This has been in the works for well over a month and is absolutely true. Idk about the people getting walked out immediately or if it's happening tomorrow. But retail leadership is meeting about it today AND it has been pending for some time. My question is this... What will the severance package be? Certain amount per year of service? Anyone know what that looks like...
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Yep, I was in the VES Feb RIF, and as you say, 2 weeks per year of service, medical, dental and vision for the same amount of time (all capped at 35 weeks plus outplacement services at LHH. Your 2 weeks a year includes the STI at full rate (which can be much more than you would actually get if you stayed, like this year) plus some prorated 2017 STI at some bad rate. These are all conditional on signing the multi-page waiver. Then you get your vacation paid out, and in some states, unused personal holidays
This is pretty generous by many standards, and it has surprised me for the last several years that they don't reduce it. (After all, surely bean counters must think: "Wait, we pay them when they aren't working for us any more.....")
They had a RIF in February in VES with the billing/service managers and they received 2 weeks per every year of service plus prorated STI and 30 days notice.
Altogether not a bad deal, and for anyone already thinking about changing jobs who has a lot of tenure it's a no-brainer. I know a gal who left with $100k or so and isn't even a manager. She said in order to get it she had to sign a no-litigation waiver. Smart move by the company because no one with any brains is going to sign a waiver like that unless the money is good.
Supposedly it's 2 weeks per year of service