Any comments on this LVP that replacing the VEEP :(
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Got the email and thought IT was testing the phishing and spamming responses again. Not sure who would actually take a pay cut and then leave. 2 weeks notice is standard with no pay cut vs. six months with a pay cut. What a joke.
@6pmc
Thai already capped at 18 months. That was before the LVP
How about transferring all executives to the same 5-7% bonus plan everyone else gets? There, I just saved the company 10 million a year and made everything actually fair and balanced.
How about the rumor of rif without package?
Heard Legacy program targeting for Singapore employees only. Idea came from Singapore HRD.:(🥺
Here's my thought: Seagate has been a lay-off machine at any ill wind. They can do what they want when offering severance. But if they make it too low, people will say "Stuff this, I'll find a better place that values employees better." In some ways, it's an admission of how they handle money problems: Don't ride it out and hope things get better. Cut costs immediately. And that usually includes a RIF first and foremost.
Their package has historically been relatively generous. This is definitely a signal that those days are probably at an end.
This is a ridiculous program. Who would be stupid enough to work for 60% pay. Getting rid of the veep is just another way of screwing employees who dedicated their career to Seagate.
Read HR Heads resume. She works for THAYER GROUP. This is what they design. Get employees to quit without rif or unemployment benefits.
HR at this company is lately floating out really odd experimental practices. 1. Sign up to do more work projects outside your current department for no added benefit to you but the experience gain. At the cost of the stuff your real boss wants you to do. 2. Create an internal linked in site and make everyone post resumes to it. Then encourage all employees to apply for and experiment with different internal jobs in areas you aren’t trained for. 3. Ask for volunteers to cut hours and pay 60% and train someone to replace you. Have we been signed up for some sort of psyop program run by a consulting firm?
Now it's voluntary, betcha soon it's going to be something else as the management try hard to reduce or do away with RIF package.This initiative is mainly targeted towards SSDC because there are many old timers sitting on the fence waiting for 30 months or more layoff compensation..
I bet business excellence was behind this. 🤣p–p
Curious...What are the specifics of the program?
Unless you're thinking you only have a year left before you retire or were looking to quit for some other reason I didn't see why anyone would take it unless there was something like health insurance for an extended period of time...
I did the math, if I only work 60% of the time, I am finally under 40 hours a week.
I cannot imagine if I did this I would only get by with working 24 hours a week! They would push this and I looked at it as a way to pay me less and they get more.
There will be no more VEEPs
I’ll be shocked if more then 3 people sign up. Why would anyone do this unless given the choice of this or be laid off?