Rumor has it that our new fearless leader is targeting company 401K contributions. Matching will be terminated. Mr. Visentin's praise of employee dedication is not supported by his actions. If the dedicated service sabotage every endeavor they undertake. Make Employees Great Again!
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Severance??? Bahaha! Employees with DECADES of service are being told severance is capped at 8 weeks, lump sum, health insurance stops on the last work day. Policy can be changed again to zero severance. Unless you have completed/approved VRIF/IRIF paperwork in your hands, even the pathetic 8 week severance pay is not guaranteed. Current Xerox leadership has zero ethics. All US employees should prepare to be walked out with nothing. Use every spare moment to seek employment elsewhere.
re: If you quit or wait for a VRIF, the severance is still the same right?
Severance is only for VRIF or IRIF. There is no severance for voluntary resignation.
If you quit or wait for a VRIF, the severance is still the same right??? What's the point?
Let’s be honest with ourselves. The industry is dying and therefor only pain is in front of us. My opinion.
If this happens, I could no longer in good conscience tell my direct reports that everything is good here, that they have a future, and keep working hard. I might have to tell them polish up your resume, and do what's best for you and your family. Xerox is f'ing you over.
The average employer match is about 50 cents on the dollar for the first 6% of pay according to a 2009 study by Hewitt. If an employer decides to suspend its 401(k) match based on this average, it could save about $1,500 per employee each a year. A large company like Xerox could pocket approximately $25 million annually.
If there is an economic downturn coming (think 2008), companies will start to circle the wagons and cut unnecessary expenses - all in the name of glorious shareholder dividends and fat cat bonuses. Add the stock buyback to the mix and you can clearly see that nothing is going to the employees but to the upper echelon of directors and shareholders. Xerox is a ripe plum for the picking.
If the rumor is true, methinks that management wants to use the suspension of the 401K matching as a means of financing the severance payments as a "one-off" expense and then pocket the rest in the future years with a culled workforce.
Class action lawsuit anyone? If there is grounds for one.