So since late 2021 the bank I work for has been in the process of being bought out by another bank. They finally received regulatory approval to complete the sale a couple of months ago and we are currently in the integration phase of merging all of our systems and figuring out where there is overlap in staffing. I've been anxiously waiting to find out my fate for a very long time. My strategy all along was to just save money, keep my resume updated, and take every opportunity to learn a new skill or help out wherever it was needed. I learned today that they are keeping me but about 70% of our department is being eliminated. It's kind of an odd feeling. I thought I'd be excited to hear the good news and maybe even take my family out to dinner to celebrate having this weight off my shoulders but instead I honestly have what I can only describe as survivor's guilt knowing that a great deal of my friends and co-workers are receiving much different news this week.
No one survives a RIF. Well, almost no one. The only ones that do well in a RIF are those that read the signs, and left early. They tend to pick up the best opportunities, typically getting a nice increase in wages, and often moving up in position. And they did so before having to deal with a job market that is flooded with all those that were hit by the RIF.
All those that get laid off now face the stress of looking for jobs. CKN is right, in that those that are competent will land on their feet. But it is still a hassle, and there is the worries of covering life's expenses during the transition period, and the uncertainty of how long it will take to find a new job.
Then there are those unfortunate people that were left behind. It is not unusual that their management makes those that survived the RIF, think that they should feel lucky, and that they are now indebted to the company that was kind enough to keep them around. Expect work load to increase, because someone has to do all the tasks that were being done by those that got hit by the RIF. And no one wants to be that person that isn't carrying their share of the burden. After all, the company just demonstrated a willingness to let a bunch of your co-workers go, without feeling the least bit of remorse. It will be stressful for quite a while.
So, yea. The only people that do well in a RIF are those that bailed early. Keep that in mind if you ever see another RIF coming. You want to be one of them.
Good luck. I hope it works out well for you.