How can we prepare for coming layoffs?

To be ready for a layoff, I offer a few items. I expect more may come in the replies.

If you need income from a job, should should be trying NOW to find one. It’s way easier to get hired when you still have active employment on your resume.
Save contact information for co-workers. After you are gone, you will have difficulty connecting with them if you don’t get the contact info in advance.
Decide if severance is worth losing the option to sue Xerox. Since severance varies and may change soon, this one is up to individual circumstances. Before signing a general release, consider this.
Begin monitoring the HR policy regarding severance. It’s very likely that
this may adjust downward. If you see it, it gives time to think before you are IRIFed. For example, #3.
If you used your Xerox.com (or Lex whatever) email address for personal use such as password recovery, change it. You don’t want to forget a password in the future and then realize you used a business email for recovery that you no longer have access to.
Take advantage of unused health insurance entitlements before they disappear.
Understand that health insurance continuance is an option, but WAY more expensive. For me in the US, cost was 5X.
Clean your desk so that is you are walked out, all your personal things are already gone or fit into a box you can take when you are escorted out.
Remember you may have employee discounts that may expire after you are gone.

Any more?

#EmployeeRelations #HR #Layoffs #Severance #WorkLifeBalance

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24 replies (most recent on top)

You guys are toast at this point.

This is where procrastination gets you.

Congratulations People. 🥳🥳🥳

Popcorn, perhaps?
You sound like this is your first job. Relax a little.

@bx Why do you think I was referring to Xrx creditors?

No, it's been scooped. Sorry Charlie

@bk protected from personal bankruptcy, not your employer bankruptcy. The cash in your XRX 401k, or rolled out into an IRA, is yours. Not available to XRX creditors. WTF is wrong with you.

I have a good advisor that you should talk to to help prepare for the upcoming layoffs - Mr. Benjamin Dover.

Wat u say? I dont no bout any 40k1 o ria. Im op an I dont no bout dese tings.

@be Never claimed expertise. Anyone here can simply search “are 401k to IRA rollovers protected in every state?”

Based on your comment to me, I’m guessing you’ll be surprised by the answer you get.

@b2 OK 401k/IRA guy. Time to put down the keyboard. You have no idea what you are talking about.

@b5 even if you win a judge after 7-10 years it’s up to you to collect. At that point, get in line.

The chances of suing Xerox and winning are almost non existent unless you have a really strong case. You won't win an age or s-x related discrimination suit because they will be able to show the reductions are across the spectrum.

That said, the severance su-ks now, last I knew it was 12 weeks max.

DAFUQ? "may not be protected from creditors" what are you talking about?

@as Xerox 401k has limited investment choices, but IRA may not be protected from creditors based on state and how it's transferred. May still be right thing to do, but best to check with advisor first.

@ah what would you suggest as an alternative to IRA? What do you mean 401k is weak?

@aj but you come on here and comment.. Baaaaa

This post thread is hilarious - are the poster and some of the respondents absolutely stupid and weak.

You look like sheep, if you had any ba--s you could go look for another job anyway, why wait to be made redundant - if you don’t like the job, just go.

@ae 401k is pretty poor, but has some protections vs. IRA. It doesn’t always make sense to assume rollover is best option.

🙂‍↔️

Another tip is do everything on board and don't give HR argument to use shadow redundancy by saying you have done something wrong to save paying out

HI, Goodwill Guy here.

I went through this and perhaps my list might be more helpful.

Drop your 401K contribution to 0 or only to the match. You need to stockpile cash ASAP, if things get better, up it back to where you were, but things are not going to get better. Build a war chest of cash now. Also, if you have Accidental Death or company Life Insurance, look at that. That all gets cancelled the minute they fire you. Cancel what you can now.
Act like you already lost your job and look for a new one with that frame of mind. I worked with a manger that was job hunting and found a better position and was waiting to quit until the last minute (it was a competitor, and they would have refused her 2 weeks notice and walked her out). In the interim, she got downsized and received a very nice severance package (obvs this wasn't at Xerox) a week before she started her new job - which she told on one about.
Trust no one and keep you mouth shut. Collect information but do not offer any. You do not know who to trust, so just don't trust anyone.
Steal office supplies. I have never in my entire adult life purchased post it notes, pens, or pads of paper. My employers have provided it to me, and I feel that is budgeted into my salary. Only su-kers and retired people buy home office supplies.
Copy all your data manually. They can see EVERYTHING you do on your computer, do not copy files. Write it down or use your phone to take screen shots.
Choose a broker to move you 401K over to the minute you leave. The Xerox 401K is garbage, move it to a self directed IRA brokerage.
Network. Getting a job is hard if you do it cold, so network to get work. The relationships you have are worth a lot more than you think.
Cut back on spending and work a side hustle NOW. If you start when you get fired, that's too late. Get thrifty, get creative with making money outside of Xerox.
Be nice to everyone, even if they don't deserve it. Employers don;t call references, the call people they know that are also people you know.
Keep you chin up. You know what is coming, and it's not your fault. Do what you can, the best you can, and believe in yourself and stifle self-doubt and shame. FIght.

@aa agreed. Even 10k heads seems too small - can’t see how this cannot be a 12-15k personnel company based on figures. I agree on SBs inactivity is telling - and q4 is going to be interesting. This is one that I think gives the clearest pic of where the company is going - not that the other quarters haven’t but this is the big one IMO.

3 years too late. Take the severance. Suing XRX would be futile, time consuming, expensive, and result in nothing. We have fired so many people at this point there is no pattern. You have no case, and we have no money. Monitoring severance does nothing except you get to see it disappear. If you are in the pension plan, DEMAND an explanation of the funding status in plain English if you do not want the annuity. The lump sum option was secretly reduced to 50% early 2024. Secretly. Not communicated. The 100% option was just removed from the web site. For some this is not a big deal but this can be important if you want to something to leave behind. For 2025, the market performed so well that you would have done much better with the cash but not every year will be like that. XRX is 10k heads overstaffed right now. There is no longer a choice and SB's inactivity is telling. 10k heads or insolvency. Q4 filings will be interesting.

@a3 hilarious lol.

bend over and grab your ankles

Thread regarding Xerox Corp. layoffs

How can we prepare for coming layoffs?

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