Somebody mentioned this and I believe that it bears repeating. If there are no layoffs before the acquisition is finalized, Broadcom will provide the least it can get away with. Don't expect any extras, prolonged health benefits, or any outplacement services. It will be as little as it can be. I believe that it's not worth waiting for and risking having to look for a new job amid a recession.
7 replies (most recent on top)
Grab your bag of money off the table and run. If you are important, demand high retention bonus to be placed in escrow, to be dolled out every quarter for the next 5 years. Everything in life is negotiable. Demand stock grant (not just options).
Good luck.
VMW severance is 2 months + 1 week per year of service. If the merger agreement calls for the severance to be equivalent or better then that has to be it even if Broadcom itself does not offer anything good.
My expectation is to get the standard VMW severance of 2 months minimum + 1 week/year.
You are 100% correct. The agreement on severance is between Broadcom and VMWare. Not anyone else. Broadcom will ask HCL to treat the employees fairly, but won’t pay for it or demand it. No company really does so they aren’t any different. You are better to get laid off by Broadcom. The worst scenario is you get transferred to HCL. Even worse then being offered a role with Broadcom.
100 percent agree with the first response to this post. Severance will be the same for the first year. At day 366 post close it will revert to Broadcom policy. 2 weeks base pay per completed years of service. Broadcom will NEVER offer anything generous but will also not go against policy or contract terms.
We didn't ever give anything special when we did massive cuts. It was always as someone else said 2-4 weeks and then a week or so for every year of service.
Everyone acts like we didn't lay off massive amounts of support staff or gut BU's under Pat G's leadership. VMware hasn't always been "rosey" with avoiding layoffs.
In the case of PSO, if they get spun off the HCL and HCL cuts them, I’m sure they won’t follow what is in the SEC filing.
I can agree with "expect nothing extra"
but really, the SEC filings show that the severance must be equivalent or better of typical VMW severance packages. So I also dont expect it to go to 4 weeks flat, see ya!.
Expect what we have seen in the past by region. 2-4 weeks min, plus a week or 2 per year of service (for employees). Managers, Directors and UP and maybe some of the Principals on the IC side (if let go) will get larger packages.