Could you share anybody who faced same situation ?
12 replies (most recent on top)
Not happy, find another job.
So much for honoring the contract, just goes to show what an underhanded, dishonest piece of sh-t Broadcom is. Time to lawyer up!
I posted this elsewhere here but BC intends to save a lot of money by promising something they have no intention of doing. They’ve made offers at lower base to reduce severance, and you only get a bonus or RSUs if you’re still employed when they pay/vest. Everyone knows there will be additional rounds of layoffs next year.
Like most large corporations, BC cares about you only as far as they can make money from your work. If there’s an easy way to keep you working for less money with absolutely no downside, of course they’re going to take it.
Of course the upside is that unlike VMWs “current” management, they don’t pretend to care. They’ve told you up front you’re screwed.
They want you there but don’t want to pay what you are worth. Shameful
Yes, this is for many people not all. This is a trap so that when you accept you get lower severance should BC decided to let you go in the next round. There will be at least two major rounds, one around April 2024 and the other in June 2024. By Sept 2024, from each 3 FT engineers, there is a max one left.
For these laid off engineers, the current severance if you take it today is higher than if you take it in April or June.
The bonus will be paid, usually, around 70%. This is what several BC engineers who went through the situation.
The RSU price is dependent on the market, it is a gamble. AVGO is at all time high due to the acquisition news. Once the acquisition is done, technical analysis projects it will be back to pre-acquisition rumors to $480 by next year.
If you are let go in April, it will be as if you worked for a loss (you paid BC to hire you). If you let go in June, you will barely break even. If you survived first year, you will start making an income. Of course all dependent on RSU because for the bonus you will not get more than 70% first year. It is done by design to provoke an intimidate.
Anyone telling you otherwise on this forum is just a BC HR trying to lure you into accepting this fraudulent offer. The aquision should never allow a company to offer less base. But BC went around that legally by two intermediate merges to allow this fraud to happen.
This post has a good summary: https://www.thelayoff.com/t/1piuaVji
The stock vesting is real, and once you're in for 4 years, you will get 4 sets of stock grants award every 3 months and on top of that you also get dividends for the stock that you keep while watching the value increase.
Dividends will be going up again in December.
Broadcom doesn't do business in the middle east, they franchised it to a 3rd party. Doubt they will start now. They'll probably transition the whole region out to the franchise after a while and stay out of it, too much of a pain ;)
You guys really need to pull out the calculator and compare overall compensation, not just the base, and project it over a year or two. Broadcom stock is real, plenty and grows all the time with the stock market and with additional yearly allowances! In reality, you guys will lose 20% base but significantly increase your overall compensation within a few years. It does seem scary and risky, but as someone who saw their overall compensation increase by over 400% (yes, 4x) since Broadcom I'm telling you... Have faith ;)
In a country in the middle east, the base salary was maintained, but most of the allowances (which are a market norm to have) were removed or severely cut...
Also, it is very hard to sell now with 3x price increase, so the bonus/commission is questionable if new targets and quotas will be met!
This is buying time for most people with offers... at best
all staff+/directors+ 20% or more cut to base. Rsus and bonus to make up for it. BC puts the risk on teh employee/market instead of putting money on the pay check. OK deal if you last. Bad deal if you get cut b4 you vest.
Oh no, poor you, you got offer and have option to decline, thus know what your future is. That’s horrible. Such problem knowing what the future holds. Way better than not knowing. Ask this kind of thing in the internal unofficial chat ops space… People have already posted and discussed.
Lots of people have an offer with a lower level title and less money - but most with a larger bonus and large amount of RSU that vests quickly... overall the total compensation seems to be worth more if you are ok with taking the stock every 3 months as part of your salary consideration.