My position was eliminated and I received the severance summary form. Am I understanding correctly that the severance offer "package" arrives on my last day and has to be signed by 5pm?
If so, how are we supposed to have time for an attorney to look it over? I feel stupid asking these questions, I've just never been laid off before.
Thanks in advance.
@d2 Very sad if you actually feel this way about good people who worked hard for many years and actually cared about their roles and the firm. Do you know all of the associates who lost their careers at Edward Jones to offshoring? Or any? I’m betting you don’t and I’m also betting you probably haven’t been with the firm for very long to say something like that. The tenured associates who know and care about the client and the firm, care about the quality of the work. This is what has made EJ one of the top firms in the country for so long. Do you talk to other areas in the firm where the majority of the associate roles have been offshored and ask how many errors are being made? The offshore replacements are not doing the same quality work, but you’ll NEVER hear that from upper management because they’ll never admit why this is all really happening.
If you are over the age of 40 the firm legally has to provide 45 days to review the severance agreement and you have 10 days to revoke your signature after signing. This is outlined in the Age Discrimination in Employment Act. If you are not provided the required period for review it voids any agreement not to sue the company. Most employment lawyers only get paid if you win your case. Also you can file a complaint with the EEOC without engaging lawyers.
@d2 We are all replaceable.
Unfortunately, you assume that of which you do not fully understand in this situation and, for some reason, have attempted to aggorantly mumble insults or, you are trying to bait me for more details. Kudos for your effort, if that is the case.
I asked a simple question re: severance and the reason for my elimination, IS unique due to a political matter within the larger branch.
If you think a BOA of 6 months adds more value than a tri-lingual Sr BOA with more education than the other staff (including the FA) combined..... well, what can I say other than, our poor clients aren't getting the service they pay for and deserve.
@d2 for you to think that people who are left are the high performing associates or leaders are totally wrong. We have plenty of GPs and directors and above who are terrible at their jobs. They were someone’s stooge and were chosen as pets to just do what their superiors want. Let’s not even think that performance mattered.
@d2 do you even work for the firm? “Not making as much profit as it could” seems to be a huge red flag that you don’t, or if you do—you aren’t paying attention. This firm makes an OBSCENE amount of profit compared to most companies. Of course those at the top might be worried that the MLM they’ve got going is at risk collapse if they can’t hire enough new profit centers in the future, or they are preparing for sale. Either way, the branch associate who posted deserves your thanks, not your negativity. If you think clients are interested in dealing with new BOA’s instead of tenured staff who truly knows them, you’re mistaken. Buckle up and get ready for us to lose assets if this is happening in small towns where people all know each other.
I just do not understand the outpouring of emotion for people we are letting go. People who add value to the firm rise to the top. People who are su-king the firm's resources dry will be eliminated as their positions can be performed by someone else who is more talented. This company has had too much waste for too long. You are one reason why this firm is not making as much profit as it could. You need to let your pride go. You are not as important as you think you are. Your job can either be done by another associate who has been underworked for years, AI, or someone in another country who does not demand such an outrageous salary with full benefits. Remember, you are replaceable. We made it to the top for a reason. It is because we are more talented and not replaceable.
So how much notice did they give you before your last day in the branch? I feel like this scenario may be different than what home office associates experienced. It is hard to know how much time you have to review your package.
@aj That is definitely what has happened here.
@OP I am truly sorry to hear this and sadly feel this will continue to happen when branches merge. The overall cost cutting measure will be to let go of the tenured Sr BOAs.
@af No. It was a total shock. No indication of anything other than my FA kept his door closed most of the day for the last month. It seemed odd but, he is odd (even the clients say so), so I didn't put too much stock in to it. I wish he would have given me a head's up and I would have started looking! Instead of him telling me, he had Associates Relations call me on the phone and break the news. Sad!
Our branch is merging with another.
First, I'm so sorry this has happened to you. If this is like the last round, you will have 60 days of pay in lieu of the firm filing a WARN notice, then you will receive a lump sum for your “severance”. May I ask what general area you are in—were you expecting this? Again so sorry this has happened.
@OP I was ISP'd. My last day was November 14th. They emailed me a severance agreement well before November 14th. If I accepted it then they wanted me to electronically sign it on November 14th, not before. Make sure you have any information on Jonelink updated like addresses and elections before you sign the agreement. As soon as you sign it on your release date you will not be able to log on to the system. You can also order a UPS box from EJ before you sign. They will send it to you and you just need to put your laptop and whatever else in it and apply the prepaid address label back to the firm and take it to a UPS store.