Effective 8/1 US Severance packages eliminating minimum weeks per job to just Years of Service. Previously a VP would get 14 weeks + 2 weeks per Year of Service. Now only 2 weeks per year of Service.
That’s why layoff news is quite. Keep shrinking benefits and the slaves will leave on their own.
First Wednesday of the month (typical SSC lay-off day) is the 7th. I suspect it will be big.
It'll be interesting to see what happens tommorow since it will be beginning of the new severance cycle. I have a feeling they held off on the layoffs until this new procedure came into place.
Wasn't AS the CISO (acting) and CIO? They haven't had a fulltime CISO in a couple of years.
@Post ID: @10dl2dUT-2apv
The once great IT dept which some how kept 15+ old hardware and software still running.
Great when it had a full staff which could keep up with the every changing demands on them.
Now the staff over the last 15 years has been cut by 40% , yet they still demand excellent service from IT
No, not a troll. I'm just someone who left recently. I was holding out to get laid off and, if I had been, would have received several months' severance, due to my 10+ years of service. With the new plan effective 8/1, my severance would have been much less.
I worked in IT & so glad I left. Things are a real big mess now, especially in JAB.
Some of us are just trying to provide real world experience for those at SST looking to get out.
If you left on your own you didn’t receive any severance so how would it have been slashed. Makes no sense. Are you a troll trying to coax people to quit. Perhaps a state street HR troll trying to speed up attrition. Nothing stops you from posting your real name by the way
I'm so glad I left a fee weeks ago. I was waiting for severance but couldn't hold out any longer. My severance would be slashed.
i worked in IT & now that AS is gone, things are truly a mess...not due to him leaving. He was useless.
Just wait till they charge any worker who wants to leave an exit fee.
Yup they will charge you $250.00 if you give your notice .
Read the document it clearly states
Are they are going to max at a year (52 weeks)?
This is all about eliminating people. This strategy accomplished this two ways. The first hope that people that were hanging around to get a good package will now leave on their own because package isn’t worth hanging around. If this doesn’t amount to the attrition they desire then the will lay people off, having to pay considerably less severance because of the new “plan”. Don’t blame the company. A company is run by people. Blame the executive committee They need to fund their 3 houses and kids Ivy League educations
The minimum is just that, a minimum. There is no base. For example, under the old policy a VP with 7 years experience received 14 weeks plus 14 (72) = 28. Now that VP will get 14 (72). They have breached the minimum, so that’s it.
It’s indicative of an organization who cares little for its employees.
OP is correct. They did away with the 10 weeks + 2 weeks per year. It's now 2 weeks per year at all levels.
VP's used to get 14 weeks + 2 years per service. now they get a minimum of 12 weeks + 2 years of service. OP got it wrong.
I bet they'll wait until August 1 before they start purging again. Seems like this year has been more rocky than the other years that I've been working at State Street
It will get worse than this. For the 100th time....get out now....save yourself!
If they could they would find a way to have the fired/laid off employee pay the company on the way out and not the other way around.
@Post ID: @10dl2dUT When I was laid off the average worker got 4 weeks , plus 1 year for every year they worked there.
If they are cutting way back for an AVP, VP, image what they are going to do to the average Slave package
Yep that's what this meant from Boston Business Journal. They want people to quit on their own.
"State Street is now aiming for 2,300 job cuts in 2019, it said. A spokesman told the Business Journal that the 800 additional cuts would come from natural attrition tied to the hiring freeze, not through layoffs."