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I can well imagine there are lots of upset people having lost their jobs. However it never seems to be a priority or even on radar for jobseekers to consider h
by s_dev 4y ago
I can well imagine there are lots of upset people having lost their jobs.
However it never seems to be a priority or even on radar for jobseekers to consider how a a company handles layoffs or handled layoffs in the past as a proxy for their own treatment should that time come again.
I wonder if this is partially because jobs seekers have over optimized for salary or total comp relative to other things like job security and working conditions.
I must have seen 00s of "Top 10 lists" listing places according to intern pay or grad pay with big companies like Meta and Snapchat always at the helm getting thrown around social media. I have never once seen places advertise that they haven't had to let an employee go.
Maybe it's too difficult to measure or just rare enough that it can be largely ignored while things like salary simply can't be ignored. I don't know -- just trying to look at the other side of the coin as it were.
- ge96 4y agoGood to have savings or worse credit line to survive intermediary
- nightski 4y agoPersonally I'd focus more on making a layoff less of a traumatic event than playing ultra safe with a low salary in a low risk company. For most software engineers it's not hard to build up a significant emergency fund. I'd advocate for 6 figures. Feel free to invest 80% of that as well in something liquid. Keep at least 3 months in cash.
- _rs 4y agoAny recommendations on what type of accounts to use or what might be decent investments? I certainly wouldn’t put anything I’d call an “emergency fund” in stocks right now
- multifasciatus 4y agoHigh Yield Savings Accounts (HYSA) like Marcus by Goldman Sachs can be a good place to keep the 3 month cash reserves.
- lotsofpulp 4y agoMarcus has lagged its competitors by 0.7% or more for all of 2022. I suspect Goldman Sachs is having problems dumping money into Marcus given its losses. I would go with CIT Savings Connect, they have historically been near the top and they have a nice website. https://www.doctorofcredit.com/high-interest-savings-to-get/ https://www.doctorofcredit.com/high-interest-savings-to-get/
- nightski 4y agoYeah risk tolerance is up to you. Personally I went stocks and it worked out great, but I am not advising as such. If you go into a more risky asset it's really only a problem until growth provides enough of a buffer to handle the risk. I wouldn't really want a full 6 figures in a HYSA though when it could be earning a lot more.
- lotsofpulp 4y agoEmergency funds in FDIC insured savings accounts. HSA accounts serve as the best tax advantaged backup that you can invest in a broad market ETF like VOO since they are triple tax advantaged, although ideally you never have to withdraw from here until retirement.
- nightski 4y agoI consider retirement & HSA accounts separate from emergency fund. Max HSA, max 401(k) then build up emergency fund in liquid assets.
- lotsofpulp 4y agoI do too, but HSA is a nice backup emergency because you can withdraw up to all of your accumulated healthcare expenses tax and penalty free. So pay for all your healthcare expenses with non HSA funds, keep track of the expenses, and eventually, you probably will have accumulated $10k or $20k of healthcare expenses you can reimburse yourself for IF you exhaust your regular emergency fund.
- Apocryphon 4y agoIt’s not just the money. Losing health insurance is pretty bad, especially if there are others on one’s insurance.
- snowpid 4y ago[flagged]
- aaomidi 4y agoYou’re on an American website, and talking with people who are statistically likely to be American. So yes.
- snowpid 4y agoSo I thought Hackernews is an international website where everybody assume we are spread across the globe. Looks like some people are very narrow minded.
- ROTMetro 4y agoI'd argue it's the low empathy, low effort 'America problem' comment spawning responses worthy of it versus narrow mindedness.
- snowpid 4y agoand I am annoied that people assume American problem = everywhere problem. One could write "in America people could lose their health insurance" . Also low effort.
- darth_avocado 4y ago> You’re on an American website Is there a country ownership when it comes to websites if people all over the world use it? Only about 36% of the traffic comes from within US, so you’re not wrong in the statistical significance, but you also need to be congnizant of the global participation on this site. https://www.similarweb.com/website/news.ycombinator.com/#traffic https://www.similarweb.com/website/news.ycombinator.com/#tra...
- yowlingcat 4y agoWell, there is a kind of employer that will always have the top spot for layoff resistance -- the government. Nonprofits as well are generally similar.
- mech422 4y agoI'd add funded startups as well - In my experience, they generally have a 12 month runway, without requiring any outside/customer revenue. Of course, once the initial funding/runway runs out, it can be quiet a different story :-P
- jurassic 4y ago> I wonder if this is partially because jobs seekers have over optimized for salary or total comp relative to other things like job security and working conditions. People move around so often now to keep up with market comp that it's not surprising people don't weight job security that heavily in their decision on where to work. Staying at the same company for many years is a recipe for stagnation. We all learn and grow when going through change, and it keeps the industry vibrant to have people with different knowledge and experience flowing through multiple companies throughout their career.
- tanjtanjtanj 4y agoWhile rare, I have seen it happen. A family owned financial services company's recruiter made sure I knew the company had never had layoffs to try and entice me to accept a position.
- BeetleB 4y ago> I have never once seen places advertise that they haven't had to let an employee go. Mathworks (of MATLAB fame). They're still a private company, BTW.