During the conference call It was reported the 35 million was used for severance packages. Do the math. 6449 laid off. Some with many many years under their belt so you know their buyouts were... Well... Again... Do the math. Infuriating.
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I got told after 6 years of service there wasn't any severance. Severance only kicked in after 8 years. Worst company ever. Worst managment up in eastern Canada.
For the most part people layed off are getting nothing at all. Just a sighn here from HR and good luck. 7 years of service
mmm...not sure what it is now, but some years back when I had P&L responsibility, if a person was making a salary of $65,000 a year, the cost of that person on the books were double that.. $130,000 in this case... I'm sure there are others that can confirm the correct value for todays situation...
Excuse me.. but if you try to calculate per employee your not going to get it right, because most were only given two weeks and others were given more because of buyouts. It is still, in my opinion , that this was not enough compensation due to the fact that employees were not given any kind of notice by management or HR of their layoff.
I got 3 weeks of straight pay... not even close to 5k. Buddy of mine just got laid off from NOV with 6 years and was given 1k per year.
The number of the "assets" that have been let go, either forcibly or voluntarily, will require years to replace... I saw this after the '86 bust... What a 'brain drain'... Always a short-sighted situation...but that is the American way...no long term thinking...
With 6500 laid off, the company is saving 422 million. That is an average of $65k per employee... So 5k severance on 65k salary is approximately 1 month per employee...
Oops. 5427.20!
Should have rounded up.
For the math allergic, that's an average (mean because numbers to calculate the-more efficient- median are not available) is 5427.19 per employee.
Million or billion?