- #1
- 16,107
- 8,126
Get laid off but keep your salary
- Context: News
- Thread starter jtbell
- Start date
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- Tags
- Salary
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Discussion Overview
The discussion revolves around the implications and experiences related to layoffs in the financial sector, particularly focusing on cases where employees are informed in advance about their termination while retaining their salary and title. The scope includes personal anecdotes, industry practices, and reflections on employee management during layoffs.
Discussion Character
- Exploratory
- Debate/contested
- Meta-discussion
Main Points Raised
- Some participants highlight that firms like Goldman Sachs and Credit Suisse are conducting layoffs with prior notice, allowing employees to retain their salary until a specified date.
- One participant expresses frustration over the perceived extravagance of high salaries in the context of layoffs, suggesting that reductions should reflect corporate spending habits.
- Another participant notes that advance notice of layoffs may lead employees to focus more on job searching rather than their current duties, although this varies by company culture.
- There is mention of differing practices across industries, with some companies providing no warning at all, leading to abrupt terminations.
- One participant reflects on the respectful treatment of employees in their field, suggesting that relationships may continue even after layoffs due to the nature of contract work.
Areas of Agreement / Disagreement
Participants express varying views on the implications of advance notice for layoffs, with some agreeing that it allows for voluntary departure and job searching, while others question the ethics and practices of companies regarding employee treatment during layoffs. No consensus is reached on the overall impact of these practices.
Contextual Notes
Participants discuss the variability of layoff practices across different sectors, indicating that experiences may differ significantly based on company culture and industry norms.
- #2
DoggerDan
Ouch, hurt me.
The least they could do is reduce their salary by the amount they'd spend on Armani suits and $1,000 per month parking spaces.
The least they could do is reduce their salary by the amount they'd spend on Armani suits and $1,000 per month parking spaces.
- #3
BobG
Science Advisor
- 364
- 87
Did you guys miss the point? In August, the employees were notified they would be laid off on Oct 1. In other words, the company was giving them a certain amount of time to leave voluntarily.
Presumably, the person wouldn't work very hard during that time he was still being paid? Yes and no.
Being a defense contractor where there can be a distinct difference between the new contract and the old contract, even when renewed, I've seen a few situations where people knew their job was gone as of some date shortly in the future. Usually, the person still takes care of their normal daily duties, but obviously no one will be assigning them new projects to work on and obviously the person will have more and more time during the day to focus on their job search activities (usually, it's frowned upon to spend your work day sending out resumes, etc, but that attitude becomes rather relaxed for employees that are about to get laid off).
That only happens in some companies, by the way. Many companies won't give their employees any warning about an upcoming layoff. In quite a few companies, you find out you're leaving the day your job ends and someone then escorts you to empty your desk (just to make sure you don't steal the paper clips, etc) and then escorts you out the door.
Management in my field is probably slightly more respectful and compassionate of employees because it's not a huge field and some of those laid off employees are likely to work for the same supervisors, perhaps in a completely different company, somewhere down the road. Usually, the company holding a contract changes, but the workers tend to be the same people being hired for the same job over and over.
Presumably, the person wouldn't work very hard during that time he was still being paid? Yes and no.
Being a defense contractor where there can be a distinct difference between the new contract and the old contract, even when renewed, I've seen a few situations where people knew their job was gone as of some date shortly in the future. Usually, the person still takes care of their normal daily duties, but obviously no one will be assigning them new projects to work on and obviously the person will have more and more time during the day to focus on their job search activities (usually, it's frowned upon to spend your work day sending out resumes, etc, but that attitude becomes rather relaxed for employees that are about to get laid off).
That only happens in some companies, by the way. Many companies won't give their employees any warning about an upcoming layoff. In quite a few companies, you find out you're leaving the day your job ends and someone then escorts you to empty your desk (just to make sure you don't steal the paper clips, etc) and then escorts you out the door.
Management in my field is probably slightly more respectful and compassionate of employees because it's not a huge field and some of those laid off employees are likely to work for the same supervisors, perhaps in a completely different company, somewhere down the road. Usually, the company holding a contract changes, but the workers tend to be the same people being hired for the same job over and over.
- #4
WhoWee
- 219
- 0
BobG said:
A 3 month warning in the financial sector is a clear message (to everyone) to generate some new business.
- #5
lisab
Staff Emeritus
Science Advisor
Gold Member
- 2,050
- 612
BobG said:
Or vice versa. Payback is a bear
.