I got called in for a meeting with my manager today to discuss the package GlobalFoundries offered. I was given a packet and a link to website with more details. If I'm interested, I'm to contact HR for more info. I was a little shocked as I'm only 53 and have been with GF for 15 years. My manager used the words Early Retirement, but the package references voluntary separation and nothing in regard to retirement. When I asked if this means a layoff is comingand if I am in danger if I refuse, he said this is not part of any planned headcount action. Based on the last layoff packages, and what I know those affected received, itmay make more sense for me to wait it out. Honestly, after surving many layoffs o er the years, I thought I was safe. More to come as I get info...
15 replies (most recent on top)
How does one volunteer, my new job doesn't start until January 2nd
when u get offered VSP .. take it ... the next one wont have much left ...
I feel bad for the employees who have to go through this layoff rumor every year, many years the rumors are true even though the CEO says things like "we went into covid together, we will exit together" but of course he has a layoff in Dec 2022. I left GF in mid 2022 after a major re-org where I was reporting up through a bunch of brain-dead leaders. My only regret was I should have stayed and got the layoff package (if they would have given to me) and the six months' pay but overall, I was happy with my decision. The pay at new job is better, health benefits not as good, retirement better, always plus and minus for every job. However, the thing I could not take at GF was the continued rumors of layoffs, the continued changing of directions, the continued re-organizations, the outsourcing of US and fab location jobs to low-cost geos. The industry is still hiring, tons of jobs out there. Why stay in a company that treats its employees poorly when you can definitely find something better. I personally never thought I would leave IBM and then GF but to be honest GF turned IBM Microelectronics into a horrible place to work. I really enjoyed my times at IBM but unfortunately GF bought us and that was the beginning of what will be the end, a slow death. GF is running the company into the ground and each year they fall further behind the competition. I wish all of you left at GF best wishes, sorry you have to go through another holiday season with layoff rumors running around preventing you from enjoying your holidays. However, at some point you will need to make the decision to leave like I did, not easy but believe me there are opportunities out there which are much better environments to work in with equal or better pay. The hardest part for me was leaving all the colleagues/friends I had worked with for many years but each year many kept deciding to leave so finally I did too. Each of us determines our own destiny unless you sit still and do nothing and let the company drive things. Be in the driver's seat and not the passenger's seat, remember that always!!
I hope they fire my POS team leader who sits out in the cubes all shift, armchair quaterbacking and watching YouTube shorts all day long.
A GF manager told another employee last night at the Recovery Room, to get ready. Keep your head down and keep a low profile. It's definitely coming again. Soon.
Managers rank employees at mid year and end of year, every year. Nothing to do with layoffs. More so has to do with PIP and compensation.
It started. Managers have to rank employees. :-/
The response included the words "global" and "planned".
Depends on how you parse it. If I had to guess, and based on GF's history, there are probably focused actions being planned at different sites, similar to "work smart" a few years ago. Especially with lower cost geos ramping.
They have said no actions planned before only for us to experience one a month or so later. In fact I think it was this time last year? They really bank on us forgetting, but similar messaging right before a layoff.
I'm assuming OP was outed by this very specific post, wondering if he lost his option to stay.
So, the CEO says no resource actions but instead they are giving people a kick in the a$$ to take a voluntary separation package. With as much skill as GF has lost, I would think they would be begging experienced people to stay but instead not valuing them and pushing out the door. This company never ceases to amaze me with all the BS and games they play.
Sounds like the talent transfer program, been around a couple years now. If you’re a certain age and years with company, GF offers you an early out. The way it’s supposed to work is that you stay a certain amount of time to pass on your knowledge to newer hires. I don’t think you have anything to worry about.
Per CEO at this morning globalcast Q&A (2023.11.09) "There are no resource actions planned" aka layoffs.
So, it's your choice to take it there package, If not, you will still have a job.
I take the CEO at his word.
Take it! Anyone offered VSP has the best set up for the next move. The other posters are correct the next will not be so kind of at all. Don't loose site of what makes the most sense for you, I know it's cheesy but sometimes we don't think of all the options.
I'd take it. The next ones won't be so generous