To anyone who has been laid off or knows, what are the specs on the severance package?
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I think severance has gone rogue and there is no longer a corporate standard. 3M appears to be doing "micro" layoffs - small, discrete numbers everywhere, without any corporate coordination. This allows them to be exempt from reporting any total numbers to Wallstreet or in the media outlets and also allows them to target older, experienced workers, but not in a visible way. Basically they are hiding all their dirty laundry and screwing over anyone impacted, especially workers over 50 years of age...
Currently in the US severance is one week per year of service and if you have more than 10 years of service it’s a week and a half. Most countries outside of US offer one month per year of service. Severance for the US USED to be one month per year of service, but they likely changed that to save costs because US has the most headcount.
HCBG was 1 week for for every FULL year. Nothing based on age.
Unemployment is at a 53 year low.
3M is dumping assets to shore up balance sheet for split.
Plenty of jobs.
Severance is not necessary for the competent.
In US, historically it was 2 weeks for every year up to 10 years and then 1 week for each year over 10
If it were 3 weeks per year:
I'd be straight up asking grande, bone dry, five-shot ristretto, extra-whip, two-raw-sugars cappuccino Tireman during the EO town halls to explain fixed cost.
I'd send an email to ask Mike letting him know I saw his playbook in the toilet.
I'd comment on Moni's finance videos that he may want to put up some pictures in his drab basement room and run a comb through his hair.
Thought it was 3 weeks per year upto a maximum of 20 years
1 week per year of service is insulting. Just goes to show how little MR and MP value their people.
That is not the case with all areas. Our group only received 1 week per year of service - no age factored in at all....
minimum one week for every year worked when aged 16-40 years old and one and a half weeks 41+ years old in employment