The 2-week resignation notice: a thing of the past

[Slapper]

My department is a complete disaster. The fifth person quit this week. The only kicker is that all five people only gave a one-day resignation notice, which seems to be the norm nowadays. My company is carrying out intense re-structuring, and the majority of the re-structuring has entailed the outsourcing of jobs outside of NYC. Folks with 20-30 years of experience... Gone.

And now there is a backlash: the skeleton crew in place is quitting en masse, the very same day they submit their resignation. So far, because of lack of employees, we've lost an astounding $ 34,000,000 in missed trading activity. Not only that, I have access to employees 401k accounts (I'm supposed to monitor their trading activity for compliance reasons) and calculated about $ 17,000,000 just left the firm because of the employees getting laid off (they took their 401k's + savings/checking accounts somewhere else). This week I found out from a colleague how much money was spent on their layoff packages and the amount comes to $ 2,000,000. Total amount lost for the company: $53,000,000 on 15 employees. That's 5+ million per employee. Most employees laid off were 5-15 years away from retirement and, on average, making 150k per year. Cost of keeping the employee until retirement: $ 750,000-$ 2,250,000, as opposed to the 5+ million they've already spent.

What the fuck is wrong with American managers? Are they really this fucking dumb?

[the trainer]

My department is a complete disaster. The fifth person quit this week. The only kicker is that all five people only gave a one-day resignation notice, which seems to be the norm nowadays. My company is carrying out intense re-structuring, and the majority of the re-structuring has entailed the outsourcing of jobs outside of NYC. Folks with 20-30 years of experience... Gone.

And now there is a backlash: the skeleton crew in place is quitting en masse, the very same day they submit their resignation. So far, because of lack of employees, we've lost an astounding $ 34,000,000 in missed trading activity. Not only that, I have access to employees 401k accounts (I'm supposed to monitor their trading activity for compliance reasons) and calculated about $ 17,000,000 just left the firm because of the employees getting laid off (they took their 401k's + savings/checking accounts somewhere else). This week I found out from a colleague how much money was spent on their layoff packages and the amount comes to $ 2,000,000. Total amount lost for the company: $53,000,000 on 15 employees. That's 5+ million per employee. Most employees laid off were 5-15 years away from retirement and, on average, making 150k per year. Cost of keeping the employee until retirement: $ 750,000-$ 2,250,000, as opposed to the 5+ million they've already spent.

What the fuck is wrong with American managers? Are they really this fucking dumb?

[Grape Ape]

What are the long term savings though - don't you have to net future costs of the outsourced employees vs current over the course of the next 15 years or so?

But, I've always thought the way to do a layoff is to do it all in one painful cut, then call those who were not cut together and let them know that they are safe, to prevent they type of thing you're seeing now.

But again, why always the need to throw "American" on everything?  This shit happens everywhere.

[Deacon Jeschin]

My department is a complete disaster. The fifth person quit this week. The only kicker is that all five people only gave a one-day resignation notice, which seems to be the norm nowadays. My company is carrying out intense re-structuring, and the majority of the re-structuring has entailed the outsourcing of jobs outside of NYC. Folks with 20-30 years of experience... Gone.

And now there is a backlash: the skeleton crew in place is quitting en masse, the very same day they submit their resignation. So far, because of lack of employees, we've lost an astounding $ 34,000,000 in missed trading activity. Not only that, I have access to employees 401k accounts (I'm supposed to monitor their trading activity for compliance reasons) and calculated about $ 17,000,000 just left the firm because of the employees getting laid off (they took their 401k's + savings/checking accounts somewhere else). This week I found out from a colleague how much money was spent on their layoff packages and the amount comes to $ 2,000,000. Total amount lost for the company: $53,000,000 on 15 employees. That's 5+ million per employee. Most employees laid off were 5-15 years away from retirement and, on average, making 150k per year. Cost of keeping the employee until retirement: $ 750,000-$ 2,250,000, as opposed to the 5+ million they've already spent.

What the fuck is wrong with American managers? Are they really this fucking dumb?

Is anyone in upper management surprised?  People with 20 or 30 years being "rewarded" with being replaced?  I bet the top people/managers still get the huge bonuses, though.  Whatever company you work for should be glad the people leaving are giving any notice at all, and not firebombing the place on the way out....

[ritch]

every time I gave 2 weeks notice, I got fired days after, the hell with it.

[wikkedonez]

I think you answered your own question....a skeleton crew that has to do 4 or 5 persons work...Nobody wants to do more than they have too...that's America. They said when the economy  starts to get better many overworked employees will jump ship.

[oldtimer1]

Judging by those numbers it's another Getbig millionaire.

[Slapper]

Judging by those numbers it's another Getbig millionaire.

Not me. There were two guys that got laid off that had 3+ million in their 401ks. And they were 2-3 years away from retiring.

I know American managers are dumb, but human resources should've crunched the numbers in and informed the ones in power of how much of a bad idea it would be for them to have to pay to keep someone unemployed.

