Pink-slip party finds relief in timing

Newly laid off upbeat about job prospects

While there's no good time to lose a job, some times are better than others.

At least that's the feeling of some Oculan workers.

About 50 were laid off when the Raleigh technology company shut down last week after it failed to get some much-needed funding. But you couldn't tell it from their faces when about half the group of engineers, programmers and system administrators gathered at the Flying Saucer one night last week.

There were high-fives all around, and jokes were flying in the downtown bar. The jovial scene was a stark contrast to the pink-slip parties of the past few years, which were marked more by black humor from workers who realized they faced months of unemployment.

With the economy slowly rebounding and the technology industry showing traces of revival, laid-off workers are more confident about finding work. Many of the former Oculan employees say being out of work now is different from a few years ago when companies such as Alcatel, Nortel and Ericsson pushed thousands of qualified technology workers into a weak job market.

As proof they point to their colleague Rob Weber, an account manager, who got a job at Cisco Systems one day after losing his job at Oculan.

"Things are definitely different now than they used to be," said Weber, who missed the recent gathering. "I think anybody who wants to work right away can if they want to. Those who want to explore other options have time to do that without being put in the back of the line."

One high-tech recruiter says their optimism is valid.

J. Greg Bennett, vice president of sales and executive search practice at MRI, a Cary-based recruiting firm, said the technology job market has improved slightly in the Triangle during the past few months, especially in the networking sector that Oculan workers specialize in.

"People with those skill are in good demand," Bennett said. "You can't send that work overseas. Someone has to physically come out to make the system work. There are a number of companies out here that need that unique talent."

Since leaving Oculan, Matt S. Pressley, 27, a support engineer, said he has already scheduled two job interviews. By comparison, it took him several weeks to land an interview when he was laid off from IBM nearly three years ago. And it took four months for him to actually find another job. Pressley said he expects it could take less than a month this time.

Likewise, Mark Turner, 35, who worked for Oculan for almost a year as a sales engineer, said, "I expect to have a job by the end of this week."

Although he's optimistic, Turner said there is still a lot at stake. His wife is expecting their second child in November and their health insurance will end June 30. The couple has also recently signed a contract to buy a $170,000 home.

"I think I would have been more concerned if this had happened two years ago," Turner said.

Still, the news about Oculan's closing surprised many of the workers.

The three-year-old company was growing at a fast pace and had won a number of awards for its low-cost network management appliance, which helps small and midsize businesses keep track of their computers and network systems.

Over the years it raised $10 million in funding, mostly from Soros Private Equity Partners, an investor group founded by billionaire George Soros.

Oculan was trying to raise more money from potential investors when talks hit an impasse. Many workers knew about the fund-raising efforts, but they had no inkling that failing to get the money would force the company to close.

So when Oculan called a companywide meeting May 20, Brian A. Weaver, 33, one of the founders of Oculan, was expecting good news.

"We were pretty much expecting to hear that we were going to get the funding," said Weaver, who sold his interest in the company in 2001. "But when they said we were closing, we were, like, stunned. There was stone silence."

Before the meeting ended, Benjamin M. Reed, 28, a developer support engineer, had already set up an e-mail mailing list, to help the tightknit group of workers stay in touch.

Reed said that so far, about 25 employees have signed onto it. The group has met three times at local restaurants to socialize, offer moral support and share job leads.

"They are my friends. I want to keep in touch," said Pressley, who said a group of co-workers used to get together on the weekends to play music.

Despite the bleak circumstances, there still remains a small chance that the company could be revived in some form, Oculan spokesman Darrek Porter said.

Porter said investors are talking with potential buyers who have expressed interest in the company since it closed.

"We have intellectual property that has value," Porter said. "The outcome depends on what they want to acquire. They could buy intellectual property and hire people or simply buy the intellectual property. But there is definitely some interest."