If one comes along, and you can, TAKE IT!
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"the company is migrating to workday"
I hear this mentioned every few months. Is workday some kind of HR platform or something? No one who says it can explain it to me or they say it won't apply to my group. Others say people are already using it for vacations(?) or something.
One should be coming shortly.
No retirement package for you
"Pardon my ignorance, but what exactly is a 5-5-1 offer?"
The 5-5-1 voluntary offer occurred in 2000 at SBC where eligible managers who took it could retire from the company early by adding 5 to their years of service, another 5 added to their age (used for the pension calculation, ie Modified Rule of 75 of Age + Service), and 1 year of severance pay.
This was offered at a time when the pension was well funded. Some would say it was "too fat", unlike today.
This offer has never been repeated and likely never will.
It is brought up often enough here as a meme-like response from trolls and those with false hopes.
Pardon my ignorance, but what exactly is a 5-5-1 offer?
5-5-1 offer is coming.
No need to offer a package when terminations for cause due to RTO noncompliance are coming in a few months.
The company is migrating to workday as of the beginning of the year and is attempting to limit any workforce activity in December to mitigate any issues with that transition. If anything a separation would happen in November so the employee is off payroll by the end of the year. No one has heard anything regarding any interest in leaving but there will be several surpluses in October.
Yeah...I pinged a former manager a couple of days ago about this very subject. She was always straight-up with me and tuned in to what was coming down. According to her, and please don't take this as the gospel because it was just her opinion, it's not going to be until December. Which su-ks because I don't think I can wait that long. I'm one of the old fogies that Stankey apparently hates, but I never thought I would take a package. Even after a ton of my colleagues did last December. I was proud of surviving all the FMPs over my 28 years with the company, but now they have finally worn me down. Stankey...if you truly want to cull all the old workers: offer the package now and you will be more than happy with the number of departures.
If there was early severance too many people would take it…but if the goal was to reduce headcount…my guess is there may be one at the end of the year