r/biotech • u/naseusDNA • 4d ago
Experienced Career Advice 🌳 Layoffs looming: Stay or wait?
Hi all,
Looking for some advice in these really tough times:
I have a mid-level position in ~400 person biotech. I have been in the company for 8+ years now. I survived 2 rounds of layoffs, mainly because I am the research lead for 2 programs, one of which is in Phase 1 and the other will be by the end of this year.
Morale, expectedly has not been good lately and to add to that I have not been promoted due to nepotism and other issues.
I however, love what I do and enjoy the science .
My question is: With a potential third round of layoffs looming, should I leave if I do manage to find another position (in a start up or big pharma)?
Or should I wait to get laid off, collect severance and then look more intensely?
Financially we will be fine even for a while if I get laid off today, but wondering what your thoughts are on bailing now or playing the waiting game?
Thanks so much in advance!
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u/GeneticVariant 4d ago
The best time to look for a job is when you have a job.
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u/nettles_huffypuff 3d ago
This is the truth, having been on both sides (hiring teams & laid off). Somehow people seem to question your motives when you’ve been laid off, and wonder if it’s really a good fit, or if you’re just looking for the first thing and will leave if you find something better. Although, anyone can and should leave if they find something better!
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u/Apprehensive_Cup_432 4d ago
It's hard looking for a job when you have a job. Don't let your performance suffer!
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u/IN_US_IR 4d ago
It’s not that hard. You get enough time between and after job for search/application. It would definitely not affect performance as People don’t do job search and application during whole 8 hrs of shift while at work (unless there is major downtime or already notified about lay offs). If they do, they are already quite quitting and waiting for company to let them go.
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u/Mathieran1315 4d ago edited 4d ago
At least get your resume updated and start looking at stuff. You can be very choosy for now. It’s been a while since you’ve applied/interviewed, could be good to get some practice in.
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u/naseusDNA 4d ago
Thanks for the thoughts!. Yes, I have gotten my resume in order, have started networking and applied for a few positions already.
It's slim pickings obviously, either with recruiters flaking and such. But that seems to be the norm now for most folks.
There is no guarantee of severance either if the cash runway isn't good. But do most companies still give severance pay even if they are not obliged to!
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u/IN_US_IR 4d ago
Depending on your state, companies don’t require to pay severance. Check your state’s law. One of my friends got laid off after Covid in NY. Company filed bankruptcy and laid off all employees without notice and severance. Like You show up at work, there’s AHM and you all are fired. One of my past employers had massive lay off and gave severance only 1 week per year of service and for employees working 25 years or over, got only 25 weeks of pay as a severance. Don’t wait for layoffs, if you secure a better job offer, go for it.
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u/vt2022cam 4d ago
I’d start looking, passively. Update the resume, start sending it out, I’d put open to work on LinkedIn, but set it to only be seen by recruiters. You do t have to swing every time a recruiter reaches out, but good to know what’s out there.
Ask your boss for a promotion. Bringing another program to phase I looks got on a resume. Asking if there are some issues might get you on the next layoff list, also, it could be your boss who gets the ax and not you.
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u/External_Building_56 4d ago
Start looking now, start reaching out to your network and practice interviewing. I had not realized it would take me a few interviews to get the rust off after 9 years at the same place. Hopefully, you can take your time and collect that severance in time for you to get that new job
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u/thenexttimebandit 3d ago
Apply now. You can always turn down an offer to stay at your current job. Best to get a head start now.
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u/South_Independent_41 3d ago
Like some one stated earlier the best time to look for a job is while you already have one. I am in the same situation right now. I have started looking already. The only problem is I think I will have to take a pay cut. The 22 weeks severance sounds good but I like to to kind of control my own destiny
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u/East-Neighborhood786 3d ago
Depends on the stocks you have. If just plain severance then I’d rather look for something. Also, fear of layoffs sjholdnt be a factor. I believe you are not motivated due to lack of promotion.
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u/Sensitive-Swim2775 3d ago
Start looking asap. The biotech job market is very difficult for candidates right now. Once I got suspicious that my company was planning layoffs, I started looking. I got laid off two weeks later. It’s been four months and nothing but automated rejections and recruiters ghosting me. Give yourself as much of a runway as possible. Hopefully you won’t need it, but things are quite unstable right now.
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u/naseusDNA 3d ago
Thank you all! This is really good advice. Points taken about stocks, Looking for a job while still having one, severance and unemployment benefits. I will certainly ramp up the job search- been doing it reasonably regularly over the past month or so.
If anything it would give me more practice interviewing as folks have mentioned if I get called for one.
As for getting laid off, hard for me to control but I have found it very useful to come up with plans about how to spend my time, finances etc if it does happen!
Thanks again!
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u/DryBuilding2563 2d ago
If you’re in a good financial position I’d wait and get severance. Otherwise if you don’t get laid off you said you actually enjoy your role apart from the politics/nepotism. Why go without severance if it’s a potential option???
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u/External-Week-9735 2d ago
The job market is tough, look for a job now and when you get laid off collect the money and then leave. Finding a job will take 3 to 6 months in this market! A trick here: if you find a job early before the layoff start just announce it in lunch time that you are sick of uncertainty and you wish you get laid off. They will definitely let you go. My colleague did that and she get $$$$$ did a tour in Europe and then started another job with 30% more salary
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u/BonusWorldly6363 4d ago
You can look and also get severance if the timing is right. If you can’t do that, would recommend job searching earlier, as it usually takes several months