Has anyone had any luck in negotiating their severance package? Normally set at 3 weeks per year of service. Any chance to negotiate or seek legal assistance in obtaining the 3 weeks per year of experience level? I was hired with consideration to experience regarding vacation time, but am guessing it does not translate to severance package.
19 replies (most recent on top)
I had to laugh when I read the "Retired COP Manager" comments. The first post certainly does not sound like "sharing from experience". It was very condescending to readers that were simply looking for answers. Hey, "Retired COP Manager", I retired a few years ago and sure don't miss people like you! I could not afford to "manage my money" as you advised because I lived paycheck to paycheck for many years until my children left home. I am thankful to COP for that because I did earn "fair pay" for my work. I have followed these posts because I still have friends and family working for COP! Best wishes to all employees in getting through the next few weeks of uncertainty in your lives.
http://hrcpdocctr.conocophillips.com/Documents/HR-Benefits-documents/AE/Severance_Pay_Plan.pdf
Thanks for your impute. Good luck to also!
The notations is a good indication the compensation packages are too complex to benefit the company or the employees.
Someone asked "why I was trolling here". To be honest, I ran across this site while reading about the layoffs. I was on both sides of many of them, they take an emotional toll on the staff. I have many friends working at the company and my heart goes out to them as well as all the employees going through this tough time. My short time as part of "management" was spent buffering my staff from the politics so they could do their best and enjoy their job. I had a great group of people, and working with them was the highlight of my career. I am staying very busy in retirement which IS very fulfilling. I went through several mergers, restructurings, layoffs, spin-off,s etc. I had my salary cut, frozen and saw some lean times in general. I learned a lot, especially how to survive the politics in a tough business.
I apologize for trying to share from my experience, and again good luck.
The policy is what it is. You won't be able to negotiate anything. The low level HR person that will hand you your papers will just tell you to go to the benefits web page and look it up. Sorry but that's the way it is.
As a matter of fact I did read the "leaving the company policy starting on page 15 where they talk about severance. I just hear different things and like to get other people's input to see how accurate it is. Jesus Christ people are angry here and just want to bitch at others don't they!
145850, thanks for the info. There are things I hear and things I read and don't know who is trying to help and who is trying to get emotions stirred up. I have prepared already by cutting expenses and stashing some extra money just in case. Polished up the resume and started brushing up on my skills for a possible new job if it comes to it. Everyone keeps saying our group is pretty safe but I will believe it when I see it. Luckily my job isn't related to oil/gas so I can work anywhere. Hey retired COP manager, why are you even here trolling this board? Your retirement must be pretty unfulfilling.
You people should really read the Severance Plan on the HR page of the company website. What's in the plan, what you get and how it works is no secret to any employee. Stop speculating and asking others and go find out for yourself.
Retired COP Manager - you're with all likely a joker before and after your retiring, you think someone would give a xxxx who you're or what title you had
READ YOUR COMPANY POLICIES!!!!! VCIP, severance, vacation pay are all spelled out. Credit for prior exp. is different for vacation and other benefits. If you didn't get it when you hired on you won't get it now, the time to negotiate is when you hire on. Threaten a lawsuit, go ahead, you won't be the first. I know of only one individual that ever benefited from a threatened lawsuit and that case involved a complex environmental issue.
The company gave you a fair pay for your work and was very clear as to the benefits you would receive while employed and in the event of a layoff.
Don't let a layoff consume you, manage your money and get back in the job market. Good Luck.
As awful as it is to lose your job, anything they are willing to give you on your way out is helpful and good. It beats just a kick out the door which happens around the country with other industries. It's a good time to update resumes and do a reality check on one's spending habits.
Anonymous 145859. VCIP only goes to those employed at the time of distribution. With all the cuts it may not even be there next year.
145850 I can't say I'm sure, it probably has a lot to do with the laws of the land/region you're located in. In Canada, you lose leverage the longer you are with the company (if you were headhunted/laid off say within 1 yr you have more leverage than if you were kept on for say 4 yrs)
To answer other questions:
1) yes to unused vacation payout ut only for the vacation you've carried over and have accumulated/unused to date
2) they handed me an envelope and I did not open until home; no discussion about the package while there. It is written on the package that they advise you to seek asvice from a lawyer prior to signing
3) yes to a prorated VCIP. Took my target based on SGL, and prorated total for 2 months
Nevermind the other person, you Americans sometimes talk before thinking (like you all the same though). We Canadians are susceptible to the disease (it's called stupidity) as well…..
Anonymous145850, I was headhunted but almost 5 years ago. I figured on just the 3 weeks/years service and that would be it. Did they tell you what your severance was when they pulled into the room right before they walked you out or was it in the package that is mailed out? Did you get your unused vacation as well? I heard they give you the holiday pay for the rest of the year too but wasn't sure how true that was. Any mention of a prorated VCIP?
Anonymous145849, you are a dick and maybe should just stay off the boards because you contribute nothing
Honestly you may be snookered. I was let go earlier this year, it was conveyed to me right away not for performance reasons (I had a Rating of 2 the 2 years I was employed there). I was 'headhunted' and didn't think my offers was acceptable. However, the company had a differing opinion, I found another gig and decided to take their original offer rather than going to the courts.
As a note, if you were recruited/headhunted they will likely sweeten the pot, just to make sure you don't go the Lawyer route. Depending on how you calculate (base pay vs total comp) I got about 1.5 - 2 months/year of service which is actually really good. I know, I should have just signed right away but was not in a good state of mind and was in the mood to fight.
Just mentioned this to highlight that they tend to have a look at these before issuing and take other things to account, the main one being 'how likely is xxxxx to hire a lawyer and fight this?"
You are a fool. It will be just the time you spent with the company. The statement you just made is the equivalent of going to buy a new car and walking in and saying, " hey I have had a licence for 20 years and I've been driving for 22 what kind of discount will you give me for prior experience ". He is probably looking at you like you are stoned, drunk, or hit on the head too many times. Sounds like the right decision to cut bait with you. Be thankful you got this far.
Negotiate...at a time like this? Not likely. But, good luck.
to my knowledge the experience doesn't count towards severance. I got 14 years experience when I was hired but don't expect that to be calculated in. I am pretty sure it is just actual years with experience but rounded up to the next year.