Anyone have info on what the severance is? I heard 1 month for every 2 years worked -- which is pretty awful.
6 replies (most recent on top)
We all get 2 weeks, but TE gets a couple months to exit. We call that the golden parachute.
Severance maxes out at 10 months for veterans with 20 or more years with the company.
Anonymous is obviously Nike HR.
If you think about white Nike pays the athletes that they endorse, who already make millions of dollars, they could definitely be a bit more generous towards their employees who have worked for them for 20 and 30 years.
Go buy Adidas!
At another company I was at for a long time, during the height of the recession, we recieved 2 weeks of pay, 1 month for every year served, immediate vesting of all outstanding stock, and several weeks of free career counseling from a professional service as severance. Subsequently, when my ticket was punched, I walked away with over a year of salary, plus unemployment benefits, and felt grateful to move on comfortably. I even got to say goodbye to old friends my last day. In contrast, what we saw at Nike seemed much more harsh, especially for those that had served 10, 20, 30 or more years. It seems like these people could have been approached and given the option to voluntarily retire, and had a chance to be honored (instead of being escorted out the door by security). Some severance is better than none (just ask those whose companies go bankrupt and get nothing), but perhaps this could have been done better?
Compared to what? Two weeks is pretty standard. Some people get only two weeks period or nothing at all. I would be happy with what you get.