Any insight into severance packages for different bands this go around? I’d suspect, given some of JD’s comments, they’d be better than the garbage packages in the past, especially with his tech background- but curious if anyone knowS anything or has spoken with someone recently let go.
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Continued service is what is considered, so 5 years. Longest break in service I think is 6 months or so before starting from scratch.
Is the severance policy based on continued service or total years of service? I had 10 years at campus before leaving for 3 years and have now been back 5 years. Would I get severance for 15 years or 5 years?
Severance depends on your seniority and band level. Look at chart below which is from a severance policy that has been in place for several years. You will also get a PTO payout which is a separate check but no sabbatical payout so make sure you take your sabbatical. Cobra - up to 3 months covered. You can file for unemployment immediately after your last day.
E and above
- 1 yr (seniority): 8 weeks pay
- 1 - 2 years: 12 weeks pay
- 2 - 4 years: 16 weeks pay
- 4 - 7 years: 20 weeks pay
- 7 - 10 years: 24 weeks pay
- 10 years - 15 years: 32 weeks pay
- 15 years - 20 years: 40 weeks pay
- 20+ years: 48 weeks pay
L & U
- 1 yr (seniority): 6 weeks pay
- 1 - 2 years: 8 weeks pay
- 2 - 4 years: 12 weeks pay
- 4 - 7 years: 16 weeks pay
- 7 - 10 years: 20 weeks pay
- 10 - 15 years: 24 weeks pay
- 15 - 20 years: 32 weeks pay
- 20+ years: 40 weeks pay
V & A
- 1 yr (seniority): 4 weeks pay
- 1 - 2 years: 6 weeks pay
- 2 - 4 years: 8 weeks pay
- 4 - 7 years: 12 weeks pay
- 7 - 10 years: 16 weeks pay
- 10 - 15 years: 20 weeks pay
- 15 - 20 years: 24 weeks pay
- 20+ years: 32 weeks pay
Doesn't matter about role or band level — they can choose to in-force it or not at their own will.
Nothing is set in stone 😎
There are jobs that are required to sign the contract when you're promoted that aren't worth being paid to 'not compete' to be honest.
And if Nike wants to save even more money they would just say, go ahead, go find a job during a pandemic and tell them all our secrets 🙃
I think it should the same as last round in July, of course last rounds were more about VPs and they probably got more. ~ 2 months of salary + years of service * n weeks base (n depends on band), Cobra for a few months. That's what I heard from July.
Not the best compared places like Walmart, Uber, lyft, Airbnb etc, but better than some other places.