As long as severance is half-decent, it feels like we're at a point where getting let go might actually be better than staying. Especially if you're on a team that's been hit, since now you're just expected to take on even more work with zero reward. I see no positives in that.
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anyone knows what the package is? such as if servicing 10 years, will that be 20 weeks base salary? minus taxes?
@Post ID: @gw+1jtq2wg36
It happened to me too, hard working, loyal weekends when asked.
Then I was replaced and let go, but it has a happy revenge ending.
Company called me after 4 months and asked if I wanted my old job back.
Told them no thanks why come back and risk getting let go again.
Three weeks after the call I landed a new job 15% less pay but I have something I hadn't had in years. Peace of mind, no more dreading going to work and facing all the chaos.
I think what tends to happen is people that hopes to get laid off, usually don't get hit.
I think it's people that are working hard and loyal to the company that get effected the most. I was one of workers that kept a positive attitude and worked long hours and weekends. Never complained and was team player. Then one day I'm told my service is no longer needed at State Street. I found out they gave my role to an Indian replacement and that person failed at it.
Reinvent the Core. It's a wrap!
@Post ID: @dj+1jtq2wg36
You could take a job and be laid off within 6 to 18 months
@Post ID: @dh+1jtq2wg36
The company did have pensions up to the late 90's
So there are some old time employees who are grandfathered into a pension plan.
And yes they did discontinue them for cost cutting reasons.
So I should not take a job at State Street?
What pension? State street doesn’t have a pension.
lf your nearing retirement then getting laid off is great.
Severance package, access to your pension if your age 55+,
if your 59 1/2 + you can access your 401k without paying a 10% penalty .
Only thing you have to remember is to check what your social security will be at various ages. The longer you wait the more your social security increases.
The major expense is health insurance
Many people in Boston got let go and a few in PA. I myself would welcome the package but not everyone is in the same boat. They are not loyal to you and the North American workforce is shrinking. When India and pakistan go to war state street will have a big big problem! Stay strong all
You are hearing July because those that got their notice yesterday have until July to secure another position or else are shown the door. The actual layoff starts mid July. So if you haven’t heard yet you are probably good … or not good depending on your perspective
Maybe July will make our wish come true.
Absolutely, I hope for it every time. I think most who are long timers feel the least they could do is let us go with the package after years of no or insulting raises and disgraceful bonuses
I see quiet hiring in India as replacement to NA positions. Our team has been slashed in NA as hiring has increased in India.
If you have a family to support and also need health care you might feel differently. With similar companies also tightening their belts finding a comparable job could become very difficult.
At a certain point in life I can see some may welcome a package but for others where their family is more important and relies on them it can be devastating.