US folks going to HCL, I hear you have offer letters but I hear nobody talking about them - are they the same as what you had before?
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HCL is just matching the base salary+ target IC requirement defined in CA severance plan to avoid employees' rights to refuse this offer. Like other mentioned, the actual total compensation is much lower, can be 10%-25% depends on each one's situation.
If Hock is so generous to give Broadcom employees 4 yrs equity awards, it is not consistent that Broadcom is saving tiny bit money by forcing CA service people stay with no future severance pay or leave now with no severance pay!
“HCL has no severance policy. So people moving over to HCL is no longer financially protected after 1 year when the CA severance policy expires.”
The CA severance policy ends day 1 as HCL employee, no?
What is the difference between CA and Broadcom policy? 12 weeks? Only matters for old farts with 20+ years. Very few of those fossils left these days
In recorded townhall session, Matt said the transition bonus will be paid until divestiture closes. That will be used to fight for the additional 2 week pay.
No they aren't the same there are several very substantial differences.
Base salary and target Ic are the same, but it appears we can't earn the 150% IC that we could with CA. In addition, HCL 401k matches less and it's at principal, I mean come on. Their health plans aren't horrible but if you are choosing the HCHP their HSA contribution is lower.
Combine that with there is actually nothing in writing that they will honor tenure and severance it's probably about a 30k hit to earning potential next year, and that doesn't include the bonuses and sales commissions we got for product and services sales referrals.
The transition occurs 1/1, but they are paying the transition bonus as if it was 12/1 instead robbing us of two weeks of transition pay.
Offer letters were due by 5:00 today, and based on the tone of the call earlier today, about half didn't plan on signing and returning them. Funny part, is no one could tell us if we don't sign them, do we still have a job tomorrow.
HCL has no severance policy. So people moving over to HCL is no longer financially protected after 1 year when the CA severance policy expires.
Both Broadcom and HCL benefit from this deal. But employees with 10,20,30 years' service suffer. Also US government lost big on tax dollars as 30%-40% severance pay will be collected as income tax.
Yes, more or less. How is the situation in Prague?