Prepping for an Imminent LayoffThe latest article by the Inquisitor, The Conference Room: How You Get Fired in Finance, is a sad reflection of times. This anonymous investment banker is offering advice to young financial professionals on how to get ready for a layoff, in sharp contrast to his usual quality recommendations on how to start a career in investment banking.

I find it almost amusing that these early warning signs are so generic over time and across markets. You only need to experience it once and you’ll be able to foretell a layoff months in advance.

I’d say most people have a pretty good hunch whether they are on the hit list. Either way, it’s prudent to be prepared for the unexpected. When the axe falls, there is usually little time to pack or to think straight.

The Inquisitor mentioned three action steps to prepare for the battle:
1. Remove important personal belongings but be subtle about it.
2. Contact headhunters and explore “strategic alternatives.”
3. Form a close-knit group of co-workers for support.

The Inquisitor is spot on about being subtle. I advise applying extra caution to ensure you won’t arouse speculation from management. It may seem curious to those of you who have never experienced a layoff or switched jobs before.

It can be an extremely sensitive issue when there is an indication that an employee is preparing to exit the firm, voluntary or involuntary. There is always a possibility that a departing employee could cause damage if there is time to plan for the exit.

I’ve heard plenty of stories about destroying database or client information. Some I know to be true and others groundless. Mostly, only the insiders would know. My take is that few analysts would break the professional code of ethics to risk their hard-earned names. Nevertheless, the stories will cast a shadow on the analysts’ reputations.

So, heed the advice of the Inquisitor – plan ahead but be subtle.

You Should Also Check Out This Post: