Voluntary separation ?
My employer sent out a email to all employees yesterday and said due to what’s going on now with covid they are offering employees who want to participate a chance to voluntary separate from the company and a offer to those that are eligible to retire to retire . They said depending on how long the employee has worked for the company they will receive a specific time frame of benefits and pay and that if they sign the offer to participate in the voluntary separation it can’t be rescinded . All employees have until October to decide if they want to take the offer. I don’t want to participate because according to their guidelines I would only receive 1 week of benefits, I’ve been with the company for a little over a year. Strange thing is in the email my employer never mentioned why they were really doing this and if they were having any kind of financial problems. I’ve never worked for a company that did this so I’m confused. Should I start looking for other employment elsewhere does this mean mass layoffs are coming?
- Christin KLv 74 weeks ago
I think it means they are simply reducing their work-force. If you don't want to participate, then don't--but maybe you would benefit from looking for another position elsewhere in the mean-time. I don't think it means mass layoffs--simple a reduction in force (or RIF. I worked for the government and this happened a lot.)Source(s): Worked in HR for 31 years.
- garryLv 44 weeks ago
yes the company has gone bust from being closed so long , as long as they pay you your annual leave and sick leave , its all legal , no work because the banks foreclosed on the business .
- StephenWeinsteinLv 74 weeks ago
Start looking. It does not mean mass layoffs are coming, but it's possible.
- ibu guruLv 74 weeks ago
Generally, if not enough people accept offers of early retirement or voluntary separation, the company turns to layoffs. Covid has brought about massive changes in business models, ways of working, and definitely financially damaged a lot of businesses. Some are adapting, e.g. converting to remote working for all employees. Or using delivery & take-out. Or going online & closing physical premises. Or....
No specifics here which give us any clue as to what is going on with your employer. But you definitely need to look for a new job... or new career.... or new way of working & earning money to support self (& your family).
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- Ron AkiaLv 64 weeks ago
Your employer obviously is suffering from a slowdown in business due to the coronavirus of today and is looking to reduce his overall costs. Should enough people take advantage of his offer there will be no need to have a further reduction in staff. If not, there's a good chance there will be a further reduction via layoffs. With only one year you'll probably be quite vulnerable. If you're happy with your job it may be in your best interests to see what happens.
- 4 weeks ago
Start looking now. Barring a miracle you're going to see a ton of layoffs in multiple industries in October in the US when the PPP loans die out.
- n2mamaLv 74 weeks ago
Maybe not mass, but layoffs are almost certainly coming, especially if enough people don’t voluntarily separate or take early retirement. And while you are welcome to not leave because you’d only get a week of severance, if layoffs do take place you may be in the early rounds due to your short tenure there. Yes, in your position I’d be looking for another job.
- Anonymous4 weeks ago
You don't have to accept the package. But if payroll isn't reduced enough by voluntary separation, yes, they will start firing people.
- JohnLv 64 weeks ago
Such buyouts are not uncommon. Think of it as the television show Deal or No Deal.
What the letter says is that due to the pandemic, business is down and they need to reduce their workforce. Any employees who voluntarily leave or retire would receive an immediate buy out. The buyout can be in the form of cash, a series of payments, or whatever the company offers. The amount of the buy out is based on how long someone has worked for the company. Those who worked the longest will receive the highest buyout amounts.
As for those who do not take the buyout, they can stay on the job for now but they are subject to being laid off at any time. If they are laid off after the buyout offer expires, they will receive no special payments. Of course, if enough workers take buy outs and/or economic conditions improve, employees who stay may keep their jobs indefinitely.
- TavyLv 74 weeks ago
This is happening all over the U.K. business are loosing money, your employer is not going to tell you that. Heard of Covid ? This is the problem.
You don't have to do anything, they are not asking you to go.