MSOL announced last week that we're in cost cutting mode, requiring vacation usage this summer and putting early retirement out there for select employees.
Unless the market improves unexpectedly, be ready for an October Not-Really-a-Surprise round of layoffs.
it was around 80+ people who took it
I know two high level, big salary people that received the package. Of course they are always non-producers that receive the package, because they aren’t really needed to run the company. They have been laying off and will continue to layoff/fire as necessary to meet commitments. That is what all of Wall Street is doing right now.
Did MSOL get the appropriate number of early retirements? What’s the word? Only person I know who signed said Friday July 26th is their last day.
"Maybe mandatory vacation too!"
Already doing that. While pushing multiple major projects that HAVE to be done. I've been telling people to stop working extra to try to keep projects on schedule. If they wanted projects on schedule, they would prioritize them over cost cutting by forcing vacation use.
Personally, I'm thinking it will be an August surprise. Whoever accepted the VERP will be verped by then so they'll know how many more people they need to cut.
"However, it’s cute you think the company wouldn’t come to certain individuals who don’t sign their VERP with two options: take the payout they offered or have your job eliminated with no additional financial compensation. This very much HAS happened in the past."
Happened to me. My job was moved to Manilla.
Let me preface by saying you (see previous comment) could very well not be on the company’s list of top candidates to “manage out” or people they could really afford to lose.
However, it’s cute you think the company wouldn’t come to certain individuals who don’t sign their VERP with two options: take the payout they offered or have your job eliminated with no additional financial compensation. This very much HAS happened in the past.
Sales orgs are next for VERP’s when they don’t get enough volunteers from the current pool. Maybe mandatory vacation too!
Was offered a severance package. To my knowledge nobody who was offered one in our facility is participating. Emerson, I'm sure, will not take this lying down. However, it does put them in a pickle. Unless Emerson can generate the paperwork to claim these workers have a history of substandard performance, if they start laying off these same workers who are 60+ they are openly inviting a class action age discrimination lawsuit. I'm certainly not going to accept a skinny severance package that includes me signing a waiver for participating in future litigation. Moreover, personally, I am insulted that only salaried personnel received the "voluntary retirement" package. My value is not any more or less than the next person. If you want to buy me off, you have to offer a LOT better.
It is a common knowledge that voluntary (cough cough..forced..cough cough) retirement is prelude to layoffs. Get out while you can
Someone post the CRS Statue and I’ll take it up with HR. I really don’t bare about getting fired.
Strongly-encouraged (but legally unenforceable) PTO usage before September, just so Emerson doesn’t have to pay out nearly as much PTO when they get rid of folks in October!
We love shareholder value!!