With a few exceptions, the Voluntary Separation Package is being offered to all US employees hired before January 1, 2018. Those who apply will be notified of acceptance and their employment end date on 12/19/2019. The employment end date will be one of four dates between 02/19/2020 and 09/30/2020. So, they’re not just targeting old timers. That said, severance is based on length of service so it’s much more lucrative for long term employees. That’s especially true of those who will be retirement eligible.
With Pru’s recent acquisition of Assurance IQ for $2.35 billion (with a B), the handwriting was on the wall. A senior exec at Pru said we’re not going to turn Assurance into Prudential; we’re going to turn Prudential into Assurance. There’s a reliance on automation and big data. Little value is seen in the knowledge and experience of most human resources, and human resources that are deemed necessary will be mostly offshore.
They’re certainly looking for younger employees that will work for less money. It seems kids these days are more interested in working for a “cool” company that provides a break room with an espresso machine and a foosball table than competitive compensation and benefits. And because there’s no longer any expectation of employer/employee loyalty (which cuts both ways), as soon as someone’s compensation begins to creep up, they’re out to the door and they hire another young kid for pennies on the dollar.
Bumped from @11w08GdJ-ohdm for info.