I'm very sorry for everyone laid off. I am currious if Nike at least gave their hard working employees severance packages. Like 6 month to a year's worth. If not, I'm no longer a customer.
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Is PTO being cashed out or no?
Despite what their advertising claims, they openly abuse women and treat African American employees horribly. This is why everyone should stop being their customer.
I have to agree. If you've been at Nike for 20+ years you likely bought a nice house for super cheap and have had years of perks, bonuses, and Nike stock. It was a great ride, but if you weren't paying attention when they started going after the old timers in 2017 I don't know what to tell you.
Sounds like a lot of the Nike lifers when I was there during the layoffs in 2017. Got generous severance packages and managed to find jobs pretty quickly. Just know that you are light years ahead of people who came much later.The writings been on the wall for a few years now, so if you're in this boat and can't make ends meet then I don't know what to tell you.
@mje, there is no way that is the whole story. How long has your friend been working at Nike? The answer to that question determines how many additional weeks your friend will get paid.
I was there over 20 years and laid off. Getting paid thru the end of the year and 40 weeks of salary. COBRA thru the end of 2021. While it may seem generous - I have many friends that have been there over 20 years that we’re let go- despite the results they have have consistently delivered.
I was there 9.5 years. 12 months COBRA and 6 months severance. Cam keep stock options that vest in year as long as I exercise them.
Yes Nike has an established severance package matrix that takes into account both your band level and years of service. The exact details of this matrix have been posted here a few times before.
It’s a decent package, slightly better than what most other large companies provide. Actually, in some cases it’s much better than what other companies provide. A middle manager friend of mine recently got let go from Gillette after 14 years and got 14 weeks of severance. Just one week per year of service. Made me feel a whole lot better about Nike’s severance packages.
A friend of mine was laid off today and what he mentioned to me was not good. He got a meeting invite from his boss's boss 30 min before the actual meeting. So, he already knew. The severance package was just that he is going to get paid until the end of the year and will have about 6 months of health insurance. Maybe 12 months. So, 2 months of salary and 12 months of health insurance. He also had a non compete, but Nike is not going to honor it and said that he was not bound to it anymore.
yes
Yes, though what people are getting depends on many things including longevity. As well, I’m aware of some higher longevity folks getting a full 12 months of COBRA.