I just got a call from the VP of ER where I will work starting next month. I got the job as some of you know back in the end of Jan/beginning of Feb. The guy I was set to replace was going to leave the firm. I was called today saying he is still there. He didn’t get the job he wanted and he hasn’t been actively pursuing a new job because he just had a baby. She offered me another ER position in Atlanta, but I told her I couldn’t take it because this past weekend I signed for my lease. She said for now I will basically do random projects for whatever analysts until this guy leaves. Should I be worried that if he doesn’t get the job eventually that I may be laid off or will I be kept on just be doing random BS until he finally does leave? I think I am overreacting, but it is not exactly what I would like to hear on a Tuesday afternoon.
Move to Hotlanta. Sublease the apartment. Yes - I would be worried about not being kept on.
understandable…man, that’s a tough break, but you know, a lot of people are always coming to and going from the sell-side (though less so now since the job market is so stiff)…your experience isn’t going to be the best out there since you’re probably just going to be doing ad hoc projects for a couple or a few analysts till you get permanently staffed with one of them. but in the meantime, you still have a job and on the bright side, you’ll have the opportunity to learn some high-level stuff from different analysts…so, i think it really depends on what you make of the experience. this could actually be a good thing in that you’ll get to taste different industries. in any case, you’ll still be getting a paycheck… oh, and about risk of being laid off – it doesn’t hurt to ask. my initial impression was that i wouldn’t be as concerned about layoffs, but you just never know. they’ve definitely affected all the major banks and can probably affect yours too. it seems like some of the other AF posters are more concerned about it than i am, but you’re probably better off erring on the side of caution then…i mean, nobody can tell you NOT to worry about your job security especially in the current conditions
What firm is this so that if, in future, am searching for a job I will never apply there?
You’re not overreacting - this is not a good sign. First off, this guy says he’s leaving and then flakes and sticks around, and YOU’RE the one being assigned to random projects until he leaves? If they were professional, they’d have him train you and then put him out to pasture till he finds something else. Second, you could always offer the company the opportunity to buy out your lease and go to Atlanta, if that works for you. They have made it clear that the guy who is dumping on them is their first priority - not you. This is a bad sign and an indication that you will be doing BS work until he decides to up and leave, if he ever does. You’d think the employer would treat him like less of a prince since he’s told them he doesn’t want to stick around.
That sounds really weird that a firm would hire someone based on the probability that some guy would be leaving. Seems like most places would just fire the guy anyway since he’d probably be phoning it in until something better came along. This must be a pretty small shop.
Thanks for the responses. I will probably send an email later today to ask about how this really will affect me. She made it sound like it wasn’t a big deal. Just a 3 minute phone conversation really. She asked if I would like to take the position in Atlanta, I said no, she said ok thats fine.
You should tell him that they have to take on your lease or buy it up. No reason they cant put a bit of money behind you if they are asking you to move and to a dif position than before. That and be paid for the position you applied for, not the monkey crap they are going to make you do now.
I won’t mind doing random stuff while still getting paid what I am supposed to. I don’t start until June 30th so there is still almost two full months of time for that guy to find a job.
Don’t send a casual e-mail or make light of this. Call the VP directly this afternoon. “She made it sound like it wasn’t a big deal.” Just because she is casual about the fact that they’re sticking it to you doesn’t mean you should be. Call her and tell her you’ve had time to absorb the info and you want them to tell you what this really means for you. I would either go to Atlanta (and try to make them buy out your lease since they’re the ones jerking you around) or reject the job. Don’t get stuck doing monkey work for an indefinite period of time because you were too polite to stand up for yourself. This is complete BS.
“I won’t mind doing random stuff while still getting paid what I am supposed to.” You sound a little too doormat-ish in this statement. What makes you think this guy is really going to leave, based on what you already know?
Thanks for your responses and making me questioning what is going on. I probably wouldn’t have emailed the VP. Anyways she responded in 30 seconds when I asked if this situation will effect my employment. She responded “Not at all! We still have you set to start on June 30th.” I guess I can be relieved now. Thanks again.
“I guess I can be relieved now.” Are you serious? She just told you that you will be doing “random projects” indefinitely. And you don’t feel the need to get any more clarity other than you are still going to be employed by them?
its time to start flippin out!!!
The VP said u would start on 30th…nothing about what will happen later if the guy doesnt leave. And no one from the company is going to tell you upfront “Hey, if he decides to stick around permanently, we will let u go”.
You’re misunderstanding me. I would be pissed as hell about doing some BS indefinitely. There was no such mention of that and she said it would only be for the time being if he is still there. Just so you know I am not some doormat. I probably get more pissed than you at some things. I’ll flip out if I ask for fire sauce at Taco Bell if they give me hot. This is new to me as I am a recent graduate so I am asking for advice.
I know who the guy is and he has made it clear to the company that he is leaving for the buyside. Not getting his first job choice and the arrival of his first born has delayed him.
And we’re giving you advice, but you seem content to just trust the VP. Some of us have been screwed by potential employers before and would hate to see you make the same mistakes. You need to talk to the VP and say, “What if Joe doesn’t leave? What will I be doing then?” They would not have offered you the position in Atlanta if it would not suck immensely for you to go where you are scheduled to go right now. This is a huge warning sign and you seem content to gloss over it and be trustful. This guy may NEVER get the job on the buy-side that he so desires. You have no idea.
Cfa2grunt - I think you need to relax a little bit. niblita has mentioned he’s a recent graduate - its sounds like just breaking into equity research is the most important thing at this point. Like Numi said earlier, there’s a lot of turnover in sell side, and if he gets to work with a bunch of different analysts he’ll be in a great position to get an associate role when, inevitably, someone leaves to go to another firm or to the buy-side. I really don’t think the firm is doing anything that offensive - if anything they’re going out of their way to keep niblita and make this work. I think your getting on this guy’s case a little too much on this one
Well, here’s my assessment. In the situations at my former firm where someone’s senior analyst left, the junior person would still stick around and do random tasks to perhaps help other senior analysts until they had a chance to get fully staffed. You’re not going to be doing monkey work like updating rolodexes or whatever – but on the other hand, you won’t have continuity of learning experience till you get hooked up with a senior analyst. HOWEVER, you also probably won’t get fired unless they do a round of layoffs either. Hopefully by then you’ll have a boss. So anyway, even though the junior people without a boss were just “floaters,” nobody gave them a hard time and I think as soon as there was an opening, they would have the chance to be part of the team. This is the reason why my response was perhaps more encouraging than what others here have mentioned. As you know, I’m usually among the cynics on this board, but this time around I do think that things could have been worse for you. Definitely don’t go to Atlanta if you don’t want to, and I’m sure that you’ll have at least a few months of job security if that makes any difference…and the only way you’ll get let go is if others get released as well.