Let's be realistic. Halliburton didn't ask for Covid-19 or OPEC+ falling apart at the same time. Many companies are having to layoff hundreds not in the oil industry. Shale drilling cannot even break even with current balance sheets.
Yes, I'm a furlough proponent yet that may cannot happen.
My question: if anyone has been laid off with 2 years of service is the 2 weeks severance plus weeks pay per year served the Severance this time?
Just curious so I can plan going forward just in case...thx
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They will do their best to give you the minimum, possible. Challenge them on the WARN act. Call Dispute Resolution, they will have your back. You can also qualify for upto $2500 in lawyer fees, to fight them. Their strategy is to pay out the minimum, unless they're challenged.
Never trust a post that can't spell discretion.
You realize you can find the policy in Halworld right?
Two weeks pay is for two week notice that Halliburton must provide, but doesn’t want ex-employees plundering the castle. Beyond that, time for years of service only delays receiving unemployment payments by that many weeks. Severance was provided in hopes of ex-employes moving directly into another job thus minimizing the 26 wks of unemployment Halliburton is responsible to the state. With the economy where it’s at - furlough is the option best for moment as no other jobs available .
Thank god I got laid off in Dec. Got the “enhanced severance” because they were laying off so many people. Seems like that may not be an option this time. Condolences to the furloughed. Get out when you can!
Option awards are by management whim. If you are a senior Mgr and Jeff decides you are making enough money, regardless of performance, you won’t get options. I know this because I was an xpat, turned in stellar mgmt performance, and was stiffed on options by Jeff. Sales people at lower levels of responsibility received options because Jeff couldn’t see them. Cost me over $200k. $100 k the first year and another 100k when I was told they would double down because of the error. BTW, 100k is not big money to Jeff. Moral of the story, if it is not written in stone and subject to management disgression, don’t count on what you have been told to count on. If you have marketable skills, leave Halliburton. It is always a step up.
Confirmed severance (for field employees at least) is 1 week of pay for each year you’ve worked for the company.
On top of the weeks of service if there’s a plant closure, then the WARN act kicks in and you’ll get an additional 60 days pay I believe it was and an additional 30 days of medical so when I took my package in December I got nearly $30000 pre taxed for 10 yrs of service. I’m glad I took it, time to move on!!!
Anonymous #2: Stock and Grants - typically Halliburton one or twice a year, awards HAL stock (or grants) to individuals they identify as "key" employees, basically its a method of helping retaining that employee. While this does largely focus on the managers, it is often awarded to "non-managers". The awarded stock is vested (given to you) over a period of time (usually 3 or 5 year)… if you want all the shares (money), you have to stay with the company for the duration of the vest.
Anonymous #3: "lieu of notice" Not 100% sure if it varies by state, but believe that HAL is required to give a RIF'ed employee two weeks notice, of their job being eliminated. As they don't want an employee who knows they are getting released wandering around the campus, they pay you out the two weeks pay in one go, take your badge and walk you out the door.
Side Note - if I recall COBRA is fairly expensive. Don't know all the details, but believe there may be other options that are cheaper. Use COBRA to start with, but shop around.
Anonymous #4: I don't know what triggers an "enhanced package" status. When a round of RIF's are tagged as "enhanced", I believe everybody on the list for that reduction exercise gets it, not just the executives. During the lay offs in 2015/2016 I think there was two (maybe three) rounds of enhanced RIF's, but I don't know why one RIF is and the next is not.
The enhanced (at least used to) means you get a max of 26 week pay and not the usual max 13 weeks pay, based on one week for each year worked.
Thanks for the detailed response Anonymous #1.
What's this "enhanced" package? Is this for executives? Thanks
Thank you Anonymous #1.
It was the two weeks in "lieu of notice" that I was unclear about.
I want to keep my job but I have to make financial decisions, just in case, that affect my medical insurance. Wife's job has no benefits so I would like the extra money (even if it's two weeks) to help pay COBRA until end of year. I have 6 months put back so I'm hoping we make it until April.
Who knows? Some of us may get to keep our jobs....with this economic situation I'm not counting on it.
I'm curious to know: what position do you have to be in to qualify to get stock grants?
Severance will probably be the same as previous RIF's. Its should be something like.... 1 weeks pay for every year worked, up to a max of 13 weeks. Unused vacation will be paid out. Benefits will be covered to the end of the month that an individual is RIF'ed. I think you get 2 weeks pay in leu of notice.
If you have any unvested stock.. you lose it. If you achieve "the rule of 70" which is your age + number of years with the company being greater than 70, I think you will get any unvested stock.
If it's an "enhanced" package you will get 1 weeks pay for every year worked, up to 26 weeks, not the standard 13 weeks.
You should be given 30 days to review the paperwork before you have to sign it, and it is recommended (by HR) that you speak to a employment lawyer before you sign. Not that it changes anything... just means you better understand what you are signing.