First of all I want to say, I’m sorry for the employees that are being forced out of State Farm and are forced to go to HCL.
Can you tell me what are the details of switching companies? What happens to,your pension? What happens to your PTO, etc?
Thank you.
Jake is now Jagdeep
If you like your pension you can keep it. Please do the needful sirs and train your backup job partner.
"...and I'll make a lot of bonuses for the last year working for HCl"
I call bs in this statement.
Anybody remember mid 2000’s when the huge contractor Satyam ceo took all of the money and disappeared? several thousand externals working at Corp south were stranded in the US with no income, no medical and no retirement?
Indian companies (and masters degrees) are fantastic bargains!
Be careful if you agree to move to the new company. Ive seen this before with other companies and industries.
They are just using you to help them onboard their own workers, and will likley terminate you once they have their operations running smoothly. Since its a year long contract what will likely happen is your year two contract will be an unacceptably low offer, or, and this is what ive heard is the norm, they just dont offer you a second year (in most places ive seen this hand off happen they just fire you on the spot the second the managers feel theyve taken all they need from their inherited workers)
Usually they entice a few suckers to sign up by giving them decent pay or benefits, however, this is only for the "we need you so our workers know how to do the job" period.
Yeah they are just setting up for the big move like allstate is trying to do where they start migrating their claims and underwriting to India.
To be fair at this point you might actually have a superior quality of life living in india for $5k a year vs the $37k you get in the states.
There’s talk about HCL requiring some onboarding and some of the most technical positions will have a two week knowledge transfer at the company center in India.
Sounds like it’s time for a new Indian Jake
They are requiring a confidentiality agreement. If you violate it - by providing answers to the questions you just asked - they yank the job offer. Super cool.
As someone who was going to retire anyway, it is pretty good.
I'll lose a year of pension accumulation, but get to start the pension when I go to HCL. (I'm over 60)
Pto is paid out, bonuses are payed out for 22 and prorated for 23 and I'll make a lot of bonuses for the last year working for HCl, hopefully doing the exact job I would have anyway.
For younger people it might not be as good of a deal, depending on their circumstances.
You will keep the pension you have earned up to the date of the transfer. HCL offers a 4% match on 401k. PTO and insurance are equal or better than SF.
Not too many times people can get let go or laid off or leave jobs and end up with rich pensions and tons of pto payouts. Most people get zero pension or severance when they leave jobs.
Let me answer