Thread regarding Bank of America layoffs

What would you do?

Option 1. Stay in current role where you are an expert, train new people, lead work rather than do it because nobody else has the knowledge. Direct manager is excellent. But its a bit unstable, top leadership wants to cut people but can't cut any more without really impacting processes, but are still trying. Compensation is near the top of the range, so there are implications for that...

Option 2. Change roles, probably not reduce pay, but into a role that is really challenging, in a field with very limited experience, start from the ground up with the expectations that everything would be learned quickly, not an insignificant chance of failure BUT on pretty much the most stable group with absolutely zero chance of layoff, ever, period. Average tenure of the employee on this team is 10 years, and people have never been laid off from there.

by
| 1322 views | | 6 replies (last January 27, 2022) | Reply
Post ID: @OP+1eSMFLAk

6 replies (most recent on top)

20-25K increase- is that realistic? is it with a move up in band? please elaborate.

by
| | Reply
Post ID: @8ctg+1eSMFLAk

Option 2

by
| | Reply
Post ID: @1ons+1eSMFLAk

Option 2 and ask for 20-25k adjustment.
It can be done! However you risk rocking your current boat.

by
| | Reply
Post ID: @1zhe+1eSMFLAk

I don't think others can really answer the question since it is very individual specific. If you are a person who likes being the SME and you like your manager and whatever product you support.....that that would indicate STAY

If you are a person that loves to learn new things, and works well under pressure...maybe a "thrives on chaos" type....that would indicate GO

I am/ have been both of these. When I think I've learned all I can in an area, I like staying around as a SME for a while, but when the repetitiveness get to me...then I'm ready to go learn something new.

by
| | Reply
Post ID: @vnw+1eSMFLAk

I'll take Option 3 for $1000 Alex...

by
| | Reply
Post ID: @hbm+1eSMFLAk

In my 12 years at the bank I've never seen a position that was layoff proof. If you've truly found that, and it will ease your mind of never being laid off, I'd go for that.

In my circumstance Id go for option 1, as I want to leave the bank with severance, so unstable sounds good to me.

by
| | Reply
Post ID: @hjv+1eSMFLAk

Post a reply

: