Seems like they still have budgeted about 300 million or so in severance. If that’s mostly cash etc., I would imagine that we’re going to probably lose about 25% of the entire workforce.
5 replies (most recent on top)
I must have missed the email or something. Where did they put it n writing or public what percent they needs to shrink the workforce?
No, it’s more like 6,000 or 10%. But I don’t know anything, just guessing.
Correct! They had already said they planned on doing 20-30% layoffs when they first made the announcement of VSP and layoffs.
@OP If it is close to 20 percent- it will be rolled out over the next year. That seems really high but these days crazier things have happened in other industries. It would mean a deep restructuring - merging and probably selling off parts of the business. Certain states will be more affected- especially the ones that are losing high percentage of the federal funds.
By that math, 25% of the workforce = 15,000. Divide $300 million by that and it's $20k ea. But, that doesn't add up nicely when upper leaders were also offered VSP with packages $100k+.