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  #11  
Old 03-18-2020, 04:00 PM
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The virus's economic impact has been sudden and big, however, unlike previous recessions, this one is dependent on the public getting over the virus. So, in the long run, once this has taken its course, most people predict the economy will bounce back.

The clients we have talked to have been asking us to reassure their new hires that they want them to feel comfortable in their new role. Employers main hiring concern is not being able to connect with new candidates at conferences, and then not being able to easily bring them onsite.

This has led to many clients conducting Skype/FaceTime interviews, and being much more open to remote workers.

One of the key advantages of using a recruiter, is that we can ask employers the questions job seekers generally can't ask. If you (or anyone for that matter) have any specific COVID job related questions, feel free to email me at tom.troceen@dwsimpson.com. Chances are, we've talked to the hiring manager at this company and others. All have been more concerned with how they will adapt to this new environment, as oppose to a reduction in hiring, stock, etc.
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  #12  
Old 03-18-2020, 04:40 PM
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What about onboarding, Tom? My employer can't even convert all of its current employees to laptops for WFH. It seems like getting a new employee up and running in this environment is going to be challenging.
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  #13  
Old 03-18-2020, 06:41 PM
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Originally Posted by BayesDeep View Post
So you're saying some of the demand decrease will be offset by higher mortality of the supply?
fo' sho'
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  #14  
Old 03-19-2020, 12:35 AM
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Originally Posted by actuary2 View Post
50% decrease in stock price

$HIG does not lay off actuaries en masse like $TRV.
As for rescinded offer - doubtful, given a contract has formed and you would have then relied on this offer of employment to your detriment. But IANAE
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  #15  
Old 03-20-2020, 01:04 PM
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I recently accepted an offer at a competing company and gave notice at my current role.

COVID has caused a bit of a scare through the economy. The company I'm looking to start at in a few weeks has seen a 50% decrease in stock price over the past month.

From my limited experience, these kinds of situations can cause a hiring freeze or even layoffs. How worried should I be that they will rescind my offer before I start, or that I'll be first on the chopping block when layoffs start?
are you coming to my company? lol
But I guess tons of companies in this industry have seen more than 50% drop in their stocks... this is a really scary time.
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  #16  
Old 03-23-2020, 11:42 AM
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Originally Posted by CuriousGeorge View Post
What about onboarding, Tom? My employer can't even convert all of its current employees to laptops for WFH. It seems like getting a new employee up and running in this environment is going to be challenging.
Yes, it is indeed. We have several people that we've placed in the past week or two going through this now. All employers have admitted that there are some challenges, but those far outweigh the need to hire new staff to balance the current workload. They are simply adapting their on boarding procedure, and getting them set up to WFH as they would with any other employee.
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Old 03-23-2020, 11:53 AM
CowboyGuy CowboyGuy is offline
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Is there going to be any impact if your company is going through promotions evaluation right now? I mean technically if something is currently going on, the past few months or year is evaluated rather than the future. In your opinion, do you think the company does or even can look at the future implications of COVID and make the decision accordingly?

How about bonuses (that again, heavily depend on past employee and company performance instead of future implications)?
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  #18  
Old 03-23-2020, 01:51 PM
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Originally Posted by CowboyGuy View Post
Is there going to be any impact if your company is going through promotions evaluation right now? I mean technically if something is currently going on, the past few months or year is evaluated rather than the future. In your opinion, do you think the company does or even can look at the future implications of COVID and make the decision accordingly?

How about bonuses (that again, heavily depend on past employee and company performance instead of future implications)?
Bonuses can and have been frozen even if the "official" calculation is based on past performance. In the US, management can pretty much make any decision they choose at a moments notice.
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Old 03-23-2020, 02:02 PM
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Formulaic bonuses are usually never objective. There's usually some criterion in there that can always be fudged or loosely interpreted to lower your bonus.

The only objective ones that I've encountered are those based off a % of billable hours or sales. Even then, who gets credit for the sale can also be manipulated.
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  #20  
Old 03-23-2020, 04:50 PM
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Originally Posted by Colonel Smoothie View Post
Formulaic bonuses are usually never objective. There's usually some criterion in there that can always be fudged or loosely interpreted to lower your bonus.

The only objective ones that I've encountered are those based off a % of billable hours or sales. Even then, who gets credit for the sale can also be manipulated.
Our aggregate company bonus is subject to approval by the Board of Directors, so bonuses can be $0, no matter how well we meet targets.
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