Layoff Plan

Here's the reality: there will be many more layoffs at COP and ANYONE is fair game at this point. You can't control whether or not you will be selected to stay or go, but you can control your preparation and your reaction. There's more than enough nasty posts on this site. Here's one that gives you some real action steps you can take before you are notified to make your life easier. Feel free to reply with more tips, but keep the nastiness off this one, please.

1) Get all your personal information off your company computer, cell phone, iPad, etc. If you are laid off you will have very little time to handle this.

2) Save copies of your performance agreements, resume, profile, and IDP. These documents won't be available to you after you are laid off and can be difficult to obtain.

3) Print a copy of your contacts from Outlook.

4) If you only have a company cell phone, consider getting a personal one now. It's impossible to function without one anymore.

5) Take a look through your office and decide what personal items really need to stay vs. what you could choose to bring home. If it's precious to you, take it home. You'll likely have time to pack up before they make you leave, but it's not pleasant either way you slice it.

6) Update your resume and Linkedin profile now. Even if you aren't laid off, this step can't hurt.

7) Look into unemployment benefits to find out how it works. HR won't provide that information to you, but the company also does not fight against claims from those who were laid off. You will be eligible if you are laid off.

8) Do a rough calculation of how much severance you'd be eligible for...weekly pay times 3 weeks pay per year of service. Get your finances in order.

What other advice would you give?

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15 replies (most recent on top)

To answer that last question, DO IT NOW.

"The single most important thing to do before you go is to make sure you don't have any accounts linked to your COP email. It is very difficult to get into these accounts once your COP email is cut off. Change you Aetna, Merrill Lynch, Vanguard and especially your (YBR) your benefits resources account to your personal email. You won't have seemless access to these accounts via HR express anymore."

Very good advice. Many thanks for that. When is the good time to do it? during those three weeks one is on the payroll and presumably should still have access to HR express or before you heard the "news"?

What if I'm pregnant or I get knocked up. Can I keep my job? Will I be spared?

Control your reaction. Remain professional and calm. There's nothing to be gained from losing your cool and you'll feel better about yourself in the long run. This is about you, not the manager fumbling through the notification. Keep your chin up and walk out with your head held high. Something better will come for you.

In follow up to what one poster said about delaying your severance payment until next year to help with taxes...that's only something you can do if you are laid off close to the end of the year. You will have a maximum of 60 days to sign your release (plus the three weeks notice period where you are still on payroll) to receive your full severance payment. If you are laid off near the end of the year, you may be able to delay signing the release so that your payment comes next year and is considered part of your 2017 earnings. If you are laid off any earlier than mid to late October, this won't be possible. There is no other way to delay your severance payment other than holding off on signing the release until the last minute. It would be illegal (tax evasion) for the company to offer you the option to delay your payment for the purposes of reducing your taxes.

Btw, I love this thread. Great information and advice. And it's positive!! Nice work.

Keep a light hearted attitude about it. Talk with you family or friends about what it would be like if it happened to you, they will be your support group. Don't keep things too personal at work such as things that in the wrong hands can leave you vulnerable to identity theft.

good call on transferring accounts over to personal email! Finally some worthwhile posts on this site!!

These are great comments, guys thank you

Great comments everyone. Very useful. I would suggest taking a screenshot of your total wealth in HR Express. I've known people who have quit or were previously laid off that completely forgot to transfer pension funds.

In terms of life after COP, think outside the box. The oil patch will be pretty rough for the next several years. Lower your expenses, take a risk, start your own business, do what you love, take some time to travel. Look at this time as a possible blessing in disguise and keep your head up.

The single most important thing to do before you go is to make sure you don't have any accounts linked to your COP email. It is very difficult to get into these accounts once your COP email is cut off. Change you Aetna, Merrill Lynch, Vanguard and especially your (YBR) your benefits resources account to your personal email. You won't have seemless access to these accounts via HR express anymore.

Severance and paid vacation will have 25% tax withheld but if you are in a higher tax bracket this year you should plan to make a top off payment to the IRS.

Good luck everyone

If you are worried about taxes delay severance til next year to save you money.

I was laid off today in the wcbu land group. I also heard more layoffs are coming soon in wcbu.

More layoffs are happening soon. Good luck to everyone.

As an FYI, you have the option to keep the phone number from your company cell phone to transfer to a new personal cell phone. Good to know if you've given that number out to family, friends, schools, etc.

Good advice from previous post. Just know that a large percent of severance will be taken in taxes.

You can go to Oklahoma employment security division for answers to some basic questions.

Good luck to all!

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Layoff Plan

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