Let's see, back in September 550 of us were let go due to bad planning and covid impacts, last week RJ bought a company for lots of money and added over 300 employees, the RJ website shows over 175 job openings. Doesn't feel like RJ is feeling any pain like the 550 of us are. I have no direct knowledge of this but from speaking to a few that were let go as well as a few that are still at RJ my feeling is that a significant number that were let go were over 50. Sure would like to see that appendix mentioned in our severance agreement that lists out employees and ages. Does anyone have this or any other insight?
11 replies (most recent on top)
I received a disclosure information sheet in my blue folder. It shows the Divsion, Department Code, and your job title. It shows the Age of each that was let go and age of each that they kept for the matching division, department, and job title.
There is a Sr Application Developer position posted on the Ray Jay job site for anyone interested
And they just purchased a new company
I received that "list" of employees, titles, and their ages, and guess what, I was the ONLY one on the list. I know for certain that at least 2 others were laid off in similar roles so I can't determine the criteria used to include people on the list.
yea..I heard of two promotions on my old team. I was a bit surprised to say the least. Those still on my old team was a bit surprised as well. At least wait until first of the year just for optics. "Oh you have more work since we let people go but these people get promotions". And the promotions went to workers who probably aren't going to get the extra work load. I thought something would come along but fully expected furloughs. I have IT friends elsewhere who were in that boat. It costs the company a lot less and work picks up they have the workers needed. It's smart really..apparently RJ isn't that smart in such matters.
As a long-time employee that worked at Raymond James and no longer does, I can tell you that you were selected for a reason. It could have been you were paid more than others (this is most likely). Getting let go could have been due to your age but this was also likely due to what you were paid in comparison to your peers or replacements that could be hired for less.
The other reason for getting let go could be someone has it out for you. The politics, egos, and arrogance at Raymond James are big and so is the underpaid and overworked environment for so many people.
There is a reason they give a severance package and it isn't out of kindness or even that they really must do it. It is a bribe in exchange for your silence. The issue is most people need the money when they lose a job. Raymond James knows this.
Although many of the executives in charge at Raymond James today are arrogant, egotistical, and greedy, they are not id–ts in the overall sense. They looked at how they were going to strategically let people go and comply with any laws. It is likely that they thinly might have missed an illegal line but RJ has been doing this in their business for years.
Raymond James looks at a fine they might get in comparison to what the savings will be with what they do. Furthermore, they have the money and lawyers to either settle or fight any age discrimination lawsuit. It isn't likely worth the battle and money a laid-off employee would have to spend. It could result in a bankrupt unemployed former employee or a net financial result when RJ cuts a check to settle. The same amount of money they probably make in less than an hour in the day.
You also won't likely find an attorney that would take the case on only a settlement basis if you win. This is even the case if you have concrete evidence. Raymond James is big in the community and no local attorney or even likely one out of the area will want to take the case on. Politics play a big role if you try to take on a company like RJ. Unfortunately, many attorneys are about easy money these days and litigation with RJ would not be so easy.
I know it is hard being let go from Raymond James. You probably worked hard for several years. A lot of overtime and sacrifice. However, being laid off has set you free. Look at the positive sides to it. The company is toxic and so is the leadership.
You have been taken advantage of for many years at Raymond James and if you still worked there today it would only continue and get even worse over time.
It might take some time but karma has a way of coming around. RJ will have its day. They can't keep operating the way they have since most of the old founding executives and leaders have retired. This is one reason why so many at the top are trying to get all they can while the getting is good. Some of it is greed and others know the ship will eventually sink.
Try to think positive. It is a blessing in disguise that you no longer work for Raymond James. There are large financial companies that have fallen. I believe RJ will have its judgment day eventually.
Take the severance they are giving you and move on. The grass is greener on the other side. It might sting a little now but the gross is a bright neon green once you get over RJ.
Has anyone requested the list of laid off employees from HR?
I agree that the HR talk in this posting had to come from RJ HR. I also agree that I hope Paul is reading all this and that Vin, Bella and Andy Z. have a marvelous incident full holiday season. They deserve to have the same pain we are feeling. If you think I am angry, you are right.
sure sounds like RJ HR (and I hope Paul, Bella and Vin), are monitoring this page. Senior management should be ashamed of what they did to us.
An outside HR consultant told me were should have received a list of the laid off employees.
If releases from age discrimination are used in exchange for severance pay, they must comply with the OWBPA to effectively release claims under the Age Discrimination in Employment Act. The OWBPA addresses four different release scenarios, and each scenario contains five steps that must be followed to be compliant. Under the OWBPA, employers also need to provide workers age 40 and over a consideration period of at least 21 days when one older worker is being separated, and 45 days when two or more older workers are being separated. Additionally, employees must receive a revocation period of at least seven days.
During a reduction in force or as part of a voluntary exit incentive program, two additional requirements are needed to validate the releases. The employer must publicly identify the targeted employees, and secondly, the affected employees must be informed in writing of the job titles and ages of all individuals selected for the group program, along with employees in the same job classification or unit that were not selected for the program.
I would also like to see the list of names and ages of those let go.