And these two individuals are now collecting unemployment, possibly for 1-2 years because it does not make any sense for them to re-enter the labor force since they're so close to retirement age. And all that knowledge... Instead of managing it and transitioning them out, they just let them go.

 

[calfzilla]

Myself and 2 other key employees in my dept are pretty close to leaving. We were talking the other day about if the 3 of us left at the same time the department would be fucked. LOL hope it happens.

[Abacab]

What is management doing to create such a lack of loyalty in that work environment? Happy employees don't up and quit like that, especially in such large numbers..

[The True Adonis]

My department is a complete disaster. The fifth person quit this week. The only kicker is that all five people only gave a one-day resignation notice, which seems to be the norm nowadays. My company is carrying out intense re-structuring, and the majority of the re-structuring has entailed the outsourcing of jobs outside of NYC. Folks with 20-30 years of experience... Gone.

And now there is a backlash: the skeleton crew in place is quitting en masse, the very same day they submit their resignation. So far, because of lack of employees, we've lost an astounding $ 34,000,000 in missed trading activity. Not only that, I have access to employees 401k accounts (I'm supposed to monitor their trading activity for compliance reasons) and calculated about $ 17,000,000 just left the firm because of the employees getting laid off (they took their 401k's + savings/checking accounts somewhere else). This week I found out from a colleague how much money was spent on their layoff packages and the amount comes to $ 2,000,000. Total amount lost for the company: $53,000,000 on 15 employees. That's 5+ million per employee. Most employees laid off were 5-15 years away from retirement and, on average, making 150k per year. Cost of keeping the employee until retirement: $ 750,000-$ 2,250,000, as opposed to the 5+ million they've already spent.

What the fuck is wrong with American managers? Are they really this fucking dumb?

Why are you telling us this?  Like we give a fuck.

[chaos]

Why are you telling us this?  Like we give a fuck.

They may be managing your inheritance,  you should care.

[pedro01]

My department is a complete disaster. The fifth person quit this week. The only kicker is that all five people only gave a one-day resignation notice, which seems to be the norm nowadays. My company is carrying out intense re-structuring, and the majority of the re-structuring has entailed the outsourcing of jobs outside of NYC. Folks with 20-30 years of experience... Gone.

And now there is a backlash: the skeleton crew in place is quitting en masse, the very same day they submit their resignation. So far, because of lack of employees, we've lost an astounding $ 34,000,000 in missed trading activity. Not only that, I have access to employees 401k accounts (I'm supposed to monitor their trading activity for compliance reasons) and calculated about $ 17,000,000 just left the firm because of the employees getting laid off (they took their 401k's + savings/checking accounts somewhere else). This week I found out from a colleague how much money was spent on their layoff packages and the amount comes to $ 2,000,000. Total amount lost for the company: $53,000,000 on 15 employees. That's 5+ million per employee. Most employees laid off were 5-15 years away from retirement and, on average, making 150k per year. Cost of keeping the employee until retirement: $ 750,000-$ 2,250,000, as opposed to the 5+ million they've already spent.

What the fuck is wrong with American managers? Are they really this fucking dumb?

Very much.

The way you handle lay-offs is of paramount importance.

I remember a guy who'd put in 30+ years at a company in LA. They got him into the lawyers office and he was given an hour to "clear out". While he was chatting with the lawyer & his manager, they cut off his access to the servers. I was there that day. It was a terrible thing to witness.

Their excuse - this is IT and allowing someone to work out their termination period is too risky. In other words - we don't trust this guy who's been here for over 30 years.

So you get lay offs, then you get more & more. No-one has a leaving party. No speeches. No thanks from the boss for a great job. It's just ambush-style kick out.

Then they give the bare minimum of severance payment - but really - it's not the money. It's being there one day and on your ass the next.

I blame these "At Will" employment contracts personally. You simply can't treat people like that and have their colleagues continue to respect the management.

[pedro01]

Most employees laid off were 5-15 years away from retirement and, on average, making 150k per year. Cost of keeping the employee until retirement: $ 750,000-$ 2,250,000, as opposed to the 5+ million they've already spent.

What the fuck is wrong with American managers? Are they really this fucking dumb?

The actual savings is irrelevant.

It's just the way the whole accounting thing works. The layoff can be expensed as restructuring costs, so it doesn't hit P&L the same way the salaries did.

It's total fucking nonsense of course, money is money - BUT - it allows the management to look good by changing the P&L in GAAP terms.

[pedro01]

Here's what your CEO/CFO/Corporate Attorney care about when looking at who to lay off in order of priority.

- are we getting the racial balance of layoffs ok?
- are we getting the sexual balance of layoffs ok?
- are we getting a broad range of ages in the layoffs?
- are we getting the right impact on P&L?
- are we still able to function as a company?

