing in the world. Sometimes it leads you to a better opportunity you weren't even aware of.

Good luck.

 
Insein said:
I'm just worried because I'm last in so first out.  I'm not sitting Pat to wait for the axe.
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I went through a similar situation as you, on a timeline not too dissimilar, just a year ago. Started a new job in September 2014 after being at one spot my whole career, as part of a huge hiring blitz in order to operate better as a bank. About 8 months later, company decides that being a bank is just too expensive for the business model and they decide to more or less get out of the industry. Of course I freaked out even though I knew things would take time, because I was the last in on my team just like you. I went through my contacts and had some good leads but nothing optimal, and most would have come with a small pay cut. I let it play out and kept looking, knowing that there would still be a layoff period that would take time and knowing I'd get some severance out of it. 

In October I was given 60 days notice of my eventual December layoff. At that point, if I left I would still get my bonus and the full severance package so I was in the clear. Because of how much they ####ed everyone, bringing in so many people only to cut bait so quickly, they gave a minimum of 10 weeks severance (by letter of the handbook, I was only due one week). Had a great opportunity come up in a better bank and set it up where my last day at the old place was a Friday, my first day at the new place was the following Monday. So I double dipped for 10 weeks, got paid out on vacation time, and got my bonus. It was pretty much an optimal scenario and I know I got lucky.

Point of all that is to show these things take time and there is a lot you can do to set yourself up as well as possible that goes beyond "sitting around waiting for the axe". 

Good luck. 

 
Don't overreact but you should be looking for another company. Hiring will pick up after the first of the year. Good luck!

 
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Insein said:
So the company got a new CEO a couple months ago. The old one did not leave willingly.  Since then, the entire senior level officer team has either been replaced or left. 

Just today they announced that 3/4 of the sales force has been laid off along with all of their operations and support teams. My group should be insolated for now because we are understaffed and over worked as is. There's also the rumor the new CEO wants to move our HQ from PA to NY since he lives up there.

I've already been looking. Now it seems like a race to either me getting a new job or them laying us off.

Merry ####### Christmas 
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Is there a severance? If so, you can try to time it right and get double paid.

God luck!

 
eoMMan said:
Well, definitely don't do anything rash like quit without a definite job offer in place.

Getting laid off isn't the worst thing in the world. Sometimes it leads you to a better opportunity you weren't even aware of.

Good luck.
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It did for me

 
So how many people have been asked to provide input to a 3rd party consultant team for a project that basically duplicates the work you already do?

 
Insein said:
So how many people have been asked to provide input to a 3rd party consultant team for a project that basically duplicates the work you already do?
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I had this happen once at a financial analytics company in Boston.  Within 2 days, the whole group (minus the manager and 2 people) was let go and the work was all outsourced to India.

 
IvanKaramazov said:
At least they're not trying to be subtle about it.
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No they think they are. The other guy on my team has been here for 5 years. So it's hard seeing them let him go. I'm not so sure for me. 

At least it's not going to be an overnight thing and they can't automate all the Bs they currently ask for. Too much documentation involved.  I think I have till May or June hopefully with our backlog of work currently.

 
Insein said:
No they think they are. The other guy on my team has been here for 5 years. So it's hard seeing them let him go. I'm not so sure for me. 

At least it's not going to be an overnight thing and they can't automate all the Bs they currently ask for. Too much documentation involved.  I think I have till May or June hopefully with our backlog of work currently.
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You open to relocation at all? 

Are you more on the modeling and analytics side?  Or reporting? 

SAS?  SQL?  R?  Tableau? 

Probably have 25+ positions in analytics open at the moment.  Chicago, OH, CT, GA or CA

 
Fishboy said:
You open to relocation at all? 

Are you more on the modeling and analytics side?  Or reporting? 

SAS?  SQL?  R?  Tableau? 

Probably have 25+ positions in analytics open at the moment.  Chicago, OH, CT, GA or CA
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I appreciate it but got a family. Can't really move. I'm here in SE PA.

 
You walk in to a big empty room

there are many cubes of various sizes

they are called boxes

These boxes consist of squares 

A common four sided shape from baby times.

if you take 6 of the squares and tilt your head around you can put them together for form a cube

you place these cubes in big rooms and they are then known as boxes

 
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