Any news about what's on the offer as severance package for the Feb LR. Will it be something similar like 3 months notice or this time it might be something different
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This year severances probably 3 mos. Chuckie boy needs $$$ to purchasing Splunk.
July 2023 package was 6 mos, that included the time to look for a new job at Cisco. You get more cash if you take the package 30 days after notification and a % less if you stay for the extra time to look. If you had years of service starting 10 -20 years you get an additional week for each year of service. 20+ years you get two weeks for each year of service. (So if you have 22 years of service you get 0 weeks for years 0-9, 10 weeks for years 10 - 20, then 4 weeks for years 20-22 = 14 weeks of additional pay out ) Medical insurance was extended for 4 months after notice, then you get to buy into COBRA or find your own.
I was LR'd in 2017, it was 3 mos severance and 30 days to look for a new role, years of service kicker started at 5 years (service 5-20 yrs was 1 week extra, 20+ was yrs was 2 weeks extra). So just know...it always hasn't been 6 mos.
The only time 12 mos was offered was in the around 2009'ish (J Chamber days) for early retirement. That will never happen again. The most recent early retirement package towards the end of COVID was only 6 mos of pay + years of service after x number of years)
I would expect packages to get smaller as time goes on.
At one time you could be picking up north of 12 months pay. Now I understand it is nearer 6.
The only people I knew who got 12 months did so by taking the early retirement package. You could feel the sonic bo-m as the best flew off to competitors.
A decade ago 15 years of service got you 6 months. If it's significantly worse than that then you have a point, otherwise you have little more than hearsay.
No one knows. The packages are getting progressively weaker though after having spoken to people over a series of LR rounds. At one time you could be picking up north of 12 months pay. Now I understand it is nearer 6.
Notification date Feb. 15, exit date April 15.