#severance

It should be no surprise that layoffs ultimately cost a company more in the long run, but here's an interesting interview nonetheless. It's worth a listen, but the TLDR is that short term gains are obvious, but longer term, it usually results in underperformance relative to companies who don't do that.

https://hbr.org/podcast/2023/12/the-hidden-costs-of-layoffs

Now, that's just layoffs, so imagine what happens when you aren't just laying off, but also using dubious tactics to stack rank, fabricate performance reviews, and look for ways to fire people for cause as a way to avoid severance costs?

This is why I am not long in WFC and I watch it every month or so for opportunities to short.

My severance ended last May, but I haven't received a W-2 yet. Does anyone know when they are going out this year?

Does anybody affected mind sharing? Is it the same as usual or have they made any unexpected changes?

I know a few people that were recently let go in Boston. Rumored be part of the initial phase of the Lake Mary relocation (they relayed to their manager that they had no interest in moving to Florida and that feedback was cascaded up).

All of them here 10+ years.

3 or 4 years ago they would have been given 6+ months. I think the maximum used to be 52 weeks.

I am hearing they each received full pay to the end of the pay period plus another 4 weeks.

Is this the new policy? Is a quality severance for people with 20+ years officially now gone? Has anyone heard of anyone let go in the last few months that was given a more substantial package?

For anyone who mentioned over the past couple of years that they were waiting for a severance package, what’s the plan now? Just curious because I was in the same boat, and honestly, the job market is rough. My current strategy is to switch things up and play the corporate game. Thankfully, I got a meets this year. I did 40% less work, so now I’m planning to step it up and do 20% more than last year, and fingers crossed I can keep that meets.

At least there was severance provided. So many employees this year got fired for cause (so no benefits no severance not eligible for unemployment). Does the company su-k for this? Certainly. Will they repost our same jobs for 80% less in 6 months. 💯. Take your severance and run. This bank is a sinking ship.

Can you comment on the package

Who from Uniti could tell us what the severance plan was? The Win one was awful.

I am over 50 and was recently laid off. During one of my conversations with HR, they said if I am over 50 and had been with CITI more than 5 years, my severance would had been a full year. I can’t find any information related to this. Does anyone know?

Question: HR and manager did read my termination blurb. During the call announce they will pay severance which appears to cover about 3 months of salary. Great since I was about to leave anyway to join a startup.
I imagine there is no stock acceleration typically offered correct?
Question:
I recall something about Cobra. Not sure I would need to pay premiums. Not interested in that since I can join wife excellent medical plan instead.

Two of my colleagues were affected few years ago and last year. They both got 2% per year they served in the company. It’s that still a thing or it’s changed because I see a lot of post here in the past regarding severance.

I just got a communication (I was laid off June) that I will be receiving my bonus at a pro rated rate hence missing last 5 months Dam!!!

Time to split

I'm in pure "collect the paycheck" mode now. Minimal effort, zero overtime. The last year and a half have been a masterclass in how dedication is rewarded here. It isn't. My only remaining goal is to get a decent severance and never look back.

I was laid off a while back. I really messed up during my layoff meeting.
I had enough service time to get the maximum severance and had kind of seen it coming and had taken steps to prepare for the next chapter of my career. So I was more or less going to be ok.
All the same it was upsetting and I let them see how upset I was, which was exactly the response they wanted.
I should have just laughed in their faces and walked out.

If you were laid off in this last round and had 36 or more years does Verizon give u any kind of discounts for medical after the severance period runs out

How can I get hold of a person to talk to a human HR person that can help with severance information?

Seems like it is designed to have no contact. Any help will be appreciated.

I have another degree and certificate but don't wish to work as that for Optum....when they are considering layoffs so they look at your resume and try to offer another job to get out of paying you severance

Will post all other details after I receive the settlement.

No overtime for RTM positions. Just so you know the company is going to fully expect you to work 50-60 hours to complete the job but only pay you 40. Dont fall for the trap. Take the severance if you can.

You’ ve been monitored every minute in office and every key stroke that you type. Writing is on the wall. Not your fault. This is simple math - the company has more than what it can chew. Layoffs will continue through out 2026. Doesnt matter what rating you got. Exceeds rating and promotions mean cr-p as it is relative. Time to upskill and time to work on your resume. Start looking around for a job. Dont wait to be layed off - your severance will not be big anymore - trust me its an exec here. Get out as a hero at your will once you find an opportunity elsewhere.

Are any other departments implementing new and far out there changes? Our department was told today no one can start work before 7am even though we follow EST and some of the team are in different time zones. I feel like they are trying to see who they can push out so they don’t have to pay severance.

I have it on good authority that they are working with a management consulting firm to revise the severance package policy. They won't change the 2 weeks of pay per year of service, however it won't start increasing until year 5. This is due to the 60 day notice period. Everyone at 4 years or less will get 2 months of severance, regardless of tenure before accumulating more starting on year 5.

Essentially what they're doing is eliminating the overlap with the 60 day notice.

Officially?

With 2/19 layoffs, wondering if those impacted will receive RRP?

In 2026 WF is moving the cost of severance packages to the line of business. LOBs are not funded for this cost and will instead force terminations through low performance reviews. Displacements will be delayed as each LOB works through this process. This is so sad, many good people will be forced out due to 'low performance' who truly deserve a package.

Please! Release me from my misery!! I've been trying to leave on my own but no luck so far. Give me my safety net and kick me out, I'll thank you on my way out.

I have a job offer to escape this place, but it's not ideal. If layoffs are definitely coming soon, I might wait it out for the severance and look for something better. Any solid info on timing?

Has anyone sought legal advice regarding expats not receiving severance if they decline their job offer? It seems unreasonable to force someone to relocate to a new city. I know the company’s stance is assumed mobility but do external lawyers agree with that?

If you were selected for severance, is there a chance you could move into another role if it opened up, before your end date?

I'm not scared of layoffs anymore, I'm waiting for them. Show me the money and I'll happily leave and never look back.

All these changes and the constant stress seem intentional. They want us to quit so they don't have to pay severance. I'm getting close to doing it.

Why would you quit and give up your paycheck over RTO? Just quiet quit and force their hand. Don't do management a favor by leaving for free.

I know I should be glad to have a job, but I'm so burnt out and miserable. The people who got the package might have gotten the better deal. It's rough staying here.

I'm kind of hoping my name is on the next list. Things have gotten so bad here that a severance seems like the light at the end of a very dark tunnel. I just want out.

How many are waiting for surplus to get 90 weeks pay?

Finding a new role took me many months and it was terrifying. Severance runs out faster than you think. Everyone should be putting money aside now because the job market is terrible.

They will be coming out very soon. AI is accelerating at a rapid pace. Remote days are numbered. Time to bring them all home.

Here is the table I found for the US severance package (Effective 1st January 2025).

I wonder, whats it like in different countries?