Hello - I do not work for GE but I am gathering info on different types of Severance Packages large companies offer nowadays. If someone feels comfortable with sharing this info, please reply to this thread. Thanks!
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One thing they'll never do is over work me. I refuse
Their big tactic is to treat you horribly, overwork you, take away your bonus and your annual raises, belittle you and have others take credit for your work and see slacker promoted over you and then force you to leave so they dont have to pay you severance and can replace you with a kid right out of college who they can work into the ground who has no experience.
I know it’s no longer GE no more but when I worked for ge transportation did gave us one week for every year of service with a minimum of 4 weeks paid severance and paid out all our vacation time.
Ask this question closer to November. I believe there will be plenty of people to answer the question.
Hello - I do not work for GE but I want to know how I can bait you. Could you please talk about your severance package? Thanks!
They used to payout vacation days. They went to a system where you no longer earn vacation days so they don't have to pay them out when you are let go.
2 weeks per year of service.
If the site is closing and over 55, there are special programs to provide pension gap bridges.
If you have dirt on antop executive, are brought in on the leadership programs or corporate audit staff you can get extra special keep your mouth shut payouts or are never impacted.
If you have special technical or keep the business alive knowledge and are Pension eligible, they offer half time work along with full early retirement.
Also, some who are not Pension eligible but hold critical knowledge have become independent suppliers and moved from being employees to supplier status which doesn’t save money but allows for a headcount numbers reduction.
Another game is to move salaried employees to hourly rates and then falsify their hours worked in order to hide the fact that they are salaried in reality. The fear of god is put into these select employees that if they complain they will lose their job.
Others are put on “Performance Improvement” plans regardless of actual performance as a way to terminate employees and get reduction of costs without having to pay severance or unemployment benefits.
Additionally, roles are often outsourced to India and other low cost regions if IT or professionally oriented by changing the job title, forcing multiple people to re-interview for new roles which are actually their current role and at a lower compensation level. Some executives are highly skilled at transforming their entire teams into free for all competitions by eliminating half of their US teams and having those remain compete for the “New Roles” at a 30% lower rate while creating new roles in India. In some cases this repeates several times and helps the executives reset the severance levels even lower.
Another creative option is to create a new company for your employees and then require them to work for the new company under revised benefits and compensation plans while doing the same job as before. Genpact and Fieldcore are two excellent examples of this strategy which allows the elimination of employees while offshoring to India and reduces the negative headlines to GE once the new companies layoff and reorganize the former US based GE employees about a year after the change while claiming market forces are at work.
Yeah...it's called...
"Get Out While the Gettin's Good"...package...
& the sooner the better !!!