Do you know what a typical severance package is. I have this throbbing feeling in my stomach that my head is on a fairly large chopping block. I truly think that most of our folks are highly marketable and that job market conditions are fairly good so we will not need much time to find an alternative gig, however for many of us old timers it's a pity to leave this way. Good luck to all of us!
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What's your division? SW or HW?
I think it's 4 weeks full pay base plus two additional weeks for every year you've been employed. In addition, expect for them to pay out your your accumulated vacation hours and you'll have to cash out all your vested stocks or you'll lose them. Most likely, they will not do any accelerated vesting of invested stocks. Depending on how many people are impacted in the geographic location of the layoff, the 4 weeks may be extended to 8 weeks.
Old timers must go and new blood should stay
many of old timers are not motivated at all
I am sure there is a cap on severance. But let's be realistic-- if you've been with the company for 15-20 years it shouldn't really matter whether you get 9 months or 12 months of salary. Between RSUs, stock options, etc. old timers have been riding the gravy train for a long time. Most people I know who have been with the company for over 10+ years have houses paid off and owe a lot of luxury things. I am not saying that they don't deserve it but their lives will not be as affected by these layoffs as for the ones who joined the company 3-5 years ago. No disrespect to anyone here...