Yesterday I was on a call with a number of co-workers, our boss and an HR rep. I am in HPS. The boss read from a script about opportunities for volunteers for RIFs. He then turned the call over to the HR rep. The only incentive she mentioned was one week of severance for each year of service. Minimum severance of 4 weeks. Max of 26. She didn’t know if people would receive a prorated portion of the 401k match or insurance coverage during the severance period. Oddly she kept referring people to HR Help and an outdated policy on the HR site. Eventually I was told by a different HR rep, that no portion of the 401k match would be included. The whole thing with the 401k match is BS. The offer was exactly the same as you would receive in an involuntary RIF. It’s sad to work for a company like this.
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Heard there was a big HPS announcement today .....anyobe know what that was about?
same thing at UOP. The only stated advantage of handraising was you would know your "end date"
If they are having the meeting with your group that means people are on the list. they are after salaries. Highest paid will be targeted then they will throw in a freshout to show they aren't targeting older workers. And funny bet on diversity helping. They have targeted most mid level female and minority managers
Its so good to know its so much better in France. Thanks to the USA.
gotta love the new 401k rule. What a wonderful company
Severance rules vary by country.
In France 3 years.
3 weeks per year of service. For a little over 1 year of pay! Thats a good one. LOL.
There is no 401K.
You keep your insurance through severance and have option for cobra after severance ends.
I am in HPS and got a similar message. However, the calculation for severance depends on your band and length of service. I got HR to give me my calculation and it works out to approx 3 weeks per year for a total over 1 year pay. Please ask HR for the package details do not rely on the meeting info. I don’t have details on benefits yet.
@mpf I agree! Take the severance and go!
They may wait till the last minute, but sooner or later they will announce that, hard decision, regretfully, current business climate, blah blah blah, there will be no 401k match this year. That's one of the reasons they changed to the end of the year system a few years back.
as used to be essential said
"Remember you have to be there after December 12th to get the dividends"
And that means employed there not on 12/12 not still on severance.
Remember you have to be there after December 12th to get the dividends
Don't for one moment believe that this or any company owes you a job regardless of the years served. Treat it like a means to an end and you'll soon get over that one is lucky to even get any form of severence.
The company owes you nothing and neither do you. If you still have a job, just do whats needed and clock out the same like any other day. There is no point to slog it out and give it more when you're only a number. This year with this company its best to treat it as a job rather than a place to build your career.
Small price to pay to get your get out of jail free card... I wouldn't think anyone would be getting a 401K match this year anyways.
I was RIF’d only a few weeks before my 401k match vesting. Did not get anything prorated.
Stock options also don’t get prorated.
Had the same experience here in Juky. We asked the same question about incentive & were told: the incentive is that you get the standard severance policy, as-is. Who's to say they won't change that policy before the next round of involuntary RIFs