[When you see] the FAQs they distributed, you immediately notice the part with regard to Severance Packages. In fact, the Severance offer that was in the original FAQ for Wave 1 (and was promised throughout all 3 waves) was majorly, severely changed by Wave 2.
-Change in company direction and business focus
-Poor company performance
There is considerable evidence, historical and current, that severance coverage (in the US) is primarily motivated by employer desires to limit the morale impact on the remaining work force of negative job actions…
Severance is a common concept everywhere but the US. Elaborate processes that insure that employees are treated fairly when terminations and lay offs occur are taken for granted outside of the US. Just look at Jerome Kerviel of SocGen fame. Have they fired him yet?
Yes. At the outset of the SSR process earlier this year, we made several Wave 1 decisions that we have since revisited, as we have had the opportunity to reflect on some of the unintended outcomes of the process. One area where we have applied the lessons learned from Wave 1 regards our severance practices. Our approach to severance took into consideration both the needs of our business and the needs of our people, and we will continue to look at that balance. We designed our approach to severance to provide assistance to those individuals who were not matched to a role based on the reorganization and to support their search for a job outside of the Firm. The spirit of our policy was also to provide it in the manner of a Great Place to Work organization.
If I am not matched, what severance package can I expect to receive?
All employees that are not offered a position as a result of the matching process in their function’s Wave will receive an enhanced severance package. This enhanced severance package has been used previously by PwC and includes additional benefits beyond the standard package, such as a number of additional weeks of compensation based on overall years of service. The severance package also includes additional healthcare allowance related to COBRA benefits and outplacement assistance. Any individuals not matched to a role will receive a comprehensive package of information about their severance benefits.
What if I decide not to go through the talent assessment process or am matched but decline an offer?
Those individuals who opt not to go through the talent assessment and subsequent matching process, but who agree to stay on and continue to add value through the transition period, or who reject a comparable role at the same salary, level and in the same location, will be eligible to receive standard severance.