I've never heard of such a drastic change. They say they only expect about 7%-10% to accept the package. Who are they trying to kid? The offers include roughly 1-2 years salary depending on time with the company plus whatever bonus you received last year. OK....first, that is a lot of money to turn down for the "pleasure" of staying with a dying company to the bitter end. Everyone is going to take it. They aren't stupid. Of the nine people I talked with 8 put in for the severance!! Second, if the bonus plan compensates for good performance, then the structure of the offer necessarily gives more incentive to leave to the best employees. It makes absolutely no sense.......unless you are selling parts of the company or all of it........or you already have an agreement and the buyer doesn't want the headache or public relations of mass layoffs. I don't know what...but something big is going on. Whatever happened did those investigations mentioned in the New York Times? Are those still out there or is that over?
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I hope TIAA offer another Voluntary Separation Package to other departments in the company. Fingers crossed.....
When do employees that took this buyout get the payout?
What a terrible company tiaa cref is.. leadership is mindless, company is ALL india run (US Company manages us funds, and is manged by india) what is wrong with this picture!!!
layoffs is BAU for tiaa cref, not one good resource is still there, most have gone to better companies.
advice to all DONOT invest/stay or work with tiaa. Your fate is sealed.
I left and ran away before the fall!!!