All articles tagged with #severance package
Starbucks announced the closure of over 100 stores across North America, resulting in layoffs for retail and non-retail staff. Laid-off employees received severance packages including pay for 60 to 84 hours, a lump sum for health insurance, and some accrued vacation pay, as part of the company's efforts to support affected staff amid its store turnaround plan.
Chris Williams, former VP of HR at Microsoft, shares advice for individuals who have been laid off. He suggests not signing a layoff package immediately and taking the time to thoroughly read and understand the terms. Williams also recommends considering if there is any leverage to negotiate for better terms, such as a larger severance or extended benefits. If applicable, seeking legal advice or having a lawyer review the paperwork is advised. Additionally, he emphasizes the importance of updating one's resume and LinkedIn profile, and suggests being modest when sharing the layoff publicly. Finally, Williams encourages individuals to tap into their network for job opportunities and to focus on building connections.
The Central Bucks School District in Pennsylvania approved a six-figure severance package for its resigned superintendent, Abram Lucabaugh, sparking outrage among attendees at a recent board meeting. Lucabaugh is expected to receive a payout of over $700,000, including a year's salary and unused sick time. The decision was made by the Republican-controlled board, despite Democrats winning the school board race. Many parents expressed anger over the high amount, questioning the motives behind the resignation and suggesting it was an attempt to silence the incoming board majority. The board also voted to have transgender athletes play for teams based on their assigned sex at birth, further adding to the controversy surrounding the district's policies.
Roblox CEO David Baszucki has informed employees that they must work in the company's physical office at least three days a week or seek employment elsewhere. The decision comes as Roblox joins a growing list of companies implementing strict return-to-office mandates. Baszucki stated that working in an office strengthens company culture and leads to more innovative and productive employees. Remote workers have until mid-January to decide whether they will return to the office, with relocation expenses provided if necessary. Those who choose not to return can opt for a severance package and healthcare coverage for six months. Roblox will still employ remote workers in specific roles and niche skill sets.
Epic Games, the video-gaming giant, is laying off approximately 16% of its workforce, amounting to around 830 employees, due to financial challenges. The company will also sell off Bandcamp and spin off most of SuperAwesome, resulting in an additional 250 job cuts. CEO Tim Sweeney acknowledged that the company had been spending more than it earned and that the growth of Fortnite was primarily driven by creator content with lower margins. Epic Games will provide a severance package, including six months of base pay and healthcare, and offer accelerated stock option vesting. The layoffs are not expected to be followed by further job cuts, and the impact on the company's plans to build its new headquarters in Cary, North Carolina, remains uncertain.
The CEO of MillerKnoll, Andi Owen, told her employees to stop complaining about bonuses and "go get the damn $26 million" during a video call. While her message about hustling and closing deals is understandable, her response to lower-paid employees asking about compensation is disturbing. It's important to remember that employers care about employees to the extent that they perform at the highest level. Employees must continuously fight for their compensation and negotiate a severance package when changing jobs. Loyalty is an excellent trait, but it goes both ways.
Vince McMahon signed a two-year contract with WWE, which includes a multimillion-dollar payout if the company is sold, and he retains the exclusive rights to his "life story." The WWE is actively looking to sell the company, and McMahon could get at least $11 million in a severance package. McMahon is the majority shareholder and could receive around $2.6 billion from his shares. McMahon is hoping to sell the company for $9 billion.