With a career spanning more than two decades at Microsoft, Joe Friend, 62, was let go in May, disrupting his retirement plans. Nearly six months after his layoff, he’s still not sure what to do next, except that his time in Big Tech is over, according to a Business Insider report.
Earlier this year, Friend, who worked as director of product management at Microsoft with a team of nine, heard rumors of a company restructuring that could affect executives. However, he did not anticipate that his role would be threatened.
In May, he found out he had been let go along with 14 other members of his task force, including four managers.
“I wasn’t completely surprised by the layoffs. I was surprised that I got caught up in them,” the report quoted Friend, who lives in Washington, as saying.
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For Friend, the layoffs were “doubly shocking” because they disrupted his retirement plans. He intended to work at Microsoft until at least his 65th birthday — a key milestone that, according to company policy, allows most stock grants to remain after he leaves. After turning 65, he planned to retire or explore new opportunities. However, this plan is no longer feasible.
“My plan was to figure out what I wanted to do in the next three years,” he said. “Then suddenly I’m at the doorstep and I have to make a decision now.
Microsoft layoffs
Friend is one of many Microsoft employees who have been laid off in the past year. After cutting about 6,000 jobs in May, Microsoft cut about 9,000 more positions in July. A company spokesperson previously told Business Insider that the company was focused on reducing management levels and streamlining operations.
In addition to Microsoft, tech giants such as Google, Intel and Amazon have announced their plans to reduce executive roles. While overall layoffs are still relatively low compared to earlier times, the impact on tech workers has been significant, with many facing trouble securing new positions due to a slowdown in white-collar hiring, the report said.
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Life after job loss
In these trying times, Friend reflected on his life after leaving Microsoft. After his release, he continued to be paid until mid-July, when he received a “very comfortable” lump-sum severance package that was almost equal to what he would have earned if he had worked the rest of the year. He mentioned that he was lucky to be in a strong financial position, which gave him time to plan his next steps.
Speaking about the layoffs, Friend said: “It feels like a betrayal and it has a financial impact on me, but it won’t hurt.”
Instead of rushing to the next step, Friend consulted a financial advisor to assess the possibility of early retirement. He started researching the job offers that came his way, but none led to any success.
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Now considering himself “semi-retired,” Friend has been focusing on helping a young entrepreneur grow a small business in recent months.
“It’s not about making money,” he said. “It’s about supporting someone who wants to change their life.”
\”It feels like a betrayal and it affects me financially, but it won’t hurt.”
Friend believes he and his wife can make it financially after full retirement without major lifestyle changes, but he’s not sure he’s ready to leave the workforce just yet.
However, he is very confident that his next job will not be at Microsoft. He mentioned that he used to believe that the company had an implicit “deal” with employees: perform well and you would be financially rewarded and have job stability. But now he doubts that’s still the case.
