Getting severance is not set in stone. It's up to the company whether it wants to offer it to employees it plans to lay off. What some of you are doing is sitting around and waiting for a package that might never come. In the end, you might end up in a super competitive job market without a safety net to catch you if things don't work out. If you're thinking about leaving Nike, maybe now's the time to make that move.
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My unsolicited advice ... if you are so unhappy that you are sitting around waiting for severance, you better be looking for something else and getting that lined up. Severance may or may not happen and if you think it's going to be the Golden Goose for you, it might not be.
If you were lucky enough to get any options over the years you better be 55 or older or you can kiss those goodbye within 90 days of leaving the company. Anything not vested is vaporware. Anything vested you will have to sell off (if there is any difference between the price you were allocated them and the current stock price - for many of you in the past few years, that is a small margin). Then you will pay taxes on all of it so what you hoped might be a great "retirement" fund turns out to be a bust.
I was let go six months before that magical 55. I had options from some good years (low 50's stock price) when the stock was trading up in the mid 100's literally right after I would have been age eligible to keep them. Had I been able to keep them and let them all vest out I would have potentially had 3-4x the amount that I had to sell them off. Just luck of the draw.
Don't get me wrong, the severance was nice, but it was basically one year for 25 years of service along with NDA payout for a bit. Again, nice, but nothing that was going to sustain me long term.
@4zlx+1pvlLUOC Did they include anything about immediately vesting your stocks as part of the severance?
9 years or service, 20 week's severance, that's what I got today
During the last set of layoffs I took another job and starting working and waited for Nike to pay me severance. They didn’t even notice I was barely online and when layoff time came I got a severance and had already started my second week of work. I treated it as a nice bonus and that was that. Managers know when layoff season comes around everyone quiet quits so.. get another job and wait for severance. Worst case you don’t get severance but you already have another job! Give them the finger. They don’t care about you. You gotta take care of yourself.
@gkx+1pvlLUOC What did the package look like? How recently did you get it?
Wait for severance.
It worked for me. I got a nice package and landed a better job.
The job market is already bad. How is making a move now better than chancing severance? Ideally everyone is waiting for severance while brushing up their resume, interview skills and connections. Best of both worlds.