Can I still receive my severance pay?
I ve been working for a name brand jewelery company for about 10 yrs now. I had the opportunity to start at their warehouse in just about every dept and work my way up to their office area as a customer relations rep. Recently they were bought by another company and layoffs happened. Mine was 1 dept among 3 to go. They were giving us whatever vaca days left plus 1 week pay for ea yr u were there. I managed to get back into the warehouse even tho there are very very few ppl left there. Rumors are the end is dec/jan. I took the warehouse job out of despair. I live check to check and would have lost my home as im not finding a job so easily. Its horrible and i regret it i wish i just took the package and filed unemployment. There are legit reasons for my regret and i just need to get out of there even tho i might lose my home and have no where to go. Im wondering if i can still get my package? If i voice this to human resources, would they still give me severance? Ive been there for 1 week...
I think my company is trying to replace me, what do I do?
Do you have reason to think they want to replace you other than that they're interviewing people? Have your reviews been good? Have they been complaining to you about your work? Do you have a good relationship with your bosses? You could be reading this right, or could be all wrong. If you've had bad reviews, or they complain a lot about your work, I'd look for another job. Otherwise I'd ask the boss what's going on, say you've noticed they're interviewing people and are worried about your position. That's fair.
How can you get yourself "let go from your job" with severance?
First a true story, then some other thoughts.TRUE STORY: I worked for an organization in 2005 that was losing in the marketplace. I had relocated over 1,000 miles from home for the position with that company. I knew that the end was near, so I approached my boss and told him that I would not have a problem if they were to offer me a lay-off package that would allow me to move home and have some time to find new work. Two days later, the check for 13 weeks pay was in my hand. Happy outcome.OTHER THOUGHTSYour friend should be thinking about the ethical issues of this situation. If s/he is unhappy in her role, is s/he still keeping her end of the employer/employee relationship? Simply put, is s/he still earning her pay? Or is s/he hanging out, taking but not giving in return and waiting to be fired? Your friend's reputation should be worth more than a few weeks pay that s/he may be hoping for.Advise him/her to do two things. First, do what s/he is getting paid to do. Second, start a job search while employed. It is much easier to find a job when you have one than if you are part of the huge number of unemployed people in the world. Who knows, s/he may find some satisfaction in the work if s/he gives it an honest effort.FINAL THOUGHT: If the job is that bad that a severance package seems preferable, move quickly to improve the situation. Life is too short to spend doing something you hate.
Why do companies give out Golden Parachutes to bad CEOs?
In many cases, big golden parachutes are suddenly voted in to incumbent CEOs by their boards. In this case, it's basically cronyism - the board looks after the CEO, the CEO looks after the board, and yes, the shareholders are the ones to pay the bill.However, there is one circumstance in which you'd expect the market to award golden parachute deals, and that's as follows:Golden Parachutes are often negotiated at the time a CEO joins the business. CEOs are frequently head-hunted in - it's not like Goodyear places an advert on Craiglist, inviting applicants.Because they're headhunting, inevitably the candidates are CEOs at slightly smaller companies - seldom, if ever, are they unemployed. As such, the company is asking the incoming CEO to give up a big package, and probably some stock that hasn't yet vested (because there's always a rolling set of stock options.)This means that the offer has to be quite big to entice someone in.Now, consider, companies that are doing boomingly well generally keep their existing CEOs, and expect them to come up with succession plans to 'keep the good stuff happening' (exhibit A: Apple). It's when companies are doing badly that they more frequently want a 'superstar' CEO to come in.Any CEO knows in his (gender-specific pronoun intentional - they're almost always male - that's another question for another day) heart of hearts that turning round a failing company is hard - there's a high chance of failure. And more, he's being asked to join a company whose board/stockholders have just demonstrated a willingness to fire a CEO for underperformance.So - the thinking goes - you want me to give up a good package to take on a job with a high likelihood of failure... tell you what, I'll do it, but I want a hedge - if you get rid of me, then I want $Y in compensation.Now, where is the negotiating power?Typically, by the time detailed compensation gets onto the table, the board have effectively made their decision, and 'fallen in love' with a particular candidate. That means that they are more likely to agree to such demands.So, you'd expect to see Golden Parachute deals for incoming CEOs to companies that are already failing.
Bankruptcy Law: If a startup goes out of business, do employees receive any severance or compensation generally?
Typically no severance or other compensation is required to be paid (aside from payment for time worked). Some states require vacation/PTO time to be paid upon employee termination as well.Health Insurance typically continues through the end of the current month, assuming the company paid their insurance vendor.
How long after someone is fired can they be rehired at the same place?
That depends on the company and the reason for being fired. Companies may have explicit policies for re-hiring terminated employees or it may be a subjective process. Either way there’s no guarantee that an employer will take an employee back after any amount of time has passed.If the reason for termination was due to downsizing or layoff then a former employee might have a decent chance of getting rehired when the company is in better financial shape. However, the timeline for that is unpredictable. In fact the company may never get back on its feet.If the employee was fired for performance reasons then I’d expect the employee would have to demonstrate how they’ve changed since being terminated. Was there some personal situation that has since been remedied? Has the employee received additional training or education? Have they demonstrated a strong record of employment at another company? A company is less likely to rehire a poor performer than someone they had to let go because of downsizing. Still, if the employee has demonstrated some form of progress they might take them back. How long it would take to get rehired would depend largely on how long it takes the employee to demonstrate a significant change in circumstances.If the termination occurred due to criminal activity, an ethical lapse or because of intentional actions that brought serious harm to the company then the most likely answer is “never.”