Google parent company Alphabet, became the latest tech giant to announce layoffs on Friday, telling employees it would cut 12,000 jobs, roughly 6% of its total workforce.
Tech layoffs have been headline fixtures in recent months as companies contend with rising costs and declining revenue as wary customers cut spending ahead of a recession. Those left shouldering the brunt of the economic storm are rank-and-file employees.
More than 120,000 tech workers lost their jobs in 2022, according to Axios, with thousands more tech layoffs already announced in 2023. In an age in which internal communication doesn’t stay internal for long, layoff memos have provided great fodder for leadership critique and an inside look at how employers are trying to soften the blow—namely with hefty compensation and benefits packages.
Here’s how tech severance packages compare to one another.
Number of employees: 500, 7% of workforce
Compensation: All employees will get five months of pay with an added week for every year at HubSpot for up to seven months. Bonus-eligible employees will get their expected 2022 bonus, and HubSpot will accelerate equity vesting through April 1.
Health: HubSpot will extend medical coverage for five months. Ex-staffers will also have access to six counseling sessions through the mental health platform Modern Health, according to a laid-off Hubspot employee.
Immigration: HubSpot’s announcement did not mention immigration support, and no additional resources were offered, according to another laid-off employee.
Other: Laid-off employees will get career services like resume guidance and access to an opt-in talent directory. They can also keep their company laptops and other office supplies purchased for remote work.
Number of employees cut: 12,000, 6% of workforce
Compensation: Googlers who lost their jobs will receive a minimum of 16 weeks’ pay with an additional two weeks for every year at Google. Restricted stock units scheduled to vest over the next 16 weeks will still be granted. Laid-off workers will also get their expected 2022 bonuses and reimbursement for remaining PTO.
Health: The company extended employee health coverage for six months. No
Immigration: Google will provide “immigration support for those affected,” according to an email sent to employees, but did not specify what that would entail.
Other: Employees will receive access to job placement services for a duration of six months.
Number of employees cut: 18,000, about 1.5% of workforce
Compensation: Laid-off employees will receive one week of base pay for every six months at the company, up to 20 weeks. RSUs will continue to vest during that time period.
Health: Amazon extended health care coverage through January 17, 2023. Employees will also receive an additional $297 for each week of severance pay to be used for COBRA insurance when Amazon’s lapses.
Immigration: Employees weren’t given specific details about immigration support, a source told Fortune.
Other: Employees who received signing and relocation bonuses will not have to pay back the company, according to one ex-employee.
Number of employees cut: 11,000, 13% of workforce
Compensation: Employees will receive 16 weeks of pay and an additional two weeks for each year at the company, with no cap. Those with stock options scheduled to vest on November 15 received their full equity, though they were let go six days prior. Employees will also be reimbursed for unused PTO.
Health: Meta will pay premiums for employees and dependents for six months.
Immigration: Meta is providing “dedicated immigration specialists” for employees who aren’t U.S. citizens but did not specify what that entails.
Other: Employees will get access to job leads through an external vendor before they become public.
Number of employees cut: 700, 14% of workforce
Compensation: Sources tell Fortune that employees received 10 weeks of pay with an additional four weeks for those who’ve been at the company longer than four years. Those with stock options will receive this quarter’s equity, which vests on November 20.
Health: Health care coverage is extended through April 2023.
Immigration: There’s been no direct mention of immigration support, sources tell Fortune.
Other: Lyft provided access to a talent spreadsheet but “nothing more official than that,” according to an ex-staffer. Employees can also access the online learning platform Udemy through January 2023 and the telehealth platform One Medical through the end of this year.
Number of employees cut: 1,000, 14% of workforce
Compensation: Stripe employees received 14 weeks of pay. Those with longer tenures received additional pay, but Stripe didn’t publicize the length of employment required or specify the amount of pay. Workers will receive their 2022 bonus and be reimbursed for remaining PTO.
Health: Employees can choose to have Lyft cover their premiums for six months or receive that amount as cash.
Immigration: Employees will get free consultations with immigration experts to discuss their status.
Other: Stripe offered access to unspecified career support. The company will also offer discounts on Stripe products for employees who start a business.
Number of employees cut: 550, 18% of workforce
Compensation: Employees received 10 weeks of pay. Those who’ve been with the company longer than two years got an additional two weeks for every year of service.
Health: Health care coverage will continue for four months.
Immigration: Opendoor’s email to employees did not reference additional support for workers with sponsored visas.
Other: Opendoor launched an opt-in talent directory of laid-off employees that other companies can access.
Number of employees cut: 1,000, <1% of workforce
Compensation: Full-time employees received one week of pay for every six months at the company. Stock options scheduled to vest in this six-month period will continue to do so. Microsoft extended the stock grace period for employees who’d been with the company 24 years or more.
Health: Microsoft will cover COBRA coverage premiums for six months for employees and their dependents.
Immigration: Documents reviewed by Fortune did not reference dedicated immigration support.
Other: Employees received job placement services for 16 weeks, the option to join a talent directory, and mental health support from Spring Health, which includes up to 12 therapy sessions.
Number of employees cut: 1,200, 20% of workforce
Compensation: Employees will receive four months of severance pay.
Health: Snap will offer health care plans through the end of December 2022.
Immigration: The company mentioned additional resources for U.S. workers on a visa but did not cite specifics.
Other: Snap created a talent directory for laid-off employees to connect with prospective employers.
Number of employees cut: 1,000, 10% of workforce
Compensation: Employees received a base severance pay of 16 weeks, with an additional week per year of service.
Health: Shopfiy is extending medical benefits, but it’s unclear for how long.
Immigration: Publicly available information did not mention targeted services for visa holders.
Other: The company is offering job placement benefits, including career coaching and interview support, and a talent directory. Shopify will also cover employees’ internet bills while they look for new jobs, provide a stipend to purchase a laptop, allow workers to keep home office furniture they bought with the company card, and provide free Shopify accounts for those who start their own company.
Number of employees cut: 450, 4% of workforce
Compensation: Employees received four months of pay split between two months of WARN Act benefits and two months of severance pay, sources told Fortune.
Health: Netflix extended health care coverage for two months.
Immigration: Netflix is not providing visa-holders with immigration support.
Other: Netflix offered job placement services, which one ex-employee characterized as “typical outplacement jargon, but nothing proactive.”
Number of employees cut: 7,500, about 75% of workforce
Compensation: Laid-off employees in the U.S. will receive one month of base pay as severance in exchange for signing a non-disparagement agreement and agreeing not to take legal action against the company. CEO Elon Musk originally said affected employees would receive three months of compensation, while former Twitter leadership had promised at least two months of severance pay, prorated performance bonuses, extended visa support, health care continuation, and cash value of equity that would vest within three months.
Health: Some employees received money for health care continuation via COBRA, a source told Fortune.
Immigration: Twitter’s agreement did not reference additional immigration support.
Other: Employees will not receive prorated performance bonuses, according to severance material viewed by Fortune.
Number of employees cut: 8,000, about 10% of workforce
Compensation: Laid-off employees will receive nearly five months of severance pay.
Health: Salesforce will provide former U.S. employees a minimum of nearly five months of health insurance.
Immigration: Documents reviewed by Fortune did not reference dedicated immigration support.
Other: Former employees will receive career resources for finding their next roles and other benefits to help with the transition, CEO Marc Benioff said in a staff. Employees outside the U.S. will also receive a similar level of support, he shared.
This article was updated to include Google’s severance package.
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