Apparently not enough people signed their offer letters by the deadline (today) so HCLTech is now going to cancel our letters and send new ones out with added incentives included (unlimited vacation, higher sign on bonus, higher retention bonus, removal of spouse surcharge for medical benefits). They should arrive in your work email this afternoon.
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Be nice for everyone to tell them to “get bent”. The more successful we make them, the more they do bs like this. Rebadging
None of this is correct. Yes, it's true that we received another offer letter, but the only change was the band assigned that was incorrect. No more $$$.
I figure HCL just is an extended notice of getting termed. Basically a year of documenting my work and looking for a job while getting paid for it.
It's a bad deal because HCL will drop you once you transfer knowledge to a replacement. That's how rebadging works, there are no long term plans for rebadged employees
My HCL offer letter states matched salary, STI and benefits and a $400 sign on bonus 12/01/23, $6500 retention bonus 11/01/24 (everyone is supposedly different as it’s based on salary). We also get an additional $250 allowance per month since HCL only matches 4% in their 401k to make up the difference. Lastly VZ is paying out our 2023 STI at 100% and giving us all of our stock together money and a payout for unused vacation.
Not a bad deal if we survive at HCL.
You got sign on and retention bonuses?
@1tyk If enough people don't sign HCL will not be successful in training your replacements. They need you to sign for this to work out for them otherwise there is less knowledge to transfer
This is just me being curious but what are they going to do if enough people don’t sign? Also lol unlimited vacation is a scam.
HCL decided to offer “some” people promotions which also means more money and incentives hence the updated offers. It mostly went to Service Managers, Project Managers and Program Managers who are individual contributors and were treated the same band wise in their offers as Network Engineers who at Verizon were a level below them. They are being made whole with their titles/bands which fattens their offers.
This happened to a family member who works in the insurance industry. They got sold off and they wound up with unlimited vacation and many of the incentives mentioned. Sold off offshore. They remained for the two years and then left for another company onshore. The offshore company kept trying to convince them not to leave which didn't work. With 3,500+ people going with the sale, wondering how many signed on the first time and how many will sign with the second offer.
Wonder what the third offer will be or if they’ll cancel. If they didn’t need employees wouldn’t they be happy people didn’t sign?
all B.S
got updated offer letter from HCL too
Yeah just got mine too. Seems they sweetener the pot. Not sure this will incentivize people to sign that haven’t. The younger folks are looking for careers and this is a 2 year gig at best.
I’m a VZB Engineer in Cary and just got the updated offer in my email. Change of vacation to unlimited, sign on bonus raised from $400 to $2000 and retention bonus after 1 year raised from $6500 to $10000. Also band increase from E2.2 to E4. Job guarantee changed from 1 year to 2 years still at matched salary and benefits.
Fake news