Confirming last week's Wild Speculation Wednesday, comments elaborate on the layoffs at E&Y. Sounds like many were on visas (classy, E&Y) and the axed got four weeks of severance, which seems to be the norm among the Big 4.
Any more tips or rumors, please pass them along.
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Monday, June 22, 2009
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I would assume that you would get 1 week for every year of employement.
ReplyDeleteI guess all Big 4 has to pay 3 months of severance due to employment agreements with certain levels (e.g., Senior Managers and above).
ReplyDeleteAs a former EY Senior Manager laid off in the April round, i can confirm that severance and notice periods vary by level (and also within each level). Senior Managers by contract get a minimum of 2 weeks notice and 3 months severance. However, older senior managers get 'counciled out' (ie your not making partner EVER) and can stay on and transition work while they look for a new job. sometimes this can take a 3-4 months. Managers get no notice period and one month severance. pretty much you get a voicemail to show up with your PC and thats it.
ReplyDeleteI am recruiting great E&Y people right now, I have serveral firms that are looking. Dana@eastaffing
ReplyDeleteAs a Staff II, I got 4 weeks' severance. I was told it was standard practice in the Americas. It made for good lubricant...
ReplyDelete