Stories of the Institutional Past #8
Getting Fired
This is the eighth instalment of my stories from the institutional past. This time, it is about getting fired. Most of us will have to endure such a process during our careers. Those lucky enough not to face such a challenge will know of colleagues and friends who have. Some will even be on the other side and have to do the unpopular task of sacking someone. It’s probably the worst thing I had to do in my career. I reflect on those situations in this post with the hope that it will help some of you if you ever face those challenges.
I have only been fired once from my job. That was when I was about 18, working in the local post office over the summer holidays. I hated the job; it was full of unfriendly people, and nobody really cared. I had to get up at 3 a.m. to go to the local train station and help unload post boxes from the overnight trains. The schedule was strict. I had to deliver packages to certain bus routes at a certain time. It was quite stressful. One day, my boss called me into his office. I didn’t think of anything, and he asked me to hand over my key card and that he had to let me go because I didn’t work out. I remember the feeling all too well. I was shocked and thoroughly disappointed in myself. I always had a good work ethic. This time, however, that wasn’t good enough. Questions haunted me for a while, and it certainly left a dent in my overall confidence. 2 weeks later, I was delivering fish to people’s houses nearby. I stank all the way on the train home every single day. But much to the disgust of my fellow passengers, I kept my job this time.
Throughout my career, I witnessed the act of firing several times. This was especially acute during the financial crisis. Investment management firing cycles are typically slightly delayed, with investment banking jobs feeling the first burn in a downturn. You can feel the tension on the floor as senior management is preparing the list for the cull.
I vividly remember it quite well: back in 2009, I went to a nearby coffee place to get my afternoon hit. While I was waiting for the elevator to take me back to my floor, the door opened, and there stood my colleague with a box in his hand and my boss behind him. We looked at each other; I could feel his pain and shame. The thing is, he was one of the best investors on the floor. I didn’t understand it. The same day, several other people started disappearing until we were all called into a meeting room and told that the firing round had ended.
Most people who were let go were very good at what they were doing. They found jobs pretty quickly afterwards, and for some of them, the unfortunate circumstances propelled them into better careers. For others, the cull wasn’t surprising; they were asking for it. There was this particular MD I really didn’t get. He was aggressive and obnoxious. Overly celebrating his investment successes while laying low when it didn’t work out. This didn’t help him during the financial crisis when his portfolios lost more than 50% of value. He was shooting at everything: Indian overnight swaps, Vietnamese Dong, and South African inflation-linked bonds, to name just a few.
As in any setback in life, it is very much up to the individual to make the best out of the situation and bounce back. But it isn’t for everyone. I had a few friends who had been made redundant in their careers. From one day to the next, their lives have changed. My usual advice would be to envisage how, in a year’s time, this event would seem like the best thing that could have happened to them, and for some of them, that actually worked.
When interviewing people, I find it refreshing when people tell me that they have been made redundant. The majority, however, try to hide in some way or the other. I find it a tremendous sign of strength and character. It shows that you came out of it stronger, and that’s always a good thing. It's essential to acknowledge that while getting let go can be a traumatic experience, it doesn't define one's worth or potential. For those struggling with the psychological consequences of job loss, seeking professional counselling or therapy can be beneficial. Similarly, leaning on your social support system, friends, and family can make a massive difference.
I have been also in a situation when I had to let people go. It is one of the toughest tasks. The process is also quite painful. You are being told by management that one of your team needs to go. Then you are getting told by HR what the terms are and what the usual “spiel” around communication should be. Who do you pick? I had sleepless nights over it. Ultimately, I thought it’s only fair to go by actual job performance, not personal circumstances, which are irrelevant to some degree. The first time I had to do it, I was visibly nervous, and the person immediately clocked what was going on. It actually went better than I feared. It’s part of professional life.
Most of us will find a tricky working environment in which we will likely face the chop, or you will have to deliver the news to someone else. It is natural but not the end of someone’s career as many people fear. For many, it’s a start to something new. I do think it gives people the needed kick to reevaluate their career options and what they actually want to do. So, if you are ever faced with this reality, think of it as the best thing that could have ever happened to you and execute this reality with purpose and without fear. After all, this is all in the same bucket as all other adverse things that happen in our lives. It’s unavoidable to a large degree, and we certainly can not control it. The only decision which is up to us is how we deal with it. Do we take it as a blessing or a curse? You decide.
The future is bright; always remember that.
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