Frank is pushing unlimited R&R for grades 9 and 10 in an effort to get people to waste all of their remaining PTO from now until the end of the year, so that he won't have to pay anything out in the next (massive) layoff slated for 2023. Shame on you, Frank.
11 replies (most recent on top)
Got to pay for his next $100MM+ stock gimme for next some how. Look up how many shares of stock was given to him/exercised @$35 a share.
And you believe that nonsense?!? Nothing Fiserv does is for any of their employees' benefit. It is all about saving the company money.
I was told it is primarily an accounting move. Designated vacation (R&R) days show up as a liability on the books. Unlimited vacation does not.
@1yzp+1jWqjpwP Why would anyone who is switching to an unlimited plan next year bother to carry over any vacation from this year? That's like denying yourself a plate of nachos today because you're saving it to consume right before you hit up the all-you-can-eat nacho bar tomorrow. Eat those nachos now!
However, when you migrate to unlimited and you are laid off, you are paid none of it.
Studies show an unlimited policy leads to fewer days off taken. Seems wrong but evidently the fear factor comes into play. My advice: if you have a number of days today - vacation+personal+sick - write that number down and ALWAYS take at least that many per year when they migrate you to unlimited.
R&R doesn't "expire at EOY" in accrual states like Nebraska (well-being does, however). Per the published 2023 Unlimited R&R FAQ (and per state law), the bucket carries over and you have to pull from that first. Once it is depleted, then you are on the unlimited plan. Given that Frank would love nothing more than to shut down Lincoln, he is likely expecting everyone there to use up all their time which makes them cheaper to eliminate in Q1.
True, R&R does expire at EOY, but if you are laid off on June 30 and have accrued 50% of your R&R time, but have not used all 50% of that accrued time, you lose it, whereas before that total up to 50% would be paid out at separation.
R&R expires at the end of the year.
Wellbeing doesn't get paid out.
This strategy would only work if Frank was going to reduce those employees this year. (Unless you happen to live in a state that does allow you to carry over R&R days, then I guess it would make sense.)
PTO is not payable in most states. Also remember PTO don’t carry over