Is anyone willing to tell what they got for severance? I hear different things based on how long you've been at Fiserv, what level (Director, VP, etc.) you are. Trying to plan for what seems inevitable. Thanks.
7 replies (most recent on top)
The outplacement service (LHH) is a joke. Do not waste your time with this 'service'.
For severance they do a calculation based on max of 1 week per year of service or a minimum based on your pay position grade. If you were on Unlimited R&R or considered position grade 11, the minimum is 10 weeks.
You also get 45 days of outplacement service. 2 week pay in lieu of notice. Subsidized cobra at existing rate for 6 months.
I didn't get any severance and they entered me as a voluntary termination. I was terminated for not returning to the office. I never wanted to stop working there, so I'm not sure how that can be called voluntary.
It's on fuel. But when you are calculating make sure you divide your salary by 52 and then multiple by how many weeks based off how many years with company. Then do your 40% as discussed below. That should get you closer to ballpark number you have to deal with.
Unvested stocks go away as if you never were rewarded for performance for the previous year.
@ vlk+1j8uSviE
I feel the same way, been with Fiserv over 15 years and have made many transitions during that time. I am sad for the loss that this company is experiencing, and the clients that will suffer as a result. To see coworkers that spent the majority of their professional career, like yourself, with this company just let go in the way they have recently is just awful.
At the end of the day I hope everyone knows their value and that nothing can take away their accomplishments over the years. Keep your heads up and when the time comes, find the courage to move onward and upward.
Enjoy your retirement. Well deserved.
Available on fuel
I was a Project Manager in Bank Solutions. I was laid off in June after 30+ years. I received 6 mo severance (taxed at 40%), 6 months cobra plus my R&R, no well being paid out. I rec'd an additional 2 weeks R&R because was less than 2 weeks from notification to end date.
I have spoken to several teammates today and heard the news of more layoffs. Every team is short staffed from prior layoffs so this is really awful.
I know many people come to this site to talk trash. I am old Fiserv and proud of it. Fiserv gave me a good life because I worked hard for it. I EARNED it. I had submitted paperwork to retire in Q3 but they chose to let me go.
I am not proud of the way the remaining ",staff" is being treated. They deserve much much more. Bog business doesn't need to be this way- its simply unconscienable. Best of luck.