Who ever joins cisco in future, can they put a condition like this.
- He works for cisco for atleast 5 years. Performance doesn't matter.
- If he gets laid off, Cisco has to pay a tleast $1M
6 replies (most recent on top)
What happens if he is a she or even a they?
Start by putting down the cr—k pipe.
"Who ever joins cisco in future, can they put a condition like this.
He works for cisco for atleast 5 years. Performance doesn't matter.
If he gets laid off, Cisco has to pay a tleast $1M"
Have you had a drink or 4 before posting ?
@gak+1l4biUZw, I don't really see companies putting themselves on the hook for paying out a "golden parachute" or exit package, especially in "at will" states where either party can terminate the employment at any time for any reason, unless you're hiring into C-suite roles, or board members.
If you want an exit package or golden parachute, you should have been an athletics coach, professional sports player, or company executive. They're the only ones who get that type of contracts.
OP, what makes you think you're worth a 5-yr, $1M contract? Are you worth $200K per year, especially when you want to claim "performance doesn't matter"? No one gives out $1M+ contracts to someone who doesn't have a proven track record, like a winning coach they want to attract star athletes to their sports programs/teams. You have to have something a company wants, besides a warm body filling a seat, to get a "contract" where they have to buy you out if they want to get rid of you.
Besides, why would Cisco want to pay you $200K/yr when they can replace you with a younger, less experienced worker for much less? Or, if you're a mid-career engineer in the Bay Area, why hire you in that cost-of-living market when they can hire someone who lives in a much lower cost-of-living region with the same experience and pay them the average wage for that geographic location? Capitalism is all about the bottom line and making the biggest profit w/ the least costs and you're making yourself too expensive "if performance doesn't matter".
Most worker bees won’t get $200K/yr for any of those five years and yet you think those considered to be of the least value should suddenly get an additional $200K for each of those years? Everyone will be terminated before the end of year five and the incentive to do nothing will occur long before that inevitable termination date.
For most who have been there for a long time the severance has been around six months salary which should be enough time for the competent to get another job which is far better than most get in other industries. They’ve met you in the middle in terms of mitigating your risk. If you didn’t keep your skills up as well as bank salary, bonuses, ESPP and RSUs knowing that layoffs have been commonplace in business for the past four decades odds are you aren’t competent and don’t deserve to be rewarded far beyond those who are competent.
I was just talking to an employment lawyer re the same; as well of a signing on bonus we should negotiate a signing off payment. He believes that’ll become the norm at some point. Negotiate your exit before you commit. Essentially a form of fixed term contract: