Meta severance packages are noticeably better.
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I recall the cap being around 78 weeks severance for those with very high service, but only about 2 weeks per year for those with low service. There is No Industry standard, Every company is different
Australian voluntary layoff was pretty sweet. Very generous packages and gave people the opportunity to volunteer. I believe driven by legal requirements in Australia. Lost many very good people to the generous layoff package.
If EM offered 1 montage per year of service, up to 65% of employees would beg to “Take the package”.
Historically oil companies would announce headcount reductions and ask for volunteers to “Take the package”. After all volunteers tallied, if headcount reductions not met, then involuntary severance started. Involuntary got a sweet severance too.
Meta was 4 month minimum plus 2 weeks per year of service. We laid off people with up to 10 yrs and only 3 months severance. A person with 10 yrs at meta would have gotten 4 month plus 20 weeks, so 8-9 months. I have friends at Meta.
Not sure where you’ve seen the I for about great severance packages at Meta. Just went to Meta’s - Layoffs site and someone was complaining about 4 months or 20 weeks. Looks like they got similar treatment.
@OP Maybe you should have learned to code instead of all the good ‘old boy backslapping BS that most people built their careers on at Exxon and similar companies.
Oh wait…my bad, the software engineers weren’t let go by Meta; they cut loose the parasitic extroverts in middle management who produce nothing and usurp huge salaries.
Up until a few years after the merger, EM severance packages were the industry standard of 1 month salary for every year of service with a cap of 24 months salary.
Supposedly Lee Raymond did not like such respectful treatment of layoff victims and their families and made the statement “Never again will we pay someone to leave when all we have to do is show them the door”.
This selfish statement was made by a man that received nearly $100 million when he left.
When the PIP was first we-ponized in 2013, the severance was cut back to 4 months of pay plus insurance, then that was cut back to 3 months in 2019.
EM has gone from paying 24 months severance to only 3 months.