Severance -1 month for every completed year of service if Vmw lays you off and 2 months notice irrespective of location, 15 days/1 month per year if Broadcom lays you depending on your location, no generous benefits etc., notice period as per your contract or 2 months max if they feel generous. Mind you bc has never done layoffs at this huge scale and they are very cost concerned so they will take a call. They have no reputation to maintain or relationships to foster with you and my guess is they will go with minimum which is legally permissible
Decision maker – board, and always board not the management or leadership or lt slt glt mlt xyzlt. They want money, they trust bc on that and rightly so
Why no layoff rn – it’s laughable to think leadership trusts the people or being generous. They themselves will be wiped off in a jiffy.
- mass layoff will reveal the future structural plans which they wouldn’t want to be revealed rn.
- Layoff expenditures are huge. bc will do it more cost effectively and more efficiently.
If leadership is a puppet, why do they keep telling stay motivated, and we’ll see when we see, mid year bonus is good and all –
that’s because of the dollars they are getting. Not only vps by the way who have massive massive severance. Each and every level5 and above, mngrs, snr mngers, directors etc have been getting retention payouts since last year. May be retaining the talent is one of the ways they are being assessed.
They have already a buffer of about 6 months of additional pay they already have got till now and more to come, plus special accelerated RSU vesting since last year, plus the severance they will get. Don’t be stupid to compare yourself to them. They will have a financial cushion of 1 year or more to find a job. and your mid-year bonus will be 20-30 days of your salary.
Don’t “actively” start looking out rn only if you are confident that your severance will be at least 6 months+, you know there are too many jobs available in the market at comparable salary/brand etc., you are already getting relevant job calls. Remember the moment you are laid off you lose the bargaining power. You interview in stress. Your last drawn salary is 0 during offer negotiation. The world is not as benevolent as LinkedIn shows. I’ve been there and it’s not a pretty place.
Here is a reality check in the current market, may be true for 80% population– unless you are a known rockstar in the industry it will take 6 months or more to get the job at same salary/comparable brand, lesser if you are not so concerned on salary/ brand. Will that impact your career trajectory? when was when you last interviewed? Your assessment! The more senior you are the more difficult as number of opportunities reduce. That’s why they are getting so much to stay.
It’s easy to get swayed by examples of people at the right place at the right time. Understand your own reality. Specially if you are in unique roles. The market is not the same for engineers in different Bu, a sales or finance person or a lawyer
One easy thing to do is – search for jobs available right now which you would be willing to take after getting laid off. Try to find out what salary what those companies are providing. What makes you believe you’ll get the dream job or even a comparable one once you get laid off when you are not getting those calls right now? What are your peers at other companies saying, are they getting good calls?
Yes, that 2 months of extra salary in severance is lucrative, but unless your severance/retention will cushion you for 6-8 months or you work for fun only, please be prepared for the market at the least.
I wish the ethical people may be from senior members, managers or hr be painting the right picture and providing balanced guidance to all vulnerable people right now but it seems their mouth is stuffed with money. Hr serves managers only and managers serve themselves. Everybody is NOT in the same boat, as managers and leaders claim with empathy. They are heavily cushioned and more than 75% of the company is not. And they say own integrity, show ethical mindset. I’ve lost respect for many people in last few months. Somwhere it’s evident who walks the talk and who is an EPIC2 hypocrite. Bc wins on this.