Some tech employees fare better than others on severance packages
To say this year has been rough on tech would be an understatement. Companies have laid off more than 120,000 tech workers to date, and the numbers continue to tick up. The latest contribution came from Amazon, which laid off 260 employees last week and plans to lay off thousands more in early 2023. Onlookers have openly compared, contrasted, and questioned how employers have executed layoffs, lauding some and chastising others.
One of the most fascinating and telling details in layoff memos are the particulars of varying severance packages. They offer HR leaders a glimpse into how competitors are delicately—and sometimes not so delicately—balancing doing right by employees with saving on costs.
This week, Fortune’s Paolo Confino compared how tech severance packages stack up against one another.
While some employers offer as much as 20 weeks of base pay, others offer just 10 weeks with little additional support like extended health care or immigration services. Meta, for example, provided laid-off employees 16 weeks of pay and an additional two weeks each year they worked at the company, with no cap. The social media company also committed to paying health premiums for employees and their dependents for six months.
Opendoor’s severance package was less generous. The real estate tech company gave employees 10 weeks of pay, and those who had been with the company longer than two years received an additional two weeks for every year of service.
Read the full roundup of severance packages here.
Stay tuned for the Fortune @ Work playbook, publishing Dec. 5, for insights and case studies on how Fortune 500 HR leaders are designing return-to-office strategies.
The most compelling data, quotes, and insights from the field.
A McKinsey study published Monday might give employers considering moving the office to the metaverse pause. Its research found that women are underrepresented in shaping the virtual world.
Though women executives are more likely than men to implement the use of the metaverse or to be considered “power users,” they hold just 10% of leadership roles. Their absence in shaping the metaverse could introduce biases.
Around the Table
- Employers expect to incur higher health care costs, only some of which they’ll be able to pass along to employees if they want to maintain competitiveness among talent. Axios
- Ex-employees at Twitter’s African headquarters in Accra, Ghana, petitioned the country’s government to intervene over claims the company violated local labor laws in laying them off. CNN
- Seventy-three percent of HR leaders say they plan to increase the use of advanced analytics in their work. McKinsey
- The percentage of octogenarians working has more than doubled since 1980. They even count the president among their ranks. Washington Post
The latest in HR executive moves.
Del Monte Foods, Inc. appointed Matt Beliveau chief human resources officer. Mothers Against Drunk Driving (MADD) appointed Kenneth Ceaser vice president of talent and culture. Insurance company Chubb appointed Darryl Page chief culture officer.
Have a move? Let me know: firstname.lastname@example.org
Everything you need to know from Fortune.
Railroad strike. A railroad strike appears increasingly imminent as one of the country’s largest rail unions voted to reject the latest labor contract. —Chris Morris
Going strong. The labor market remains strong despite tech layoffs, and the U.S. is unlikely to see a decline in employment, according to Morgan Stanley. —Chloe Taylor
Tripledemic. An unusually high number of parents may have to miss work to take care of their sick kids this winter, as children face a tripledemic of the flu, COVID-19, and RSV. —Erin Prater