T. Rowe Price? Reflecting on the Outcomes and Future Opportunities During a Workforce Shift (2024)

T. Rowe Price employees may want to consider how research and workplace experts established that mass layoffs frequently have long-lasting negative effects on a company's business.

According to data from Layoffs.fyi, 435 tech companies laid off approximately 121,000 employees during the first two months of the year.

• Even though the number of companies conducting layoffs decreased in February, it was still the third-highest month for tech layoffs since the beginning of 2020.
• Roger Lee, the founder of Layoffs.fyi, noted in an email that this year's number of layoffs has already surpassed 75% of the total for 2022.

The overall picture: One study found that after layoffs, those who kept their jobs typically experience a decline in performance and a decrease in job satisfaction, particularly in research-intensive industries .

• Additionally, layoffs can increase employee turnover, as people — typically the top performers — abandon a sinking ship. People have recently been rumored to be 'rage-applying' for other jobs.
• The atmosphere of anxiety created by terminations can also deteriorate the culture. 'Survivors may respond to a layoff by defending their turf or hogging airtime to appear more knowledgeable,' writes Bloomberg's Sarah Green Carmichael.

Yes, but layoffs are sometimes necessary, especially if a company cannot make payroll or foresees slower growth.

T. Rowe Price employees should also consider how Kevin Delaney, CEO of Charter, a media and research firm that consults with businesses on talent strategy, suggests that highly profitable tech companies may want to reconsider layoffs in a tight labor market.

• 'Technology remains an area of investment and expansion. In the future, will these companies need to hire employees? The answer is affirmative.'

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Things to Consider When Experiencing a Layoff

For previous T. Rowe Price employees, being laid off is certainly a difficult reality to face. One may encounter difficulty in transitioning, with emotions intensifying negativity and diminishing productivity. Feelings of uncontrolled fear, a negative self-perception, and self devaluation are common amongst those who have lost their job. While entitled to these feelings, it is essential to be mindful and cautious to not let them get a hold of you. Giving too much leighweigh to these types of thoughts may prevent you from progressing towards a better future, and possibly lead you into doing something you may regret. It is imperative to not express discontent towards your old workplace on social media immediately after being let go. As a previous employee of T. Rowe Price, while they may be wrong, there is much more to be lost on your end. Allowing 24 hours to go by will give you time to diminish the intensity of your feelings. Allowing yourself to be taken by rage and sending nasty emails will render you a victim, and this action will hinder your future job seeking process. Furthermore, upon displaying anger and feelings of betrayal, you may come off as the one to blame, which is extremely counterproductive in an interview scenario.

Those previously working in T. Rowe Price might additionally benefit from carefully selecting their words and only sharing them with trusted individuals. “Be careful what you do to the people around you, such as continuously venting, being irritable, and displacing anger at others. You are targeting it at friends and family that love you, and they had nothing to do with this event. This is not the way you should release your feelings.” Dr. Jantz advised.

Coping Strategies for T. Rowe Price Employees

For previous T. Rowe Price employees with overwhelming feelings, it is imperative to practice good self-care and be resilient. Positively contributing towards your nutrition, sleep, and physical routine may prove helpful when being faced with feelings of anger. Walking, working out, and exercising are all ways one can process said anger. Furthermore, putting feelings on paper, turning away from self destructive behavior, and understanding you must not punish yourself for what has happened are additional ways to cope with these strong negative emotions. One must also refocus and reevaluate what must be done to fortify and increase well being. By isolating, continuously staying indoors, and withdrawing, those previously working in T. Rowe Price become more likely to suffer from depression symptoms.

While it’s important for T. Rowe Price employees to consider work as part of their identity, making it the definition of who you are is fairly risky. A study in the journal Frontiers of Psychology identified that people who reduced themselves down to their job felt dehumanized, like nothing more than a machine or a tool, and had higher levels of disengagement, depression, and burnout. With that taken into consideration, T. Rowe Price employees may benefit from understanding the concept of self complexity. Self-complexity reflects the diversity of attributes that make up the meaningful aspects of who you are. The higher your self complexity, the more resilient you are. That’s why it’s important to think about diversifying your sense of self, just as you’d diversify your finances. You can diversify your identity and create self-complexity by investing in different areas of your life. That way when things at work aren’t going well, you don’t lose your entire sense of self. You might choose to devote time to hobbies, your spirituality, or your health.

By being resilient and continuously striving for the best, those who worked for T. Rowe Price may mediate feelings of depression and anxiety arising from a layoff. It is crucial to ask oneself: “Am I full of anger and bitterness? Has anxiety and fear taken over my life?” Use positive reassurance to assimilate that nothing is wrong with you and that you are just going through a rough transition in life.