Thread regarding KAR Auction Services Inc. layoffs

Impending layoffs before end of 2022

KAR Global has signed a deal with Saperium Inc., a Philippines software company that sources multi-faceted personnel.

The plan is to layoff majority of the American, Canadian, and European staff across all business units. Then fill in those empty positions, and then some, using Saperium resources that are less expensive.

Most of middle management is expected to be cut as well. Saperium will correspond directly with stakeholders to address performance degradation.

This entire week has been back to back meeting between executive leadership, HR, and PR teams tackling how to announce the news organization wide with really no solidified plan as of yet.

This is a sad sign to come if you are still employed at KAR Global.

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Post ID: @OP+1iKbBtem

5 replies (most recent on top)

https://www.ibj.com/articles/kar-announces-300-job-cuts

It’s now public information.

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Post ID: @Nwkd+1iKbBtem

All employees laid off will receive a standard severance. From my understanding, 1 week of salary per year of service.

On top of that, those laid off in January 2023 will receive an additional 17.5% severance of their base salary amount on top. Those laid off in March 2023 will instead receive 30% severance of their base salary on top.

Stipulations

  1. You maintain satisfactory performance as determined by the Company in its discretion and comply with any employee obligations up to and following the Date of Payment;
  2. You are actively employed by the Company on your last day of employment in the same position you were in as of the date you sign the agreement; and
  3. At the end of your employment, you enter into a separation or release agreement with standard terms and conditions, including a full release of claims and confidentiality, among other standard terms.

There are several other disclaimers to protect the company.

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Post ID: @9ykj+1iKbBtem

Very interesting.

Any idea what the stipulations are on severance?

Haven't heard much about layoffs in the media lately

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Post ID: @8lxy+1iKbBtem

Following a round of layoffs two weeks ago, the CX branch has communicated the news that all non-people managers roles are to be eliminated tentatively January 1st, 2023 or March 1st, 2023. Those impacted will be offered a severance ranging between 17.5% to 30% of their base salary, on top of a normal severance offer, with various stipulations based on performance and leadership discretion.

More business units are in the process of obtaining letters of termination now for their various teams. There are ongoing conversations with executives as to remaining termination of roles for people managers and senior leadership.

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Post ID: @6pnz+1iKbBtem

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