I see all the lay off rumors. If my gut and the rumors are correct, corporate employees will be affected in large numbers soon. What kind of packages does Macys offer to employees part of a mass layoff like we are expecting? Is it a set amount of time paid, that base time plus bonus for years of service? Nothing?
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Wow! You and I are in the same shoes. I can relate to everything you posted. My profit sharing was great. Yes, I remember when the stock split. It was a happy day. Macy's took over and I lost 50% of my profit sharing. And the only cost of living increase I got was in 1990. As a for being a former employee, I think will get a small pension. Thank you May Co? Thank you Macy's for not taking it away?
@2aq3 My profit sharing from May Co dropped 50% before Macy's took over. And I've lost more since. Very frustrating that my trusted investments are not worth as much. Does anyone remember when FB'S stock split? Those were the days when I received a cost of living raise. In 2000-something, I was told that everyone was being bumped up to $15/hr. The id--t Christmas help was bumped up too. After the years of service I had, someone was making as much as I was? That was infuriating!
@szx I have been told that severance is capped at 25 years. This info comes from someone that transferred from Chesterfield MO (closed) to Mid Rivers MO. I have been employed for 37 years. If what I've been told is correct, I will be missing out on 12 weeks of severance. HR Services can't even help me with what I will receive as a pension from May Co.
Is the 1 week per year of service a store employee severance or corporate? That’s soooo bad either way ugh
Ok i got 4 weeks severance pay which totaled 4k which was 4 years i worked the 2nd time around .. the first time i worked at macys i was there for 4 years also with a total of 8 years. they only gave me for the last time i worked which was 4 years. so 1k per years worked.
Exactly! The "Horse " is sitting on a tropical island right now. Counting the anticipated bonus he will receive, upon departing the Company he destroyed!
If you have a contract the severance may vary. The one week per year pertains to hourly in-store associates.
Understandably, we are all on edge. This site is informational, however, I have not seen a post that clearly identifies the severity of the cuts, in-store or Corporate. I think the best we can do, is wait for the announcements. We will not be told on this site. We can inform on this site, once we hear from the "horses" mouth, so to speak.
I saw someone wrote one week per year. So if someone is here only 2 years they’ll only get 2 weeks? There isn’t a minimum everyone gets? That sounds crazy. I was poached from a job of 15 years for this job and now I’ll be left with one paycheck, ahhhh
Hi All,
Like we said, "IF" we do survive our jobs will consist of 2 other roles added in. I already have been maxed since the launches when On 34th began, literally had to see doctors due to stress (which is a me problem). I dont know if I could continue to long term here anyway.
Here is what I started to do that may be helpful for you all:
Looked into:
401 K - feel safe, 2024 is suppose to be a market year and good time for it to transfer.
HSA - feel safe + can be transferred into a mutual fund, look into details.
Commuter - we have a limited time to get a refund on all unused dollars on card
*Mark your current coverage info for what may go away:
Aetna - looked into current coverage in case need to see squeeze appointment in asap
Dental / Eye
Pet Insurance
Macys 20% - I know it sounds silly but if you need anything buy it now
- Try to do download any info you may want for future jobs
- Fine tune resume & entering into all job search sites
- Renew any online personal websites you may need to keep current for job search
- Calculate any savings / your unemployment rate & compare to monthly living expenses to understand your reality to what you need & how how many months you are OK to survive during during job search.
- Research NY gov for extension rules for unemployment should that be a necessity.
- Reminder anyone that has anything as a more prepared heads up please share, time is of the essence because IF we are let go we dont want to scramble or lose the time to research this stuff. Go to Insite for more details, pay stuffs, hire dates, insurance benfits.
Shareholders will be pleased that Macy’s will be reducing their SG&A expenses.
Severance typically has been one weeks pay, for every year of service. You are paid for vacation days, not taken. 3 months of insurance. Your 401K of course is yours. If you were hired prior to 2016, your pension plan is 100% vested, this is yours.
Everyone is on edge and concerned, company wide. All we can do is prepare for the worst. Get your resume out there. Trust me...if we survive this round, there will be more to come. I for one, can't work in this kind of environment. My search will continue.
Brace yourself for the biggest Macy’s restructuring and organizational update in history.
To the writer & all writers:
can everyone with tips , rumors , anything all come forward now with anything & everything you may know or heard.
I am part of corporate as well...doing my best to prepare but still cant get my head wrapped around if this is really going to happen in a Mass way...like double Massacre 2020