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periodic reminder: if your employer (especially your private sector, non-union employer) offers you a buyout? Jump on it. After the first round of layoffs, t
by lsc 8y ago
periodic reminder: if your employer (especially your private sector, non-union employer) offers you a buyout? Jump on it.
After the first round of layoffs, there's a lot more stress, and the severance, almost without exception is a lot less generous for the second round of layoffs. Take the package; find a new job.
- wallacoloo 8y ago> Verizon said it would also cut 10,400 jobs through voluntary buyouts — a 6.8 percent reduction in its workforce that will cost the company as much as $2.1 billion in severance charges. Surely this doesn’t mean that each employee who leaves gets to pocket an average of $200,000, right? But where else would this money go?
- 1024core 8y agoThey are offering a generous severance, worth up to 60 weeks (of employment) depending on the amount of time you've been there.
- olyjohn 8y ago"three weeks’ pay for each year of service" from the WSJ article.
- reaperducer 8y agoMaybe the rest is in healthcare.
- Fezzik 8y agoOften a severence will also include X months of health insurance, so that could be a good-sized chunk of it.
- vkou 8y agoMy father received ~1 month for every year of work at Kodak in severance, when he was laid off. I'd be surprised if a lot of those employees didn't have similar contracts.
- dmarlow 8y agoSeems like this is more up to the company and its ability to provide such things rather than being in any explicit contract. What if they're unable to fulfill such obligations?
- vkou 8y agoThis was part of his employment contract. The investors, creditors, and the company's pension funds got a haircut.
- 1024core 8y agoNot to mention, resumes from your colleagues who left before you have flooded the market, so it'll be hard to stand out.
- ghaff 8y agoThere are probably specific exceptions—milking a job for a limited period for some reason for example. But in general yes.
- zw123456 8y agoThe offered the buyout to 44K people and 10.4K got the deal, but they said the declined the application of about 10% of the people who applied. Interesting.
- deleted 8y ago[deleted]