Employee Buyout Packages
Employee Buyout Packages
(OP)
Just sharing a fun two-part story with everyone. Consider it a "shrinking pains" kind of situation.
Part 1: Shaw offers buyout packages to 6,500 employees as it looks to cut workforce
Part 2: 3,300 Shaw employees accept voluntary buyouts
The second story came out on Feb 14th. You can just feeeeeel the love.
Part 1: Shaw offers buyout packages to 6,500 employees as it looks to cut workforce
Part 2: 3,300 Shaw employees accept voluntary buyouts
The second story came out on Feb 14th. You can just feeeeeel the love.
STF
RE: Employee Buyout Packages
**The reason for not going after them is that the company had underbid, to the point of making no profit. Apparently the bid was 30% lower than the next competitor. Makes sense to tell the engineers to get lost instead of the upper management and their 'bid to win' concept.
RE: Employee Buyout Packages
Uhm, that's over 50% using my math, what about yours?
Dan - Owner
http://www.Hi-TecDesigns.com
RE: Employee Buyout Packages
John R. Baker, P.E. (ret)
EX-Product 'Evangelist'
Irvine, CA
Siemens PLM:
UG/NX Museum:
The secret of life is not finding someone to live with
It's finding someone you can't live without
RE: Employee Buyout Packages
Neither the news media nor HR departments are renowned for their skill at arithmetic. I believe the offer was made to 6,500 of their workers, not implying that the total company workforce is 6,500. JohnB seems to have figured out the rest.
The morning news radio shows were having a giggle about the situation. Pundits suggested that with this many taking the offer, most of them would be star employees, rather than dead-wood types. The irony is that if Shaw makes good on the offer, they will soon have to hire back about 2500 people!
STF
RE: Employee Buyout Packages
implied that it wasn't the entire workforce.
TTFN (ta ta for now)
I can do absolutely anything. I'm an expert! https://www.youtube.com/watch?v=BKorP55Aqvg
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RE: Employee Buyout Packages
Why were you still there?
PS, this week a coworker and I wrote a cost estimate for a bid, shaving time down as much as we felt safe, and adorning it with lots of CYA words because the RFQ was so badly written and full of obvious errors. We could tell that the person who wrote the RFQ had no understanding of the work being requested.
Management just told us today that they will submit the bid for 1/2 the cost we estimated.
Has anyone EVER come up with a system to tender bids that doesn't cause all the bidders to cut their own heads off to get the contract??
STF
RE: Employee Buyout Packages
Management had decided to take on a specialized area, specifically underbid on one project to get some credibility and then, having proved the company and the development pipeline, screwed up the next bid by not understanding the market. The second system was done in less time, with lower costs, significantly lower production problems and didn't make the money they wanted. It was through RDGT before the first system was. So everyone was feeling pretty good. And then - boom - they blew it up. It was like seeing the Statue of Liberty sticking up out of the sand in Planet of the Apes.
Even that would have been OK for the rest except we got spun off to a bunch of MBAs who gutted the operation over a series of spin-offs and sell-offs. Some were even sued for concealing side-deals as part of the sales and I think one went to jail.
Then there were the crippling hires of like-minded management who would think things like - money is tight, so let's build a new headquarters instead of staying in a building that's probably taxed $20 a year. (One year they put a for-sale sign on the building. I guess that established the commercial value of the property and should have been close to 0.)
Depending on the bid, some agencies will ignore bids that are too low to be real, but some will take anything and hope their legal department is better than any weasel supplier's lawyers.
Some places underbid and hope to make it up with spitefully following the requirements and then arm wrestle for contract mods and more money. Like one weasel company I dealt with which supplied encoders with a split-pinion. After some other production problems, one unit came in, the assembler removed it from the box, and the pinion fell off. Others were checked. Words were exchanged. They first claimed it was abused, but then noted that our requirements didn't have an 'axial retention requirement' for the gear. They also claimed that their parts were passivated even though rust was forming on them due to condensation (it was a 'special' treatment, which turned out to be in-process machining oil.) (24,000 words describing these losers omitted for brevity.)
