Has anyone recently got offered a severance package at Nike? What is that like for U and E bands employees?
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There’s no discretionary PSP anymore, PSP distribution was changed LY, change started FY20. Lay-off will include PSP- Donahoe has already confirmed that all employees will receive 100% of PSP payout.
You would get paid PSP if employer still at 5/31. Now the kicker is you will get the team share it they don’t have to give the discretionary part so your payout would be probably half of what you normally would get. Hang In there and best of luck and here’s to hoping you do not need to worry about this.
Has anyone heard of any other things that can or has been negotiated before for example, help with relocation, etc if needed ? Or is it strictly what is offered and take it or leave it? Any inputs will be greatly appreciated. Thxx
I remember a round of layoffs that happened a few years back where some of the veterans on my team got laid off. They landed in pretty good spots quickly and had a nice package from Nike to boot.
@1mbw+15FtN497 best of luck to you too. God bless you all.
Thanks for sharing. 1 week for U band is obviously not enough. Should be similar to 2 weeks, which is industry standard in most MNC’s. Still, I would take it happily. Not that i have an option once you are selected as the one going out but I mean to emphasize that I would happily take it. I have been planning to leave as I have other plans and been waiting for health crisis to end but regardless, I will be taking up the offer, if offered. I doubt they will look for volunteers since JD called out it’s not a cost reduction initiative. Regardless whether we believe that to be true or not, given he has mentioned it explicitly, I doubt they will open up and look for volunteers. Just my opinion. Anyways, good luck to all of you. Do what’s needed to take care of your family.
@1gsd+15FtN497 makes sense for bonus to be paid out given that it is for FY20, which is now over, and employees were active at that time.
I recently asked HR about quitting before the bonus paid out. They said even if I left before it paid, I will still get it. So perhaps it does payout if they lay you off. You are entitled to it and earned it if you stayed until 5/31. Let's hope anyway.
@1pfn+15FtN497 Sadly, for U banders, it is 1 week per year of service. BTW, I think that is totally unfair. Still, I would be one of those to volunteer to leave if that is an option for us.
Is 2 week for every year work applicable to U band as well? If they offered voluntary leave, I will take it and I am sure a lot of others to. Good way of keeping a good % of interested folks here and non interested folks out.
@sfw+15FtN497 good question. The right thing to do is yes, accelerate. But this is Nike and they do not do the right thing.
I wonder how ESPP works if you get laid off prior to the end of the 6 month offering date. Do they accelerate that too?
This is not from a personal experience but from what someone shared with me. She was an E band employee. Two weeks of pay for every year of service. Any outstanding PTO get paid out to you. Your last paycheck up to the day of separation. Your stock award for the year get accelerated. Benefits continue for that month. Unemployment resources/information. Sh– load of paper work like not disclosure and no-compete clause, please do not sue us type of paper work, etc. I hope this helps