Renewed Vision: Buyouts at Work | The Frugalista

Renewed Vision: Buyouts at Work

by frugalista on April 9, 2008

So, Monday night, I got the call from a well-sourced coworker that buyouts were coming at work. The buyout announcement came Tuesday. Immediately, I became nervous. With the shaky state of the news media business, I had a feeling my company would offer buyouts. Honestly, you can’t keep getting bad news. Our circulation is down, advertising is soft. As a result, two percent of the Miami Herald’s full-time work force must go.

All day Tuesday, I was pretty much a nervous wreck. Some of my coworkers cried after receiving an email that they were eligible. We watched as the main editor stopped by the desks of the workers and walked employees to the big office for a chat. The buyouts are voluntary for those who are eligible in my department. I didn’t get offered one.

All I could think about was how I really needed to get my finances in order. The good thing about buyouts is that there is a financial cushion that people wouldn’t get if they were simply "let go." The bad thing about buyouts is that it still means that you are unemployed. Getting a job in journalism is no walk in the park these days. Some people think that buyouts are good for journalism.

I still have a job. I need to make it work for me. That means finding a way to save up six months of "living expenses" and eliminating debt.

Have you ever been laid off? How did you deal with it? Do you have six months of living expenses saved? Have you had to work at a company after buyouts/layoffs? What was that like?

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