Thread regarding Symantec Corp. layoffs

My friend at ICB6 got 780, just incase anyone cares :)

I got awarded 600 RSUs @ Grade ICB6.

Just got to know something:

1. If you have been allotted RSUs less than 48 per year, your RSUs won't be vested quarterly. They will be vested yearly. Broadcom has not mentioned it in their FAQs but it was declared by their HR and it's confirmed.
2. This means that none of the Grade A, B, and C engineers will have a chance to sell their stocks before completing a year.
3. Having said that, only Grade Ds and above will have the opportunity to sell their stocks quarterly.
4. It is evident from the deal with CA tech that BRCM prefers experienced engineers and most of the lower level engineers get fired.
5. In short, if they fire grade A, B, C engineers from Symantec in next one year then their RSUs would also be saved. Clever move.
6. Something important for grade Ds, even these guys will face issues while selling their stocks quarterly due to count being very low. Moreover, at BRCM Staff designation is not respected much as Principal at Symantec. May be because now they are no longer equivalent to managers.
7. Now all engineers at one designation are at the same level. An engineer with strong rating, outstanding rating, and stronger results needed - mostly everyone got same RSUs. Ergo, there will be no motivation to work for excellence. This can hurt motivation factor of top performers and Symantec might end up losing it's talented crowd.

All in all, management has been very smart with this deal. Everyone in senior leadership must have got awesome package especially RSUs. When it comes to money and job, no one cares about their juniors/staff. Core values of Symantec will be lost, that is, care for employees, benefits for employees, employees first, advantages for employees, emotions for employees.

There are other points here that have to be taken into account are that the SYMC RSUs were granted based on dollar value, ie you get x amount in dollars. The Broadcom RSUs are based on the number of shares, so if you do the math at the existing AVGO stock price, the RSUs are better than what we got at SYMC.

Secondly, they vest quarterly, and include the dividends in them where SYMC was annual and didnt include dividends, so that is actually better.

However, anyone taking the deal cant get any more RSUs until the 2021 FY (starts Nov 2020) and I would expect that many of us will no longer be there to actually benefit from the so-called "incentive", at least in full.

Personally, I plan on selling all the shares I get as I get them and putting it into something else and keeping my eyes open for a place that actually values their employees.

And 400 every year for 6 years gets you to your 2400.

Not quite true. Those numbers were for four grants over 7 years with no further grants allowed. Ours is for 1 grant with another allowed (not guaranteed but likely) in march 2021 and further grants every year thereafter.
So you are comparing apples and oranges there.

Data from genuine sources-
Grade A: 25-45
Grade B: 65-75
Grade C: 125-180
Grade D: 200-270
Grade E: 350-400
(Mostly people at same level got same number of stock units but there are exceptional cases and that is the core reason why I have shared the range)

However, as compared to CA tech we have got nothing.
CA tech numbers:
ICB2: 220
ICB3: 464
ICB4: 1000
ICB5: 2400

These numbers vary amongst engineers like symantec but they are way better than what symantecians got. Literally, pennies.
Symantecian are not treated at par with Broadcom or CA tech here.
This is complete discrimination with direct message:
a) Broadcom is way above you.
b) CA will have an upper hand on Symantec.

I agree, at least we have a job.
But what are we doing.
Doing injustice, facing injustice and seeing injustice .. all this is wrong and inhumanity.
Colleagues in our office decided to raise concerns against this inappropriate and ruthless behavior but management is not ready to listen as they have got RSUs way better than what they had in Symantec. And, of course they are part of broadcom management now and don't want to set a bad impression.

I guess, it's time to be a part of a company who cares for their employees and a management which can take a stand for their people.

Err, 180 is 51.5k, not 1k

I got 180, which is a fraction what Symantec gave to me. I still have a job, but who knows how long that will last.

I bet Art got more than 1K. Bet.

It was not clear that if they are giving the amount mentioned in offer letter over the 4 period mentioned or immediately in Dec

I received the same amount of RSU from my offer as Symantec. Although like many posters have said, it takes four years to fully vest and I’m not sure many people would be there that long. We’ll see.

I got screwed with RSUs. Congrats to those of you that broke even or did better.

Someone got 740 RSU at SW ICB6 level. Does that looks similar to others.

The only positive from my offer was the RSUs, but since I doubt that I or anyone will be around at YEAR 4 to actually get them all, it all feels like we have been screwed. This all feels like they want us for now, and are likely going to RIF a ton of us to not have to live up to the RSUs.

There is basically no incentive to take the offer if you have anything better in hand.

Best of luck to everyone!

I got ~30% more RSU total over 4 years - it works out to the same amount over the 3 years currently awarded RSUs from Symantec.

Got exactly the same RSU as in Symantec. I thought they were planning to give more.

The quarterly vesting is to distract from the fact that they are giving the same value in RSUs spread out over a longer duration. It is a bad deal.

Broadcom vests totally in 4 years - but they vest every quarter. So every 3 months you get 6.25% of the shares vesting. So it is a longer period, but more frequent. Personally I think this is better, but perhaps marginally so.

The offer from Broadcom wiped out 2/3rds the value of my unvested options/RSUs. Broadcom RSUs have 4 year vesting.