I have a decent (10 year) tenure with the firm. I know they say you will get severance package with involuntary separation as well. But I am hearing rumors that they could change that policy and offer a base 4 week severance (irrespective of years of service) for involuntary separation in future. Given other promises that the firm has broken over the past couple of years, I wouldn’t be surprised. This has me strongly considering VSP. Would love to hear any inside information others may have.
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Agree. I have 12 years service and plan to take the VSP. Hoping my application gets accepted.
As these layoffs continue, the severance pay will get much much smaller.
I’ve been at companies that have laid off people (they referred to it as WFR - workforce reduction) and my experience is that the company often has a good offer for the first wave but as the layoff waves continue, they often reduce the offer as they go. I guess someone with a calculator adds up the expense and management freaks out.
My sibling(s) and I are listed in two wills I have copies of at my residence for seven figure estates. If I receive either a VSP or ISP EJ will never see another penny of mine or my family’s who have assets at the firm. Along with my extended family I will be moving my assets away from Jones if severance is offered. John Bachmann said in an onboarding session if you want to retire from EJ you will. PP and the ELT have broken that promise. Very disappointed in the firm’s “leadership”.
People that have been through this at other places tell me the first offer is always the best.
In Operations, I'm told the VSP was far more generous than the involuntary, too.
I'm one of the clients EJ is claiming to try to capture by 2030. A wealth transfer, inheritance. There will be no way in he-l I'm transferring it to EJ if the VSP or ISP me. In fact I would go out of my way to inform others of the same. We had one thing going for us, we were not another run of the mill firm that didn't value its employees or their contributions. The saying direct from Ted was if you want to retire at Jones, you will retire at Jones. We valued loyalty and rewarded it. In fact, that is why I came here. I'll try to be "empathetic" when I transfer all my funds away.
OP - you bring up a valid concern. The firm is under no obligation to provide severance for involuntary separation. They may very well decide to give a token 4 weeks severance. If you have 10 years of service, that’s almost half a years salary and extended benefits with VSP. So, would definitely give it serious consideration.
Nothing is guaranteed that’s for sure. I suggest looking at the pros and cons of any offers and do what is right for you and your family. If you opt for the VSP they can still reject it. If you stay they could have ISP which may or may not impact you/your role and may or may not be as good. At the very least this is a good time to up-skill your skills using EdCast, etc. Get paid to train whether you stay or go.