Industry wide rumour is that severances have been getting worse and worse over time. Of course that's hard to verify or quantify.This quote is hidden because you are ignoring this member. Show Quote
Good luck out there friends.
I was laid off and haven't found SIMILAR work yet
I was laid off and found a new job in the same industry
I was laid off and found a new job/career in a different industry
I'm still plugging along with the same company I've always been with
I quit my job and went elsewhere
We're all fucked
Other
Industry wide rumour is that severances have been getting worse and worse over time. Of course that's hard to verify or quantify.This quote is hidden because you are ignoring this member. Show Quote
Good luck out there friends.
A lot of truth to that rumour. Generally, you want to be in the first waves of the layoffs - as time goes on, there is less and less cash for payouts. If a company is hanging on, they are less generous.This quote is hidden because you are ignoring this member. Show Quote
They may offer less, but there is plenty of case law around what a package should look like. Should be around 3-4 weeks for each year of service based on total comp for the beyond executive type
Right, but its not cheap to go after more. If you there 4 years and get 12 weeks... That's a lot to burn on a lawyer to try and get an extra 4 weeks. Not to mention if you get a job before 12 weeks and haven't settled with the company yet you sort of become SOL and stuck with lawyer fees (vague memory of chatting with a lawyer about 1.5 years ago).This quote is hidden because you are ignoring this member. Show Quote
Last edited by lasimmon; 06-19-2019 at 09:27 AM.
Yea the beyond exec types have pre-negotiated golden parachutes. Duh.This quote is hidden because you are ignoring this member. Show Quote
I agree with the above GFL sueing for anything meaningful.
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote
Just be smart like me and voluntarily switch jobs right before the downturn. Nothing like having zero tenure.....
Wasn't legally only 2 weeks per year of service?This quote is hidden because you are ignoring this member. Show Quote
And didn't Chevron laid off only paid out legal minimum?
You can argue for more based on common law. Companies should be giving what sort of industry standard is. My chatting with a lawyer sort of indicated things have changed in the market and its extremely hard to get more these days.This quote is hidden because you are ignoring this member. Show Quote
Your best bet is to go back to your employer and ask for more without using a lawyer. See where that takes you.
https://www.canada.ca/en/employment-...rmination.htmlThis quote is hidden because you are ignoring this member. Show Quote
So I was wrong, legally it's only 1 week per year of service.
What does the first sentence even mean in relation to the second? It's confusing.
"They are entitled to two days' regular wages for each full year that they worked for the employer before their termination of employment. The minimum benefit is five days' wages."
I would say if you worked there:This quote is hidden because you are ignoring this member. Show Quote
1 year you get 5 days pay for severance
2 years you get 5 days pay for severance
3 years you get 6 days pay for severance
4 years you get 8 days pay for severance
5 years you get 10 days pay for severance...and so on.
Anyone know what executive severances are like? A friend's dad got laid off from Conoco when Cenovus bought them out and was an executive VP with over 30 years with the company. If they did 3-4 weeks salary X years worked that would be like $700K. If it was one week, it would be more like $150K
I worked with a VP before as well who got laid off and I am not sure how many years of service he had, maybe 4 or 5, and he got $9XX,000 severance which was about 4X salary. This was back in 2010-11 though.
Last edited by Mitsu3000gt; 06-19-2019 at 01:54 PM.
Check the shareholders' agreement, often executive compensation is explicitly stated in there.
Agree with this. Courts will consistently award professional engineers 1 month per year of service regardless of duration up to a max payout of 24 months.This quote is hidden because you are ignoring this member. Show Quote
A company that rhymes with PoorleyWarsons got their bag sued off when some idiot in HR decided they should go legal minimum and tried to give 8 weeks to workers with 20+ years. That's the same offer an 8-yr employee would get. Someone called a lawyer and started a case then shared that lawyer's info and it spread like wildfire.
For $8k in legal fees, a guy with 24 years could get $400k instead of $31k... No Marth required.
I knew a CEO of a well known O&G intermediate who got pushed out of the company to the tune of $10++ Million. He laughed all the way to the bank especially considering the direction the company went afterward.
Moral of the story: exec severance can be wack
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote
Severance is capped at 2 years comp unless agreement states otherwise.This quote is hidden because you are ignoring this member. Show Quote
Executive severance is amazing and usually not tied to years of service particularly if that executive was headhunted into that position.
This is true - exceptionally rare to find otherwise in case law. In the early days of the bust usually companies would pay healthy amounts, as it continued it became more conservative. Different companies try different approaches, some organizations try to go on the more generous side of things to avoid litigation and legal costs, others go lowball and budget that X% will come back and they will have to eat into their legal retainers.This quote is hidden because you are ignoring this member. Show Quote
Originally posted by arian_ma
your stomach is full of sulfuric acid
HR will also take into account employee's age and how likely or easily that person could reasonably be expected to find another job. Or at least that's what I have heard.
The company (small oilfield service company) I work for just laid off about 10% of its field and shop staff yesterday.