I'm wondering if anybody takes the 60-day thing seriously or if everybody believes it's just bullsh-t.
25 replies (most recent on top)
Yes, I will be applying both internally and externally. It su-ks, but I'm the breadwinner and a salary is a salary in this market. This isn't a plentiful job market, and we have to do what we can... I 100% think the fact that they know we can't easily jump contributed to the ER decisions.
I will take whatever they offer me and make them pay me while I look for other employment. I will give the minimum effort to get a meets and will not continue to work 50-60 hours a week like I do now.
@dj yes, still bonus eligible
@dj yes, it sounds like you do if still employed on 8/31
@cg do you know if you are ISP you still receive your T2 bonus?
The ‘ole “oh don’t worry, if you get laid off you can apply for other open positions at the firm.” Sure. Ask OPS how that worked out for them. That’s just another BS line they throw out there to soften the blow. If you are chosen for ISP, you will NOT be considered for another internal role. They want EXTERNAL hires. Younger hires. NOT EDJ veterans. They want us OUT! They don’t want anyone to remain who can attest to how TERRIBLE this whole ER was executed. They want fresh faces.
If you’re offered a new role, a pay change, or a change in grade and say “no thanks,” declining that offer will end your employment and you will NOT receive severance.
Read the FAQs.
We, as a team were told this afternoon that on Monday/Tuesday each associate will basically receive 1 of 3 outcomes.
Notification stating that your role will not be changing and you are status quo.
Notification that your role will be changing. If you are in this category you must accept, or it will be considered a resignation immediately, and your last day will be 9/5.
You are being ISP’d, and your last day will be 9/5, however you will be paid as if you are still working until 11/4, at which time your ISP severance will be activated.
@b2 and @b7 my spouse went through this same situation with another financial institution about 6 years ago. He was laid off, but told he was “on call”. Collected a regular paycheck every 2 weeks and at the end of the 60 days received his severance lump sum payment. Failure to come in if called to do so was forfeiture of severance. They never called him or as far as he knew anyone else in. He enjoyed a month off work before looking for employment elsewhere. Started a new and better paying job 7 weeks later.
Edward Jones blows as an employer if you are support staff. High deductible insurance, low pay, little opportunity to move around unless you’re a brown noser/related to someone. If ELT could just hire salespeople and cheap labor from India they would be creaming their pants and patting each other on the back at the same time as rolling around in piles of money.
If you get an ISP, celebrate!! You’re free of this place, you have free time AND getting paid still.
@ba yes, you would still get paid as you are still employed. You don't have to come in or log in because all of your access will be cut off. What you do on your own time is up to you. Sleep in, mow the yard, snort some coke, whatever you like to do.
Heard today of new position offered you have until September 1st to accept if not accepted last day of work will be September 5th
@bh Great approach. It's going to get WORSE, before it gets better (if it ever does get better).
Even if we survive the ISP itself, the next 6-18 months will be chaos embroiled in:
- Toxicity
- H.O. depression from demotions/placements people didn't want/people leaving they cared about
- A new level of competitiveness/pettiness across the firm that wasn't as present before
- Stressed GPs, many being scrutinized in new ways, making those responsible to them absolutely miserable with higher expectations from senior leadership to deliver MORE MORE MORE with less
- The actualization of the mistakes and misses that were made in ER (structure, talent, support)
- And more!
I would encourage everyone to actively look to see what else is out there. You don't have to accept something, but always keep some coals in the fire. A lot of us will be more proactively doing that, where a lot less did previously.
No. If I get laid off- no guarantees they won't do it again. I've got some weird feelings about the direction the firm is headed and if I get let go, maybe it's a sign that I need a change. It will hurt in the short term and the job market is abysmal, I know that. But I'll try to see it as an opportunity (the word the firm loves so much). I'd rather take my chances elsewhere and maybe get paid a fair wage with decent insurance benefits then hang around this sinking ship.
The last day of the notice period (sometimes also referred to as “severance period”) will be around 11/14. You WILL get paid and be employed to that point, then receive severance soon after.
Like some of the other comments allude, to avoid/limit retaliatory action by those impacted, taking insider information or spreading rumors/gossip. they will almost certainly remove access to most systems. I would assume those ISP'ed would keep access to HR's "Gateway" system which houses both the Internal Careers site and our favorite, Success Factors (associates and leaders will still need to complete T2 reviews by October), but little else.
@ba and yes I don’t see how they can’t pay during that 60 day period.
@ba relax for 8 hours a day. Extra sleep. Maybe they would reach out if they have questions though. Not sure.
@b2 So if we are still technically employed for 60 days but will do nothing, I would like to know are we being paid during this time and what are we suppose to do 8 hrs per day until November.
@b2 this is the answer. They call it a non working notice, but you shouldn't get another outside job yet because that would be quitting and you'll lose severance.
My boss told me that we would likely lose access shortly after we get ISP. We will technically be employed for 60 days but will do nothing. She has no idea how we would apply for open positions.
Apply for roles if you wish to stay. I will. Everyone who took VSP... all of those roles have been held.They will show openings still being filled. You may get kicked out of system "on leave" in sept to protect sensitive data from upset people but they'll leave some access to apply for jobs. The last day will have to be in Nov due to "WARN restrictions" . Good luck all!
What about the WARN act? Don’t they have to give 60 days notice?
@af, I also heard 9/6. I've asked a few folks....
So then how do you look for an internal roles if you are displaced? In a week? Why do this grand gesture for 1 week to place when not feasible. Makes for an even worse PR
I Heard information got leaked by mistake. It’s not 60 days. First week of September is what I’m hearing.
It will not be 60 days, and feel it will only be 10 days, if that.