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severance package

Scary topic..but it crossed my mind after hearing about more layoffs. I've heard that the usual package involves a week for every year you work. And when you hit manager and beyond, it gets slightly better. Here's a quote from Francine Mckenna's blog retheauditors:"I’ve had meetings with two good friends in the last week, professionals who I’ve known for years, Senior Manager/Directors at Big 6 firms in the Chicago area, who were both cut during the holiday season. One seems to have received a good package, almost too good, because he’s getting organized but not feeling pushed. The other was unceremoniously cut with very little notice and not much severance. Proves the adage: You get what you negotiate…"
So it looks like it really varies. But the firms control the ball in this economy, so it'll be interesting to see if and how many layoffs occur post-busy season. Obviously a huge factor will be the voluntary attrition rate. If like last year, the attrition rate's really low, the model's going to have to spit out people.
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Anonymous said…
I know a guy from Deloitte recently laid-off after a little over a year...got 6 weeks severance. Also know a guy that worked at EY for four years and recently got laid off...got 4 weeks severance.
March 1, 2009 at 9:33 PM
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