🤠's Dua Sen: What If You're Fired?

Being fired is an unpleasant experience for most people. But sometimes (if you're lucky and keep your wits) it can lead to even better career opportunities, RC

A Simple Twist Of Fate

1993 was a banner year for me.. The stock market index doubled because real interest rates were negative in 1993. Instead of leaving their spare cash in the banks, many people bought stocks and properties. By a simple twist of fate, I had joined A, a start up institutional stockbroker at Two Exchange Square as a banking sector analyst at the right time and right place.

Although A was bleeding money as a start up in 1993, A still paid yours truly a bonus of 3 months EVERY quarter. Yes, that's a cool total bonus of 12 months. At C””” , another startup in Red Dot Island where I previously spent 4 years I never received a bonus. Not even one month. NB I did however get a Tissot watch from my colleagues at a farewell luncheon when I left C*** in 1992.

My luck seemed to have run out shortly after my last 3 months bonus was deposited into my bank account. I was asked to see C, the Head of Institutional Sales. C had bad news. One of C's ex colleagues, a star Banking Sector analyst at another firm wasn't satisfied with his year end bonus. C's ex colleague wanted to jump ship to A right away. So I was told by C very nicely to look for another position soon. “No hard feelings, ok RC?”

A Helpful Headhunter

After the bad news had sunk in, I remembered a previous call from a headhunter. I had another stroke of good luck. I had been careful to tell the headhunter I was very happy at A but was open to offers. The headhunter mentioned S, one of the top 10 stockbrokers by market share, had a vacancy.

Their banking sector analyst had just resigned to follow her spouse overseas. It was the middle of the year when most people did not quit their jobs. NB the usual practice was to wait until year end bonuses had been safely banked in before moving on to greener pastures. I was interviewed by S' head of research and their Executive Director and got an offer.

I got a 55% pay increase from S. After a 3 months probation, my monthly salary was also adjusted up by HKD5000. My new job at S opened up a world of possibilities. I enjoyed working in the research team at S which was larger than A. S employed an editor and had a HQ production department that printed beautiful research reports for all the major Asian stockmarkets. We worked hard at S, but played hard too. At weekends, S hosted boating parties for employees and their spouses on its own charter boat with free beer and food.

I Got The Chop Again

But just six months into my new job, S acquired a venerable English investment bank W. In HK, W also had a stockbroking business. As a result of the merger though, two research teams in HK were one too many.

As I was a junior analyst at S with one and half years HK experience compared to W's banking analyst who had more HK experience, I got the Chop. By the way, S and W treated me fairly: I was given an interview with new senior management of the merged firm. In addition to my statutory one month terminal payment, I received another month as ex Gratia payment and half a month for unused leave. In addition I had got my year end bonus earlier.

This time I wasn't too unhappy. I remember the droll English humour of E, the Executive Director of S when he handed me a year end bonus cheque for HKD500,000, “It's only half a million because you joined us for just six months”. But it was the largest single paycheck I have ever received. I think of course E knew it too - he had probably read the headhunter’s dossier on yours truly which included my salary history. And I think there was a twinkle in his eye when he said, “Only half a million”….

My Lucky Streak Held Out

I had written enough quality reports at S within the 6 months I was employed there to impress potential employers. After being unemployed for three months, I received an offer from Y. I started work at Y at the same salary I was paid at S.

Post Script

What happened to A's star Banking Sector analyst? I think but cannot be 100% sure he stayed for 3 months. Then I heard he went back to his previous firm, presumably with a bigger paycheck.
The reason why I got a 12 months bonus in 1993 was because the stockmarket was “red hot”. Every firm wanted to retain their research and sales teams. Don't pay your people enough, then like C's ex colleague, they might jump ship.

🤠's Dua Sen if you're ever fired:

Headhunters are very important people who can help you find a new job opportunity. Treat them with respect if they call (after all they think you might have valuable skill sets that some employers might want to hire you) and keep in touch with them if you change employment. Even if you are very happy at your current job and can't think of working elsewhere, at least have the courtesy to meet a headhunter to listen to whatever opportunity is being dangled. Some years ago, my Better Half who is a VIP (Very Important Professor) at her Uni once got a call from a headhunter for a management job. Even though my Better Half had no intention to migrate to management, I told her to meet up with the headhunter. You never know when you need a headhunter.
Know all your termination benefits that you're entitled to at your current firm (eg unused leave should be compensated). Make sure your employer writes you a good reference letter BEFORE you leave. E the Executive Director at S was kind enough to write a nice reference letter for me, explaining the circumstances for my departure, and my exemplary work.
Update your resume every year. Include any recent major accomplishments and your bonus history.
Never rubbish your previous employers in interviews. It's not nice (after all they thought highly enough of your Skill Sets to hire you and pay you bonuses) and its not professional.
Keep in touch with your former colleagues. Networking is important in many industries. And even though social media like LinkedIn are increasingly important as a resource, many job opportunities are still not advertised.