4.6 • 2.9K Ratings
🗓️ 30 January 2023
⏱️ 57 minutes
🧾️ Download transcript
The 2023 tech layoffs have already begun to make the 2022 tech layoffs look like small-scale firings. What started as a few large companies firing unneeded hires quickly ramped up to an industry-wide cost-cutting exercise as hundreds of thousands of employees were forced to walk away from their stable salaries, free lunches, and healthcare. With tech companies being some of the most generous in terms of compensation, it makes sense that these would be the first businesses to force mass layoffs. But what about those of us who aren’t in tech? Or those that are in tech but still have a job?
Tara Pramme joins us as a human resource expert, explaining exactly why layoffs are happening now, who will be most affected, what to do if you’re let go, and getting back into the job market. Tara knows how hard layoffs can be, especially for those with families to feed or work visas that only last as long as they’re employed. She knows precisely which document means what, what you should know before signing layoff contracts, what you can expect as severance, and how to keep yourself mentally stable during this challenging period.
With large-scale layoffs looking to last for at least the near future, Tara wants to ensure you’re ready for whatever happens next. You’ll also hear about the common warning signs that a layoff is about to happen, why you should NEVER post negatively online after a firing, and what to do on your last day at work.
We hope a layoff never happens to you, but if it does, this episode will leave you prepared to bounce back stronger than ever!
In This Episode We Cover
The 2023 tech layoffs explained and why so many companies are letting employees go
Common warning signs that a layoff is heading your way
Who is first to be fired when a layoff is announced, and how to tell if your company is planning one
Severance packages, non-disparagement agreements, and how to avoid your final paycheck getting taken away
Healthcare, COBRA, and how to make sure you’re insured when you lose your job
Getting back into the job market and why it’s never too early to update your resume
The “why” behind layoffs and how companies choose to cut staff
And So Much More!
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0:00.0 | Welcome to the Bigger Puckets Money Podcast where we interview Tara Pramie and talk about how to handle a being laid off. |
0:07.5 | If you're happy in your job, there's no better time to update your resume than right now. |
0:12.8 | Because you have access to your internal systems, you have access to your past performance reviews, |
0:18.5 | which is likely where you've done a lot of really deep thinking about all of those awesome things that you've accomplished in the last 12 months. |
0:25.0 | And those are the things that you really want to be highlighting on your resume. And so, you know, if you are listening to this and you're out of company and you haven't been laid off, |
0:33.5 | like, take 30 minutes and go see what those things are that you put on your performance reviews that highlighted all of the awesome contributions that you've had and update your resume. |
0:44.0 | Hello, hello, hello, my name is Mindy Denson and with me, as always, is my voice in the calm of the storm cohost, Scott Trecht. |
0:51.0 | Yeah, some of the news in this episode may come as a nasty shock to some folks. Unfortunately, but we have a great episode and we're ready to talk about it. Tech layoffs. |
1:00.0 | Tech layoffs. Yes. Tech layoffs and layoffs in general. Scott and I are here to make financial independence less scary, less just for somebody else to introduce you to every money story, |
1:11.0 | because we truly believe financial freedom is attainable for everyone, no matter when or where you're starting. |
1:16.0 | That's right, whether you want to retire early and travel the world, go on to make big time investments and assets like real estate, start your own business or manage through the tough times that come with losing your job. |
1:24.5 | We'll help you reach your financial goals and get money out of the way so you can launch yourself towards those dreams. |
1:29.5 | Today's guest is Tara Pramie, an HR specialist. And we are talking about tech layoffs. There have been more than 200,000 tech layoffs in recent weeks. |
1:40.0 | And of course, they're big and it's Facebook is announcing 10,000 and Google is announcing 12,000. So that's what makes the news, but there is a very real possibility that there's a recession coming and there's a very real possibility that your company might be doing some layoffs to regardless of the sector. |
1:57.0 | So we brought Tara in today to talk about how to navigate a layoff should you be affected. |
2:03.0 | Yeah, and we're lucky to have be able to talk to Tara. She's an expert in the space and we learned a lot from her today. |
2:09.0 | And now for our money moment, this is a new segment we're doing where we share money tips, tricks and hacks to help you on your financial journey. |
2:17.0 | Do you notice that you overspend at your favorite online shopping stores? Try removing your auto populated credit card information and manually input it each time. |
2:26.0 | This will allow you to mindfully notice how many times you're using the site and evaluate if you really want to make that purchase. |
2:34.0 | If you have a money tip that you'd like to share with us, email money moment at bigger pockets.com. Before we bring in Tara, let's take a quick break. |
2:43.0 | What's the easiest way to protect your family? Get simply safe home security. They make it easy to protect every inch of your home with advanced security technology powered by 24-7 professional monitoring. |
2:54.0 | Simply say, helps me keep an eye on everything happening at home. |
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