Hi,

Anonymous

May 18,2022 at 3:31PM UTC

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Hi,

I work in pharmaceuticals and on Monday they laid off 30% of the employees because our stock price has tanked. The company kept what they are naming as the go forward team to bring one product to market and I'm apart of the remaining group. At this time we can't afford a pipeline and they cut everyone who was reporting to me. I have yet to speak with my manager about what the vision is for me and what I would be contributing to but as you may expect I'm pretty devastated. I'm not sure if I believe the company will be around in 6 months once this product goes into it's next clinical phase. My gut tells me to start looking for a new role and leave but I'm not sure I should consider sticking around and try to get experience in something else, essentially trying to turn this into an opportunity. What do you think?

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AnonymousMay 18,2022 at 4:23PM UTC
A conversation with your manager seems the next step. Make a note of al the questions you have so that you can get the most out of the information provided. Consider your deal breakers too for sticking around. Eg if your manager is being flaky with answer and can’t commit and give some reassurance then get your CV (I’m from the UK so use CV to abbreviate Curriculum Vitae the equivalent of US resume)
updated and start look for other job opportunities.
AnonymousMay 18,2022 at 4:45PM UTC
Normally the process for this scenario is to offer remaining employees a retaining fee to keep the legacy or institutional knowledge so they may wind down, dissolve or sold for parts.
If they have not offered you a retainer bonus and a review of what will remain then I would demand it.
This is the professional process usual followed.
JJMay 18,2022 at 5:04PM UTC
Interesting. I have never heard of the "retainer bonus" and it certainly was not an option when I was laid off. Maybe it is standard in large corporations (although one of my layoffs was a large corporation) but I would be surprised if a company was that strategic and thoughtful in their layoffs.
AnonymousMay 18,2022 at 5:57PM UTC
It happens when a company wants a person to stay through a major transition. They don't want to lose the institutional knowledge of the key person. It saves them money and enables things to transition smoothly. I have been offered retainer bonuses through a merger and a sale with a huge layoff of my team much like the OP
JJMay 18,2022 at 5:02PM UTC
I am so sorry this happened. I have survived three layoffs in my career and two were very obvious and I had time to prepare, but one took me totally by surprise and it took a while to recover. I would say yes to looking because if it comes to the worst case scenario in a few months, you will be glad to have built up some connections through networking and interviewing. Maybe a great job is on the horizon, if not, taking months to apply and get rejected is something to start now, not when you are out of a job. Good news: you must be awesome since they kept you!
Barb HansenMay 18,2022 at 5:14PM UTC
You can do both - move forward with your current job and also start looking for a new job.
If you current position starts to grow and you are happy with the new role and workload, you can turn down interview offers and ramp back your job search.
If you find a great new opportunity, you can move forward and see if that great potential-job turns into a real offer.
AnonymousMay 19,2022 at 1:43AM UTC
I agree. I have worked in the pharma industry for several decades. I follow my instincts. I start my new job next week. I am happy that I made the leap.
Alexis GladstoneMay 18,2022 at 6:06PM UTC
I'm sorry this had happened to you and your team. I would definitely listen to your gut.
With that said, there is no reason you can't do both. Get your resume together and start looking while get the lay of the land with your current role and the opportunities that exist.
Do you know if you will be offered a stay/retention bonus? That might make it worth sticking around for the short-term.
Lisa HughesMay 18,2022 at 7:12PM UTC
Always listen to your gut. That famous female intuition was gifted to us for a reason. If you don't listen to it, you may suffer for it later.
S.May 18,2022 at 8:02PM UTC
Having a meeting with your manager may give you the clarity you need to make the right decision. If they have no idea how you can continue to bring value and positive impact, then I would take that as a sign to perhaps start searching for a new opportunity. On the other hand, if you see a way to make an impact during this time, you should make a presentation to your manager. Either way, the outcome of that meeting will let you know where you stand.
AnonymousMay 19,2022 at 12:30PM UTC
Sounds inevitable that your job will soon be on the cutting room floor. Your options are leave now, or wait until later to see if they offer you a severance package.
Jacquelynn LucasMay 19,2022 at 1:29PM UTC
Fellow pharmaceutical colleague here... I have been through both acquisitions and layoffs. Unfortunately it is apart of the business. You have to look at the product and determine what you think the success rate is. You can turn this into an opportunity because your role could greatly increase since there are less people. Depending on what your career goals are this could be great or overwhelming. So I would have an honest conversation with your manager about what they envision your role to be and ask if there are certain things you want to take on. If that conversation doesn't go well, then consider looking for another position.