Keep positive. Life is much more than a job.
We will “Redifine” ourselves and find something different if need be.
You are way more resilient than you think!
14 replies (most recent on top)
Agree, they will have to pay the legal severance, but in most instances this is low, and well below the 'current' packages that will be offered before June 2019.
Refinitiv will still have to pay the legal severance in each country.
Following on comment from SXR. I was offered the legal advice and then had to sign. It was free (uK) up to £500. The solicitor will just invoice TR. My solicitor started picking holes in my agreement, so much so that I had to temper their enthusiasm as the deal on the table was too good to turn down and move on after 20+ years.
In 9 months from now, Refinitiv has the right not to pay any severance packages and that was clearly mentioned in Q&A on the hub. So in case they have plans to lay off people more in the future, I prefer to be made redundant in this round!
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This is my problem/worry too:
If he doesn’t go now he’ll probably end up getting let go after the nine months when Blackstone don’t intend to give current package.
By the way, sign nothing on this first meeting of redundancy. Each individual is entitled to an independent lawyer and the company should pay for it. At least here in England. Sign nothing without legal advice!!!
It must be an extremely unpleasant exercise for managers to make people redundant. It’s hard on everyone. And yes it’s heart breaking to dedicate yourself for so many years and in the blink of an eye get made redundant. Big corporations can be ruthless.
Family is home, not at work.
Thinking about someone who posted earlier here saying they wished their partner gets the boot now as the packages later will be less. They will always pay the obsolute legal minimum (as they can't take any risk) everywhere. If you manage to get more this is up to you. The best advice I received is when you sign the redundancy document you make a note 'without legal advice'. That means you have at least a month to consult a legal person to contest the offer if you wish. When it happened to me I refused to sign anything and I left the office. I served 25 years and was thrown out like a sick dog just before Xmas on 23rd dec. It is not what they did but the way they did it that broke my heart. As a Manager I knew the script as i had to make far too many people redundant. You have to read a HR prepared statement. I started everyday so stressed and upset I ended up vomiting. So imagine how I felt when they quoted the script back to me verbatim.
I do think, that for a lot of people it will be a great opportunity to be made redundant now and take the package. The new company is looking for fast results and will be firing if objectives are not met, and by then you will leave empty handed.
Obviously this will not suit everyone, but I remember this year, this motivational speaker that came to the sales kick off saying “ Control the Controlables”! That’s what I intend to do. With regards Refinitive, they will indeed have an infinitive work to do, they come with no experience in a managing a financial company whatsoever. Bloomberg must be living the dream.
If they were accepting volunteer half of the company would have stood up and left by now. The only thing that is keeping most of the people I spoke to aboard is the package, and yes, visas for the expats or promises of green cards. It s---s, people, but to be frank the work ethic around the company is not great either, it is not only the weakbess of the leadership to blame. It’s the working from home fridays, endless webex sessions, lunch with a beer or two, buying sh-- on amazon and “oh I am not getting back to the office from this meeting as I have another customer to visit next door at 2pm” stories. You know what I am talking about, right? Right?
No, I’d guess that they would have too many, it’s a shame as there are good people who might want to stay and others who really have had enough
Are they accepting volunteers this time ?
So hoping for my partner to be made redundant he has been with company near 20 years and put up with all sorts of rubbish over past years and worked so hard. If he doesn’t go now he’ll probably end up getting let go after the nine months when Blackstone don’t intend to give current package.