There are a lot of good advices here regarding the layoff that just happened this week. Thanks to folks who shared their experiences, advices and feelings. Wonder if any of you (or through your lawyer) negotiated your severance package and what was the result? Can you ask for cash out of unused vacation? How about annual bonuses (normally paid only in January)? Or extend the period on payroll to preserve the immigration status? Who did you negotiate with (HR or your previous division/bosses)? Is it worth it to negotiate the severance package or better walk away in good terms if the negotiated sum is not substantial? It will benefit the community if any advices or experiences can be shared regarding the separation process, what to do and what not to do, and how to go about it.
19 replies (most recent on top)
If I am an international transfer to the States with 10+ years at the Firm abroad, should I expect/fight for the years abroad to be counted in the package of eg. 3wk/year?
What is the severence amount for U.S. employees?
Anyone have luck negotiating severance using legal counsel? How did that go?
The key here is to be proactive in moving forward. Not sure how the second round was, but in the first your effective termination date was moved to the date you got a new Job if you found one, so the the lump sum pay out would be paid out and the 3 month pay got paid out in a lump sum as well. Not too bad if you can find a gig in a hurry. I was laid off 17 days before Christmas, so it was nearly impossible for a quick turnaround since most companies Don t hire during the holidays.
I don’t work in HR, so I am not sure if they assume that you are in notice period or not. I basically just told them I was told my job is going to be eliminated in March and I need a new position. Best thing I can tell you to do is be honest if they ask, tell ‘em you are being paid to stay at home. I came into the company in an acquisition, so I always knew there was the possibility of being laid off. On top of that I was also told that I had reached the max pay range for our group a year earlier around bonus time, and HR actually called me about another position there about 2 month before I got laid off. So the writing was on the wall. I didn’t listen to the script too much, more less me thinking get on with it and tell me how much I am getting.
"You might want to say something along the lines that you have been told your job will be eliminated in three months and you are being proactive." I think most recruiters/companies will draw a conclusion this means you are in the notice period. If they ask if you are already laid off and currently in the notice period, I guess at that time we have to say yes or stick with the line and say not yet?
Thanks for sharing your experiences and tips! that helps! What did your boss tell you about the reason why you or other people were being laid off? I would brush off any unprofessional and hilarious bull..t from his/her mouth to make the laid-off people feel bad or a last minute mean effort to bring them further down. Even the CEO is stepping down and can not figure out his sh..t . How can boss know better than the CEO or dare deviate from the company script? So unprofessional. The reason for layoff should be ushered by the company and CEO and they already did in the media. The real reason is the company and the management F..ed up . Has nothing to do with employees. Boss was just trying to use his last chance of power to create some story to make you feel bad. Can not be happier to get paid a good sum to leave.
One last tip to work around the layoff disclosure to a possible new employer. You are still technically employed with the company, at least in the U.S. until the payment period ends. You might want to say something along the lines that you have been told your job will be eliminated in three months and you are being proactive.
One last thing I will add is that I live in the U.S. as I said. Layoffs are expected with the economic cycle; not sure how people look at it in the U.K. .
Yea don’t hesitate to tell that you got laid off, at least I didnt. Companies expect layoffs, and know it’s not just something based on performance. In fact, I would go as far to say it helps because people feel empathy. Yes, I got the hiring bonous with them knowing I got laid off. The key here is that you got laid off due to corporate restructuring, not fired based on performance. That would be a whole different scenario.
That is a very sensible answer. Thanks for the details. Yes, it is not a bad deal to be paid to leave a job with no future. Can you please shed some light when or if we should disclose to recruiter that we are laid off? Did you even get a sign on bonus even when they knew that you got laid off?
Not sure how laws are in England, but it may or may not help in the US. Workers have few rights. Did you like working there? I didn’t and felt fortunate to get paid to leave a job I didn’t even like. Funny thing is I got a job after the 3 months weekly pay, got a lump severance payout based on length with the company, and a hiring bonus at my new job. I will make way more money this year by getting laid off than I ever did working there. So pay your cards right and turn it into a positive.
Wonder which other investment banks /firms treat employees better and still hiring? How does MS compare in terms of pay, benefits, tech quality and fairness to employees?
experienced attorneys will be able to get you a better deal, and quickly. MS likes to settle rather than hitting the headlines as a notorious mean employer
If you have any other kind of lawyers you worked with before, ask your lawyer to refer one to you. Lawyers network with each other. They refer business to each other. A google search will also turn up many employment lawyers for your area.
OK... so how do I find a UK employment lawyer? Any recommendations?
Lawyers are famous for getting people out of trouble. Negotiating for severance should be a piece of cake for them. Their insights and advice is very valuable. Does not hurt to talk to them. Does our legal plan cover that?
I would say consult an employment lawyer anyway regardless if you want a lawyer to represent you. They know a lot more about how to deal with employers and can guide you. I do not think the severance package is that great. You can not count the on payroll notice period required by law, which can not be considered as severance. On top of that, some companies offer a base of several months' ( 2 months) pay and 2-3 weeks/per year service as severance. MS only offers 3 weeks/per year of service as severance and no partial payment for partial year finished. Then for people joined within a year, guess they are not even getting that 3 weeks/per year service severance pay. Looks like you should negotiate this part of severance if that sum is really peanuts for you. Again, do not count the time they keep you on payroll during the notice period. Count the severance check you will receive after they terminate your employment status at end of August when notice period exhausts. That is the real severance you get for signing off a lot of your legal rights and walking away peacefully. If your severance is only a few thousand dollars, that could be a good reason you should not sign it as it is and negotiate for more.
Likewise would be interested in knowing if it worth retaining legal counsel or just walking.