RE: Employee Buyout Packages
RE: Employee Buyout Packages
This usually goes hand in hand with why the company needed to do a separation package to begin with. I've been the recipient of offers to relocate, twice. The first time was McD offering to move our group to St. Charles, from Huntington Beach; the management was bewildered by the fact that there was a 0% acceptance rate. The last time was Northrop's moving a division to Rolling Meadows; I don't know the exact numbers, but out of about 1100 employees, rumor had it that 45 accepted.
Then, there was an early retirement effort, which I was too young for, but my project manager, who was more than a little disliked, got a special lunchtime visit in the cafeteria from our VP of engineering, who said, "Joe, what can I do to personally ensure that you'll take the early retirement package?"
TTFN (ta ta for now)
I can do absolutely anything. I'm an expert! https://www.youtube.com/watch?v=BKorP55Aqvg
FAQ731-376: Eng-Tips.com Forum Policies forum1529: Translation Assistance for Engineers Entire Forum list http://www.eng-tips.com/forumlist.cfm
RE: Employee Buyout Packages
John R. Baker, P.E. (ret)
EX-Product 'Evangelist'
Irvine, CA
Siemens PLM:
UG/NX Museum:
The secret of life is not finding someone to live with
It's finding someone you can't live without
RE: Employee Buyout Packages
TTFN (ta ta for now)
I can do absolutely anything. I'm an expert! https://www.youtube.com/watch?v=BKorP55Aqvg
FAQ731-376: Eng-Tips.com Forum Policies forum1529: Translation Assistance for Engineers Entire Forum list http://www.eng-tips.com/forumlist.cfm
RE: Employee Buyout Packages
Scope creep being the mirror image of that. On one contract engineer's time was bid at cost. But any extra work engineer's time was billed at 4 times that. Then you talk the customer into upgrades...
Cheers
Greg Locock
New here? Try reading these, they might help FAQ731-376: Eng-Tips.com Forum Policies http://eng-tips.com/market.cfm?
RE: Employee Buyout Packages
John R. Baker, P.E. (ret)
EX-Product 'Evangelist'
Irvine, CA
Siemens PLM:
UG/NX Museum:
The secret of life is not finding someone to live with
It's finding someone you can't live without
RE: Employee Buyout Packages
It's a tough balance, reducing workforce, maintaining morale and keeping productive. But I lived through a department that went from 1200 engineers to 200 engineers in a couple of years. I'll tell you, the ones who were left were pretty tough.
RE: Employee Buyout Packages
About six months later I was offered a lateral transfer to a staff position for the VP of software development and they didn't have to wait for me to make my decision, I took the offer in a New York minute, even though it did mean that I had to move my family from one side of the country to the other for the second time in less than two years. However, it was the best move I ever made, for several reasons, not least being that I really hated being a manager, but at the time the position was originally offered to me, it was the only way that I could move up in my particular part of the organization. But during that period things changed back at headquarters and when I saw that there was another path opening up for me, they didn't have to twist my arm when it was made clear that this new job was mine for the asking.
John R. Baker, P.E. (ret)
EX-Product 'Evangelist'
Irvine, CA
Siemens PLM:
UG/NX Museum:
The secret of life is not finding someone to live with
It's finding someone you can't live without
RE: Employee Buyout Packages
STF
RE: Employee Buyout Packages
John R. Baker, P.E. (ret)
EX-Product 'Evangelist'
Irvine, CA
Siemens PLM:
UG/NX Museum:
The secret of life is not finding someone to live with
It's finding someone you can't live without
RE: Employee Buyout Packages
Cheers
Greg Locock
New here? Try reading these, they might help FAQ731-376: Eng-Tips.com Forum Policies http://eng-tips.com/market.cfm?
RE: Employee Buyout Packages
Uh, how can you refer to more than one package and just one "here" in the same sentence?
Did the same company lay you off, only to hire you back again later?
STF
RE: Employee Buyout Packages
Mike Halloran
Pembroke Pines, FL, USA
RE: Employee Buyout Packages
RE: Employee Buyout Packages
Cheers
Greg Locock
New here? Try reading these, they might help FAQ731-376: Eng-Tips.com Forum Policies http://eng-tips.com/market.cfm?