I believe there was a meeting of Senior Directors and above earlier this morning attended by Betsy. It was said in the meeting that we will know our fate at the end of this month (August). The usual 3 options:
Gone, 6 month transition or Stay
Did anyone else hear this.
So useless VPs get 1 year salary… what in the F?
"I believe there was a meeting of Senior Directors and above earlier this morning attended by Betsy."
Just imagine. This must have been one of the most fearful "deer in the headlights" gathering of over-paid and under-performing people in Silicon Valley. Now they know what's coming, the flow of tears were likely the high-point of that meeting. Game over...
Any talk of immediate vesting of outstanding RSUs?
but betsy says we dont have a retention problem - that were hiring!?!?!
Yes. That's how things work. People leave, and we backfill them. There are people who want to leave, and there is a long line of people waiting to be hired here. Even if the left hand is going to be sold off, the right hand will continue to hire and work. This is so normal that it's confusing why you call it out.
Does EUC follow the same rule even though they could be spun off?
What a mess. Sept 1st will see this board explode.
This is the problem with people sharing information here; they only think about their perspective and use terminology that everyone does not understand. It's too bad our own company can't answer the obvious questions everyone has. Instead, the all-hands all feel good, and ra ra, everything is wonderful.
At the very least, they could arm managers with this info so they can prep employees. Seeing all these posts about the same questions is indicative that HR has done a poor job communicating and explaining what the potential outcomes are.
HR and Betsy, if you read these posts like we all know you do, take this as some advice, and provide clarity on what layoff packages look like for different regions and personas. Dispense with the fluffy BS. We know you all are in the same boat as us, so instead of checking out, try to have some empathy.
I have gone through this rebadging process with a previous lay off at a huge US company. We were kept as full time employees with no access to code repos or any other sensitive resources for one month starting from the day we were notified. But had access to email and company networks. After the end of first month the actual severance kicked in when we had to surrender our company laptops. Phones etc. From that day we got 2 month’s severance and one week pay for every one year tenure. So in total we got 3 and half months pay + one week per year.I joined VMware within two months and double dipped- got two salaries for the first month at VMware. But market was good then. Not so good now.
but betsy says we dont have a retention problem - that were hiring!?!?!
’Leave on day 1 after the deal closes (Let's say Oct 30th). We will get a 2 month salary (Sept/Oct) + 2 months severance and the week per year of service -- 4 months to find a new home.‘
I suppose the 2 months severance is the 2 month salary (Sept/Oct). That's how VMware layoff works in the past.
For those following this conversation from outside the US wondering about the phrase "rebadged as a service provider", i asked chatgpt and it explained that it basically means you are a contractor not an FTE: Being "badged as a service provider" in the American workplace typically means that you are an external contractor or vendor who has been granted access to the company's premises, systems, and resources. This access is often indicated by a physical or digital badge. It's a way to distinguish between employees and non-employees who have temporary or limited access to perform specific tasks or provide services within the company.
Is there any information about the service provider(s) used by Broadcom or does this vary based on geo? Also, if given a contract and re-badged, are we still getting VMware's benefits over the 6-months period as stated in agreement or are we now subject to the service provider benefits?
Your H1B is is tied to the company you work for. So if you lose your job or you resign, you need to find a new company that sponsors your H1B otherwise, after a grace period, you need to leave the country. If you are not leaving and you are found to overstay your visa, you may be deported as well as banned from re-entry for 3-10 years (depending on how long you overstay).
https://www.alllaw.com/articles/nolo/us-immigration/what-happens-h-1b-holder-loses-job.html
Are the years of service calculated from final day at VMware including notice period or from day of notice itself?
Why did folks do mini reorgs during the pep cycle. Some ICs were shuffled around managers and directors! What's the point of it if people are being let go of?
To save lean managers and don't care of the rest?
Big thank you to those of you that took the time to share this information.
I think something needs to be clarified here. Based on my understanding, we may be getting a notification from HR on Sept 1st following one of the three options:
Nobody is leaving on Sept. 1st. There is an old thread that very well aligns to the info shared today that I also recommend reading for further context: https://www.thelayoff.com/t/1gTMqgMW
Just got h1b this year, is that possible to lose my h1b if I get laid off on Sep 1st?
