The "stay packages" are all personalized but none of it means a lot. It is the company's way of strategically saving money. Everyone who was notified knows that basically they have temporary jobs now. So everyone knows they need to find a job. And everyone was given a furture non-guaranteed date that their job is maybe "good" through All that I have heard received the same date. But there is a condition in all "offers" that says it could be any time prior to that with 60 days notice. So, PHH knows that except for those who are retiring anyway or have a guarantee of another job whenever they need it, people are going to start looking for jobs. In the past PHH has given little to no notice but some severance automatically for people who have been there for a bit. This new way, if those who received offers don't stay until PHH tells them to go, PHH doesn't pay a dime, thus saving hundreds of thousands or more in severance payouts, and savings in stay bonuses. Everyone that stays has to roll the dice and determine if they think they can get a job while living off of the stay bonus and severance once they are booted out the door, or whether they will get booted out the door, their money runs out, and then they are in a pickle because they didn't take care of themselves first and start looking for a job as soon as they knew their job just became temporary. People are already starting to leave because they have a responsibility to themselves and their families and the job market is going to tougher in NY and in Jacksonville with all the layoffs. The "offers" won't sustain a family for very long. The only guarantee that was given for Florida based employees is that no layoffs would be effective in 2016.
4 replies (most recent on top)
Some are getting stay packages with a bonus but some are just getting severance.
You know nothing makes sense at PHH.
People are keeping quiet about the stay packages.
Can you please explain this? Our team has been left in the dark!