Truly worried about my position reading all these comments, I was hoping to ask some questions of people who were let go what kind of severance was offered, how bad was the non-compete they're probably building into it?
Also any high ranking Staples Advantage members that would be willing to whistleblow a little bit of who's next (it's anonymous so please help us out people are trying to prepare their family's)
What's the plan for inside sales Facilities if anyone has info?
Guys, it's a sinking ship on fire. The company is trying to get out of this with as litlle damage as possible while remaining profitable. Nobody is "safe" as it's just the way business works. From a cost perspective, it makes sense for those at, or close to the age of 45 to be first on the chopping block so as to avoid higher future severance premiums. And of course all the signs were there. Hints were dropped for everyone to pick up without directlly causing panic. This is part of Staples reinvention, and these changes will continue. The end goal is to make the 3 separate businessesss look more palatable so that they could be sold and in turn, bring Sycamore a decent ROI. You'll be surprised just how close they already are to having 1 of these 3 groups secede.
It's just how business works, and unfortunately, decisions are made on numbers, not the people involved.
"Sycamore will have trouble not paying out last years bonus, it was part of the agreement that bonus structure would not change. 2018 is a different story"
That is correct. It goes bye bye after this last one is handed out.
Worried? Find a new job. Not worried? Something is wrong with you.
Sycamore will have trouble not paying out last years bonus, it was part of the agreement that bonus structure would not change. 2018 is a different story, we are two weeks away from the fiscal year starting and no mention of the bonus plan for 2018. My employment contract I signed in 2013 says it is part of my comp package, but like all PEs that will be thrown out the window, it will be the last bonus I receive from Staples. S---ing,all I can from them, I have a position lined up and ready to move into on that "special Skype" day.
"I was pleasantly surprised about the bonuses. I assumed they were doing the layoffs prior to the fiscal year end to avoid paying bonuses."
Post ID: @RijQHzi-leb
If you read it the wording states you are getting the bonus that Sycamore pays. In the end Sycamore won't pay these.
Yes. There is a general severance package document on the HUB. I think it maxes out at 12 weeks for middle management positions. I also heard from our SVP that bonuses were being paid out too. It is unfortunate they did layoffs, but Staples could have been much bigger jerks about it IMHO. I was pleasantly surprised about the bonuses. I assumed they were doing the layoffs prior to the fiscal year end to avoid paying bonuses.
If the aggregate of ages goes over 45 then there is a lawsuit just waiting to happen, so far from all listings that is not the case.
The non compete is standard, depends on your state. Most non compete never hold up in court. Plus it wasn't you leaving, so you did not break the employment contract, they did, so don't worry about it, they are not going to be pursuing hundreds of non compete issues. Severance ranged with the three associates I laid off was one week per year to 1.3 weeks per year. It looks like it is capped at 16 weeks for non upper management
I was let go upper management 2 weeks for every year service so far everyone 45 or older is being let go
Yeah, don’t count on a insider tip from upper management. At this point most of them are going to be too concerned trying to keep everyone calm and collected.
Generic severance packages are on the hub.
just leave, man. eventually they're going to cut about 1/2 the headcount. it's not worth the paranoia.