Given the timelines for VSP vs risking involuntary separation, I'm not sure which works better for someone who doesn't meet the rule of 70... Would be interested in hearing what others think.
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@a6+1jvaw1vx0 Unfortunately, it is my understanding your leave date is set by the committee based on business needs. You would not get your severance if you departed before this time. You will have to look for a job closer to your departure date.
I'm honestly a little surprised they're actually getting rid of 15-20% of H.O. partners. It's more than I would have expected. It's probably still not enough, but maybe we can at least be cautiously optimistic that it will open up some opportunities for better decision making and the rest of us getting more visibility vs. getting our work, credit, and ideas stolen.
Maybe it will also increase scrutiny on those partners remaining and set a higher expectation that they need to be/do better. Many of them have never felt much in the way of job insecurity in the past.
Then again, maybe they'll all get super competitive and sh-t will roll down hill...
My favorite was Penny talking about offering vsp to those who have reached the rule of 70 and then taking about how they want the firm more agile and more efficient. Stunt believe my age and tenure had anything to do with this statement. If it does then maybe all of the executives that just got millions of dollars of pay raises should also go. And Whoever opened up the purse strings and allowed all of the ridiculous spending and hiring at the firm over the last 4 years should be fired.
Kinda seems like a trap. Take it and leave when they choose to let you (and lose the severance package if you leave sooner), or decline it and face the possibility of involuntary separation with up to 50 weeks of severance.
It seems like they are hedging against the job market. If you are taking a VSP and you are not retirement age, you are going to look for another job. If you find another job before your separation date, you won't get a VSP (or that seems to be the case).
The fuzziness around taking the VSP, having the VSP accepted, and then not having a firm date for separation (if accepted)... this doesn't seem like a good offer.
It's being offered to a large group of employees, but they don’t expect everyone to opt in nor could the business support that. If too many people from a specific area choose it, they may start rejecting requests to avoid significant business impact.
So let me get this straight...
A leader can take the VSP, and get it blocked...
Or they could refuse it and get laid off later...
How is that a choice? It's so one sided.
VSP will be offered to 3K associates who meet the rule of 70 and all HO leaders (non GP). 2 weeks pay per years of service with a max of 70 weeks, LP retention if you meet the rule of 70, ins for 6 months then Cobra. Will have 3 weeks to decide or as they say "apply" as they have to review/approve each one or reject it.
Typically you have to stay until the last day for VSP. You wouldn’t get the VSP if you find a job and leave early.
The VSP gives more control, too, especially now knowing accepting it is not immediate separation and your separation date is likely further out. I would have to think they would just pay you out earlier if/when you separate earlier than that (find another job, etc.).
So, hypothetically... you accept it before the June deadline, right? The absolute earliest you'd leave the firm would be September (but likely later given the previous poster's fair call out). That gives you anywhere 6-12 months of time you're still getting paid and are able to job hunt. Once you find something, you get a decent severance check and go straight to working somewhere else.
That sounds way better to me than in the fall you get laid off and guess what, now you have 60 days to scramble to provide for your family.... just my thinking and I recognize everyone's package amounts will vary.
Can anyone provide specifics? Was this from today’s town hall meeting? Was it offered it leaders?
Agree, VSP feels like the better option with the extended benefits.
If understood correctly, it felt like you might get a little longer period of employment choosing the VSP since there would a few separation dates spanning from September through May.
It might hinge on when they'd actually start the involuntary separations (September, October, etc.). Add 60 days of employment from your best guess. If possible, I would want to know if my VSP would fall into that September group or a later one, but not sure if that info will be known (I'd guess the bulk of folks would be later in the year than September into next year, since it will be so disruptive to workflows).
That all said, choose wisely. Six months of paid benefits with the VSP is a lot of compensation to risk to potentially lengthen employment a few more months (on the higher side of the timeline). Think hard about if you are in an area that is at higher risk for being impacted/right sized, too.