Also the healthcare coverage for involuntary was 6 mo which was better than voluntary. Although to be fair the rules on the voluntary healthcare was changed after the voluntaries had accepted. For those Medicare eligible this doesn’t factor in to the decision.
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Correct. For long service employees, invol is 9 months, and vol is 6 months pay.
@1xft+1hFQoYJY "The poster that said that the voluntary packages mirror the involuntary packages is 100% correct."
The last round of voluntary severance benefits, at least the amount of $, was less than the involuntary. I think this was one of the reasons they didn't get many people taking it. Can't recall how the entire package of severance benefits compared though, so maybe it evened out.
"Yes the in-voluntaries are coming in 3rd quarter. They will be substantial in some areas. "
We are currently in Q3 - I assume this will happen at any time or towards the end of Q3? Earnings are out on 7/27 so I wonder if they will do this pre or post earnings?
Yes the in-voluntaries are coming in 3rd quarter. They will be substantial in some areas. LL3s were given a reduction target to make in their budget. I know one LL3 was looking to do crazy levels of asset reduction (hardware,software) to reduce # of heads he would need to cut (protect his empire). Then he moved to costing outsourcing , lower cost countries, IAAS and SAAS. Since the LL3 has a long history of poor business decisions it is inevitable that the wrong people will be cut.
After the in-voluntaries ‘voluntary’ packages will be extended to the leadership levels. They may appear to be voluntaries but are really face-saving in-voluntaries.
There may be voluntary offers to select GSRs after that.
As stated in other threads, there are signs that voluntaries will be offered AFTER involuntaries occur. Management has been unhappy with the outcome of previous voluntary package offers being taken by some they didn't really want to lose, and those they really wanted to take them did not. They will thus do involuntaries first to cut away the retirement eligible deadweight, and then offer packages so that voluntaries can take advantage too. The poster that said that the voluntary packages mirror the involuntary packages is 100% correct. The only difference is in the former you get a choice, in the latter you do not.
1xvw+1hFQoYJY, any estimated timing? Thank you.
Yes - the person that wrote “mass firings” was incorrect. All those let go involuntarily get a package….it’s called SISP (Salaried Involuntary Separation Package). Look it up on Life@Ford; it is literally there in black and white. It doesn’t suck if you got 16 or more years with the company. Not good but better than nothing if you have 10 to 15 years. Worth next to nothing if you have less than 10 years with company.
If you have less than 10 years, you are likely better off leaving on your own by starting to interview now and resigning once you get an offer from another company than waiting for any form of voluntary packages- those are only offered to select groups anyway ( over 20 plus year service, or over 10 years service but over age 55). I can think of only one time the offer voluntary to everyone….that was in 2007, and they mirrored the current SISP. Next year in 2008 they let go 30% of the workforce. I refused the offer at that time and instead looked for another job. Actually got an offer but turned it down as it was a creative web shop agency and they relied too much on automotive accounts made me nervous as in why leave one fire just to join another?
I usually get a bunch of packages for Christmas.
UPS says yes
Mass firings, but no packages.
No