Can anyone recall the severance packages offered during the last two major downsizing events (Project Alpha and Transformation). I believe they differed—specifically, the Alpha event offered 2 weeks of salary for each year of service (I think). What was offered during the 2020 Transformation event? Also, did the cap on maximum payout relative to years of service differ between the two events?
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No severance for SR folks, if they decide not to relocate
4 weeks per year of service capped at 2 years, they have a lot of leave to buy out in ABU with annual leave rolling over and Long Service entitlements for Australians.
One year if you had the 26 years of service, or 17( 3 weeks per year) ?
The transformation package offered in 2020 was great, one year of severance and COBRA benefits. Happily retired with no regrets.
Depends on your location, outside of US gets better than anything mentioned here because of friendlier employee focused law
My bet is they give 2 weeks per year but cap it at 6 months. Honestly it does not impact many peoples decision process.
2020 package won’t be seen again.
For folks with higher rank the sweet deal in the packages during both layoffs was full vesting of all stock option grants.
Some of the merger packages were amazing. 3 years pay plus instant vesting etc
They have no obligation to offer anything. 2020 scared them so they will offer less.
As @hwp indicated, Transformation was 3 weeks per year capped at 52 weeks max. It also had 1 year of Cobra insurance vs the normal 6 mo. It was an “enhanced” severance package. I seriously doubt they’ll offer another one.
6 months of Cobra insurance was offered during transformation, it was all due to Covid and billions they got from Government, that will never happen again for a long long time, at best you will get 2 weeks per year of service up to 52 weeks in total, that is the high case, most likely will not happen
3 weeks per year of service capped at a full year’s salary for Transformation in 2020.