There are a lot of threads here and so many comments about reasons why and options. I've been with Optum for 20 years and sadly lived through and had to RIF folks. They are all horrible life altering events for most. Here are some facts based on real, actual experience.
- It has zero to do with stock price, laws, politics or anything like that. We were RIF'ing when the stock was over $600.
- Meeting invites will be sent within the hour of the RIF. Impacted employees and managers will all be in the meeting as a big group. It'll be cold and not last 15 minutes. No meetings will be sent earlier than that. Most will get to remain for 2 weeks and be able to attempt to get a new position. If you want to go, you can sigh the RIF and start the 45 day clock on receiving your severance.
- The RIF's are based on Sandeep's long term plan to the board to off-shore 70% of the workforce. That plan was put in place a years ago and is in full swing now. THERE WILL BE MORE!
- Parachutes cost LESS than a RIF. The unemployment fees coupled with severance to the company are much higher in a layoff than any parachute payout.
- Optum however won't off voluntary parachutes because HR did a study in 2020 which indicated so many "old timers" with empirical knowledge would go, there would be a damaging tech debt. That's why the last one offered was in 2018 and Optum has no plan to investigate offering one in the near future.
- Some may chose to argue these points and that's fine. My post is based on being here and living through them multiple times for many years, including the one coming in 2 days.
- ALL THE ABOVE BEING SAID.... Thoughts and prayers and the very best of luck for those who will be hurt on the 17th.