The Lessons Learned by Booking Holdings' CEO from Being Laid Off

Glenn Fogel, now the CEO steering Booking Holdings, which encompasses names like Booking.com, KAYAK, and OpenTable, found himself in a drastically different predicament three decades ago. At that time, he was navigating the uncertainty of unemployment, unsure of his next steps.

Armed with an MBA from Wharton and a Harvard law degree, Fogel stepped into the world of investment banking with Kidder, Peabody & Co. He shared with Business Insider that the landscape shifted when the firm merged with Paine Webber, resulting in mass layoffs. He noted that watching some peers stay on while he was let go sparked introspective questioning about his own situation.

Questions of Self-Worth

Fogel was plagued by doubt: Was his performance subpar? Was he simply misaligned within the company, or was his salary a factor? These musings influenced his perspective during the ordeal.

Having held the CEO position at Booking Holdings for the past eight years, Fogel acknowledges the psychological impact of losing one's job. Despite its challenges, he views the experience as pivotal, offering him two important insights.

The Power of Dignity

Recalling his own departure, Fogel describes the scene as eerily reminiscent of a Wall Street drama. He was summoned into a meeting with HR, thanked for his contributions, and requested to sign a document that dictated silence in return for a severance. Once signed, he was led out of the building, not even allowed to retrieve personal items from his desk.

With role reversals over time, Fogel, now at the helm, has navigated the unpleasant responsibility of terminating staff, particularly during the pandemic. Booking Holdings reported an alarming dip in its financials in 2020, including a 91% drop in travel bookings. Consequently, they announced plans to reduce up to 25% of their workforce. Despite these cuts, the firm strives to aid employees in finding new opportunities within.

For Fogel, it’s critical to handle layoffs with compassion, as it aids in smoothing the transition for affected employees.

Embracing the Pause

Upon losing his banking role, Fogel was forced to contemplate whether he wished to remain in the business sector and to reassess his professional aspirations. This involuntary break gave him room for reflection, an essential prelude to future career moves.

He cautions against hoping for termination but encourages those who face it to extract valuable learning from such experiences rather than succumbing to bitterness.

Instead of rushing into another job, Fogel took time off, even drafting a novel that never saw publication. Interestingly, this divergence led to an unexpected romance; he met his future wife, a former editor, on a blind date.