I haven't done a comparative analysis of severance pay here and competitors, but severance pay at HON is really shameful. Do you know how much worse it is than individual competitors?
I only know that it is humiliating for all the people who have been loyal to this company for years. This is another motivator that no one should even consider staying here if they get a solid opportunity elsewhere.
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I cannot really complain when I went through this especially when you consider that they really don’t have to give you anything.
@1ysv
Sure, they lost a few million when you left.
Does your head fit through the doorway?
Most likely, they saved money when you left.
Get over yourself.
Asian countries (china and others) have far better severance than Honeywell. Roughly 4 weeks pay for every year of service. 25 years = 100 weeks of pay, 4 times Honeywell.
Do your own research to verify, and stay on topic.
I have a fully funded 401k (~8% match) a pension package that is still growing by 6%\year…. 401k has grown yearly last 8 years more than my gross take -home pay, now about $1.5m, paid off house, no debt, what could be better.
Do you also complain about how poor a mother yours is, for weening you off the ni-ple before she sent you off to kindergarten all alone?
Lockheed gave 2-1/2 years severance a couple years back to help lighten the load and encourage those close to retirement. Included full paid health insurance for same period. Many took it. Much more honorable way to treat those with tenure who made the company what it is.
So Honeywell plan is still not good.
Stop complaining. You shouldn't even get severance.
One week of severance pay per year of service is pretty standard, capping at 26 weeks. The 4-week minimum payout for those with less than 4 years of service really includes 2 weeks' notice pay since most people get cut immediately.
Left Honeywell and told them they could stick their pittance of a severance package where the sun does not shine. Way too many strings attached for such a small amount of money. They bled a few million dollars when I left and that was good enough for me.
Severance is on par with other companies.
Soon there will be no severance at all as honeywell wants to move to a more "modern" staffing model...ie all technical work is done by contractors and gig workers for anything that can't be offshore to low cost centers in southeast Asia. This will shut down Brno as well now that they are aware of the workers rights and saw how expensive it was to layoff in cz.
Pension buyouts are the first step of that plan. Few years down the road.