What do you think?
Is there is a better chance of SAS offering another VRBP or layoffs more likely? Or maybe they'll just tread water for a while until us old guys get tired of waiting for a package and finally retire?
I'm hoping for a VRBP but realistically I am afraid there is too much downside for SAS to offer it again.
Downvote me if you want but it seems like actual buyouts are reserved now for people who are sent packing who could potentially have a case for age discrimination or similar. The buyout is the cost of their silence. This is why you never see anyone going on linkedin or anything lighting up SAS for forcing them to leave.
They get a nice fat payout in a lump sum and then probably get another job with a month. They're sitting pretty while the rest of us do all the work they left behind.
Based on open enrollment is coming soon. If anything major is going down, it has to be done in time for that.
Based on a pending reorganization in marketing. They all but said it in the townhall last week. Not sure if or how it will affect other parts of the business.
“The turning over of rocks has begun. Expect a flurry of announcements over the next 6 to 8 wks.”
Based on?
"The Consolidated Omnibus Budget Reconciliation Act of 1985 requires companies to offer COBRA".
The point was that they got six months of it paid by SAS. As you say, the option to purchase it for up to 18 months is always there by law.
IIRC, the last buyout included a one time cash payment to be used towards healthcare expenses. At one time that payment was much larger, I want to say in the last buyout it was maybe 10 grand? 8?
I wish older people would see the writing on the wall and leave of their own accord. But they won't because they want to be paid out. They want an extra full year of salary in the bank.
What they maybe don't understand is that health is fleeting. If you are in your 60s or older and your health is still good, you are lucky. But your luck may not hold.
Don't be the people who are so behind the times that people whisper about you behind your back and wish you would retire. Have some self respect and leave on your own terms. especially if you've been getting a huge check every month for decades as a manager or director but you have done less and less to earn it as time goes on. You know who you are.
Be grateful your profitable grift lasted so long and be on your way. The buyout terms will be less generous as time passes.
"People are being picked off as we speak. Anyone who's a dingbat or has been in a position of power for a long time without having the knowledge or the desire to manage or direct correctly, look out. They're coming for you."
"The turning over of rocks has begun. Expect a flurry of announcements over the next 6 to 8 wks. Long overdue changes are starting to happen."
Color me skeptical. All the "poor little rich girls" in positions of power, or "made-just-for-them" positions need not worry.
The Consolidated Omnibus Budget Reconciliation Act of 1985 requires companies to offer COBRA
If you're an old guy or gal, why do you want to wait longer to quit?
Do you really want or need that severance (or VRBP) that badly to leave?
Is your job still enjoyable, meaningful, impactful?
Do you have to work hard to meet deadlines?
Do you have a heavy workload?
Do you have stress?
If you have at least 25 years of service at SAS, you can take "retirement" any time you want (whether you retire for good on your own or quit to go work somewhere else or get laid off or get VRBP) and get the "SAS retiree status" which includes a golden color retiree badge that allows you to have access to SAS campus to have vaccinations/lab work done at HCC, use the gym, walking trails, and eat in SAS cafes (not free lunch though), and you get a one-time $100 per year of service as your retirement recognition reward. That's all you get for 25+ years at SAS as a retiree.
Look at it this way, you can either abandon SAS first or let SAS abandon you.
Psychologically it feels better to be the one that abandoned rather than be abandoned by someone.
I don't think that the severance package (not the VRBP) includes the retirement benefits of being able to use the gym, walking trails, or cafes.
Leave now if you can retire on your own terms.
Dragging it out just hoping for a layoff payoff (more likely) or a VRBP offer (unlikely again) is just another day, month, year of your life spend working instead enjoying retirement. Life is short so don't delay retirement if you can do so while you're still young-ish and healthy enough to enjoy life in retirement. If you're still financially insecure (or greedy if you're already over 65 and still not retired) or not in a hurry then just wait it out to get the ax since it will come eventually.
When the 44 testers got laid off last summer, they did get 6 months of Cobra, but it was because of an HR mistake. An old recording during the layoff announcement was used. They initially retracted it and said sorry, no coverage. But then reinstated because of their sc--w up. So that is another data point indicating that the generosity of severance has diminished and will likely continue to shrink.
Anyhow, as has been stated elsewhere .. there isn't really a difference financially it appears. Only psychologically. Taking a voluntary package beats getting laid off hands down.
I thought the last VRBP had some health insurance benefit or feature? I dont think a layoff does other than COBRA.
Why not wait? Well, it is probably a matter of patience at this point. Do you ride it out for another year, 2, 5, who knows how long and see if you get called in the layoff lottery? Also, assuming SAS gets sold I expect the severance package will get adjusted accordingly by the new owners. It does feel like a betting game at this point.
So what's the difference between a layoff and VRBP for SAS? Isn't there a comparable severance? I know many of the R&D folks in the layoffs last year received a nice package. SAS' retirement plan ($100/year of service) is laughable. For those on the fence about retiring/leaving, why would they take that when there is a chance, even slim, of getting a VRBP? Or a layoff if it includes some decent severance?
People are being picked off as we speak. Anyone who's a dingbat or has been in a position of power for a long time without having the knowledge or the desire to mange or direct correctly, look out. They're coming for you.
The turning over of rocks has begun. Expect a flurry of announcements over the next 6 to 8 wks.Long overdue changes are starting to happen.
For the last few years I was hoping for a package...but I don't see it happening, why when you can just outwait the folks who would want to leave and would qualify? Now I just plan to retire early and do something else. I am tired of waiting. 2025/2026 will either bring another move of the IPO goal post, or an actual sale that could result in many layoffs. Things are about to get interesting (will within a year or two)!
So you're telling me there's a chance!
VRBP is extremely unlikely.
Layoffs are a certainty, it's just a question of when and by how much.
My guess is 2025 will be the year where things get brutal...25% of workforce laid off at a minimum. What the ownership and governance structure looks like is anyone's guess.
The unmanageable workload never decreases and when people leave their work piles onto those that remain. For those actually producing and adding value, there will be no further encouragements to leave. For those not, the drip drip drip will continue.