Laid off but…

1,747 Views | 11 Replies | Last: 2 days ago by jh0400
uneedastraw
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Anyone told or heard of someone that they was laid off with a separation date so far in advance (almost an entire year in advance) while most others will be gone well before? Large severance in play but no retention incentive offered. Also, it was a verbal layoff with a generic email a week later. Separation date is not in writing anywhere.

needed for transition but entire leadership chain will be gone well before.

It's a major career disruption with the inability to plan. Nor can separation date be trusted since it's not in writing.
mm98
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AG
I'm having a hard time wrapping my head around all those conditions, and that none of it is in writing. I trust what you're saying, just not sure what kind of advice to give with so many unknowns.

Is there any aspect of this that is firm and known ?
uneedastraw
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Yes. Email contains separation language but no date. It was sent to colleagues who received separation notice. It references an attachment of severance pay but is a schedule that you find your total based on years and salary. It contains a link to a document with Cobra costs, etc.

However, there is no date referenced anywhere for anyone even the ones with dates not far out. The dates are referenced to the manager of the employee separated but not referenced to the people actually separated. That date though is not visible to the separated employee though.

Brenner
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AG
What questions do you have? This happened to me last year - I was working for Discover with the Capital One acquisition looming. I was given a little over a year notice, had a retention incentive near the beginning (this was only given after several people started leaving), then a generous severance. I stayed to the end, started hitting the job market hard ~5 months before the separation date, and was out of work for a total of about a month. Since then, pretty much anyone that was given the option to stay on with different promises was laid off with much shorter notice. It was my second layoff in 5 years and both times took about 6 months to land a new role.

In all of my interviews, I was transparent with my situation and was letting interviewers know I preferred to stay with Discover to get my severance and everyone was understandable. Not sure if it really took me out of the running for many jobs, but I guess it could have.

My separation date was pushed back twice during the notice period - I wouldn't plan on it but also wouldn't be surprised if that happens. Morale took a huge hit initially, but leveled off and most of the team coasted through the latter half - a lot of lame duck mentality hit the teams.
uneedastraw
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Nice to know others have seen this. I haven't spoken to anyone who has heard of such.

However, There is no retention incentive outside of my severance. Many others are laid off much sooner with the same package I will receive. I'm only one of very few with this far out of a date so there won't be a lot of people bailing because they can leave much sooner and still get severance. I cannot.

Did they offer you the retention the day they announced your separation? Or did that come later?

Did they give you a letter with the initial date of separation when they initially told you or was it just verbal?
Brenner
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AG
Retention bonus was announced/given about 2 months after they let us know what was going on. There was a clause in there about returning the retention bonus if we left within a couple weeks after given the retention bonus.

Initial separation date was just an approximate date, but we were definitely given a date immediately. The official separation date was not set in stone until we were in the "official notice period", but were aware that layoffs were happening well in advance. The official notice period (with all the legal jargon) was 90 days before the set separation date, probably done because of the uncertainty of when the official separation would happen.
KatyAggie2000
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AG
I guess I'm sort of in the same situation. I work for one of the oil majors. Next January I'll hit 25 years. Due to an asset sale our entire department is "at risk" with a last day on payroll of August 31, 2027. A nice severance will be given as it's based on years of service. I suppose I'll start looking for my next gig next spring. Weird that it's so far out there. But it's been a good ride. Traditional pension which I'll be able to access in my mid 50s. I'm 47 now.
uneedastraw
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Interesting to know it's not a rare thing. Hopefully with that long of a runway, they give you a retention.

I have no retention. However, they prematurely reduced my staff well before integration. At integration, they will reduce workload by 40% and increase staff by 15% (so they are basically admitting to the disconnect). My layoff is due to an acquisition. They have removed all my previously existing reporting chain up to the former CEO so I feel like I'm left on an island set up for failure. The severance is significant but the path to get through 9 months will be rough. Meanwhile, similar jobs have come and gone as I have the golden handcuffs. No guarantee these jobs are open when I'm finally released.

jh0400
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AG
Severance payments are designed to cover you while you're out of work with no income coming in. It's not a retention bonus, so I'd recommend being cautious in passing up an opportunity today solely to get your severance nine months from now. Nothing in your post would indicate that you can't resign whenever you want.
TxAggieBand85
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AG
I'll add that packages are paid to keep the "still employed" troops in place. If cut off immediately, then the best will bail.

I've been shown the door twice with zero severance and cut off pay that day/week. At will in Texas is extra fun.
uneedastraw
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I can resign at any time but torn I give up a year severance and a bonus. If I left, they would suffer because we aren't close to integration and transfer of knowledge. They believe the severance is likely enough to keep people in place.

Interviewing for a similar role that doesn't come open often so it's a tough call. Not high enough of a position to expect a sign on bonus to cover but maybe 1/3 of the severance. I would be leaving a lot of money on the table by walking away from the severance but I'd eliminate the career disruption that staying for 9 months would likely create.
jh0400
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AG
If you decide to stick it out, make sure you're prepared to spend the severance to fund your life if you end up on the sidelines for a while. I resigned for good reason back in January after my company was sold, because I got nine months plus bonus and all of my unvested RSUs accelerated. Even though I knew I could stretch that payout well over a year without touching the RSU cash, it's a tough decision to make to walk away from an income in this job market. Luckily I landed pretty quickly and start something new in a couple of weeks.
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