Then how about the current managers or senior managers?
Was anything shared in the call about level adjustments ? I've heard folks from other AVGO acquisitions got "downgraded" 2 levels, i.e. from Sr. Director to Sr. Manager.
If hardly call the business insider article a leak. It’s common sense M&A to eliminate redundancy.
What does "re-badged to a vendor/service provider" mean? Is this something to do with your title? What are the repercussions for this?
It sounds like the deal is done with the way things are moving. FTC isn’t going to sue. See their latest moves.
The deal is not closed and even not officially approved. . If these actions are taken in advance, what will happen if the deal is blocked in Sept.?
Do you happen to know what parts of Vmware will be affected? And what BUs will be? Or what BUs won’t be? And is there any estimate of percentages?
Thank you so much!!
Also have they given a ballpark on how many will get transitioned and permed?
Any word on how long folks will have to accept the transition offers? Would not accepting that offer be considered a resignation rather than a layoff?
"All VPs are getting 1 year of salary as lump sum. Senior Directors do not but they are negotiating VERY nice exit packages case by case, since they are helping with the transition and integration process and data."
What kind of package are Sr. Directors and Directors getting?
Director here. The years of service severance will apply even if you take the 6-month transition contract. That was agreed by VMware as part of the deal.
“I was under the impression if you got the transition contract you also get severance after that.”
Good question. For a person with 12+ years, it seems like a better deal to walk away with nearly 7 months pay than working for BC for 6 months for 9 month’s pay.
I was under the impression if you got the transition contract you also get severance after that. It sounds like you don’t? So the severance is the better deal then especially if you’ve been with VMware for a long time.
Wish I could have become a VP.
Thank you for sharing!
The 2 and 4 months explanation is still confusing. Are those notice periods? My understanding of VMwares package is its 2 months pay plus 1 additional week per year of tenure up to 12 years. The WARN period is additional to that and must be at least 60 days in most states. So are you talking about the WARN period?
Director here again.
Someone asked about the March confidential bonus: per the bonus agreement, if you are asked to leave NOT for disciplinary reason, you get the money. No concerns.
All VPs are getting 1 year of salary as lump sum. Senior Directors do not but they are negotiating VERY nice exit packages case by case, since they are helping with the transition and integration process and data.
Clarifying some questions with the limited information we, some Directors, have:
Nobody is leaving on September 1st. Only notices effective October 31 are distributed.
Per policy, if you work during the notice period you get 4 months of salary (even those with less of one year in the company) plus the extra money based on your years of service. This is a good deal. If you were asked not to work and leave, you would get only 2 months.
All transition contracts will be for 6 months. Compensation will be your current 6-month salary plus 50% (3-month) paid as bonus at end of the 6 months. For many the 4 month severance will look better. If you are still needed after 6 months, you will be offered to be re-badged to a vendor, or will have to go.
For those asked to stay permanently, stay alert and do not get too comfy. Broadcom is famous for further round of laying off people coming from acquisitions after learning of the business being acquired. Always remember the EBITDA goals.
Calm down. It’s okay. Things will be good either way.
It will probably be a notice of sorts... Not a layoff as BC cannot layoff anyone until they officially acquire the company. However they are rather transparent and make things known ahead of time.
Aug 31 is 60 days ahead of anticipated close btw which satisfies most notice periods.
There are people currently subject to confidential arrangements through March. Any idea if that can affect status on these notices on Sept 1?
Well. Sounds pretty definitive. Sept 1 will be a Friday. For those impacted, don't forget to submit an unemployment claim to soften the impact on cash flow. Thanks for the transparency. No one likes bad surprises.
Good to know we'll find out our fate soon, rather than waiting to the end of October
Is severance entitlements different for those who have been at VMware for under one year?
"Another key info for those who will be told to stay, with exception of product engineers: most will be re-badged to a service provider after transition. This will not be optional."
Can someone help me understand what the above means?
Also if they let us know on September first is it not that the severance is only for 2 months. I did not understand how we will be getting more than 2 months.
If you end up in 6 month transition bucket will they pay you more for those 6 months?