Anybody notice the corporate severance program changed on monday? Gone is the verbiage about 2 weeks for every year of service, now they don't give any 'formula' at all. So what to make of this, sounds like they are moving to an environment where they can pay people whatever they feel like.
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I see where they changed the severance program again on HR Connect, back to the 2 weeks per year like before. Dated 8/25.
You are right! Type in "leaving the company" in the Flagscape search box. Corporate Severance Plan is halfway down. On Aug. 1 it still said "2 weeks for every year" now it is "years of service as input."
I knew with the big group of QA getting cut 12/31 that they would change it.
While you're at it look at the new hiring requests for your group and your manager to see if your replacement is being sought after - a cheaper option is always just over in India waiting to come over and enjoy Obama's warm welcoming!
Search for Corporate Severance Document in the Intranet. The old document (before 8/15/16) advised of two weeks per year of service and then listed how that was broken out by bands for min/max benefit. All of that has been removed with the new document and revised to be more vague and allude there may not be a severance if BoA doesn't want to do it.
And where can one find the severance packages by level (band I assume) in the intranet? I only see the updated, generic wording in the Discivery document linked to from HR Connect.
It s---s to be laid off even though the job itself had devolved to something out of hell. Stepping aside to enable diversity is a strange phenom in this day and age as if actual competence no longer matters! Hopefully Trump can fix this messed up reality or at least get the attitudes straight that diversity is just racism in reverse - everyone should have equal opportunity and no-one should get any advantage over anyone else for any reason.
I was laid off 3 times in 6 years from BOA (2007 -2013). Couldn't find another position in the bank after the 3rd time, so took a job at Wells Fargo for a 35% paycut. Can't really say that I have regretted it as they have low layoffs, and actively look to hire older employees. Very happy with the company, if not with the paycheck... But in today's environment, any paycheck is a good one.
Best wishes to the newly laidoff.
It's all on the intranet. Do a search and you'll find the package for your level.
I would agree about the fear of loss of severance causing some attrition, IF the Corporate Severance document was more widely known or if an announcement of the change was made. Otherwise, I believe it was done to prepare for upcoming layoffs in Sept/Oct/Nov when have been rumored since the beginning of the year. It's not a threat, but a preparation of upcoming actions. Any attrition is probably icing on the cake to them. One of the previous post long ago said BoA was investigating ways around severance....guess they found it.
It makes sense when you consider there are people who want to leave but are afraid to lose out on the severance. By creating uncertainty around that, attrition will kick in and do the job of staff reduction for them but once again they will lose the people who are readily employable instead of the hangers on who just want to fly below the radar. Moves and countermoves, this is better than the latest hit movie in 3D IMAX, it is almost like a self-destruct sequence in a sci-fi movie.
That's been in the works for a few years so it wasn't a surprise when they finally made it happen. It was inevitable with the number of people being laid off. There was no way the could sustain that expense and continue to hire replacements even if they were less expensive. Glad I got out when I did.
That's what I was told a year ago ..when I was laid off.... Severance would not be offered in the future. Bofa has to continue to reduce cost just as it's tbtf competitors have exceeded in doing.