Does anybody know what kind of severance is Staples offering?
I've heard somewhere that the usual severance policy was changed recently, but can't find any info on it.
I'd be very grateful if somebody who knows for sure what is it now (or if it has changed at all) would share with us here.
The cap depends on your pay grade. Mine caps at 16 weeks and they are shorting me 2 because I started as a contractor and have been here over 8 years, but am just shy of 8 years when you count when I was converted from contractor to regular employee.
They gave16 weeks for 19 years of service which is less than mentioned below (20 weeks). Can this be negotiated with hr?
It depends on your level. Level 37 and below get 2 weeks per year capped at 20 weeks. 38 - 40 (I think) get 3 weeks per year capped at 20 weeks. I know that exceptions were made for some and they received much more than 20 weeks.
The packages were actually pretty generous. In addition to the severance, employees were given access to outplacement services as well any bonus that gets paid out. By rule people laid off today are not eligible for the bonus.
Small consolation for those that lost their job, but it is encouraging that Staples is trying to be generous.
how many weeks for each year of service? Is that 2 weeks per year? What about if I had 26 years?
Thank you all, this is good to know.
It gets awarded on 2/3, but the payout doesn't happen till April.
Bonus is after the end of fiscal year...2/3/18....not April.
The policy has not changed. They are paying out severance as per the policy, including the 401K match next month, and the bonus in April (assuming there is one).
Type the word “severance” into the search field on the Hub, the policy is the first result.