I've been in these meetings. It amazes me that the biggest consideration is the race/sex/age mix (in that order) of those getting laid off. They are so scared of being hit with a discrimination lawsuit. P&L is next but the fact is, they seem to not give a shit about having a functional team at the end of it. They 'know' that the people remaining will take care of it.

Things they generally don't consider
- are we putting undue stress on remaining individuals through having them perform the laid-off people's tasks?
- are we doing this in such a way as to kill morale in the company?

I will say there are exceptions. In one major layoff I was involved with (being a manager at the time and having to provide a list of names to be chopped), they got a major recruitment company to come in and work with everyone that got laid off. They helped them create resume's and in many cases people went from getting laid off to another job - with a nice lump sum in their pocket. There was some expense involved with this (but also was a restructuring expense). The impact on morale of those remaining was mostly positive. They came off looking like a caring company.

[sync pulse]

1.)

Re: The 2-week resignation notice: a thing of the past

2.)

So you get lay offs, then you get more & more. No-one has a leaving party. No speeches. No thanks from the boss for a great job. It's just ambush-style kick out.

Then they give the bare minimum of severance payment - but really - it's not the money. It's being there one day and on your ass the next.

I blame these "At Will" employment contracts personally. You simply can't treat people like that and have their colleagues continue to respect the management.

• 1.)I worked at a family company (broadcasting) and it was common knowledge that the day  you gave 2 week notice would be your last day.
• 2.)It became worse when ClearCha……well, a large hated broadcasting company bought the stations.  I remained there another 5 years.  They started to make overtures to me about how I was  going to be finally promoted.  I was called in one afternoon and I thought I was going to a conference about how I was being promoted.  They slipped me the axe just like described above.  Thirty people got it that day and I was the first one.

[Shockwave]

My department is a complete disaster. The fifth person quit this week. The only kicker is that all five people only gave a one-day resignation notice, which seems to be the norm nowadays. My company is carrying out intense re-structuring, and the majority of the re-structuring has entailed the outsourcing of jobs outside of NYC. Folks with 20-30 years of experience... Gone.

And now there is a backlash: the skeleton crew in place is quitting en masse, the very same day they submit their resignation. So far, because of lack of employees, we've lost an astounding $ 34,000,000 in missed trading activity. Not only that, I have access to employees 401k accounts (I'm supposed to monitor their trading activity for compliance reasons) and calculated about $ 17,000,000 just left the firm because of the employees getting laid off (they took their 401k's + savings/checking accounts somewhere else). This week I found out from a colleague how much money was spent on their layoff packages and the amount comes to $ 2,000,000. Total amount lost for the company: $53,000,000 on 15 employees. That's 5+ million per employee. Most employees laid off were 5-15 years away from retirement and, on average, making 150k per year. Cost of keeping the employee until retirement: $ 750,000-$ 2,250,000, as opposed to the 5+ million they've already spent.

What the fuck is wrong with American managers? Are they really this fucking dumb?

that happened at my old job as well, its because everytime someone put in their 2 weeks notice, management either fired them on the spot or told them to just to not come back in.

Its a courtesy that is no longer appreciated by american businessmen.

[chaos]

I've had 2 guys quit, one left with no notice, came in to pick up his stuff, the other gave 5-6 weeks notice.

[SamoanIrishman]

Several high tech companies I've worked for had policies in place that when someone submits a two week notice management is to report it to the Exec team and IT manager. IT cuts off access to all email and internal sites that night. When the employee comes to work the next day they are called into a meeting with HR and security as their manager packs their desk and then they are escorted to their car.

I her this is pretty standard amongst software and financial companies.

[chaos]

Several high tech companies I've worked for had policies in place that when someone submits a two week notice management is to report it to the Exec team and IT manager. IT cuts off access to all email and internal sites that night. When the employee comes to work the next day they are called into a meeting with HR and security as their manager packs their desk and then they are escorted to their car.

I her this is pretty standard amongst software and financial companies.

Yes because people aren't going to steal company info/secrets until after they put in their two week notice. Lol

[Shockwave]

Several high tech companies I've worked for had policies in place that when someone submits a two week notice management is to report it to the Exec team and IT manager. IT cuts off access to all email and internal sites that night. When the employee comes to work the next day they are called into a meeting with HR and security as their manager packs their desk and then they are escorted to their car.

I her this is pretty standard amongst software and financial companies.

Hell its standard amongst small MFG companies.

My old niche machine tool company did this, they valled it 'protecting themselves from disgruntled employees'.

Only reason i didnt get fired when i put in notice is because I had several critical projects that i was the only one who knew what i was doing, so they needed me yo spend my last 2 weeks training my replacement.

[SamoanIrishman]

Yes because people aren't going to steal company info/secrets until after they put in their two week notice. Lol

I know right? Everyone just figured Bob always carried around a 500 gig external drive and / or 8 thumb drives hahaha

[Hulkotron]

Lots of small men shaving and oiling each other's scrotums here.

[MONSTER_TRICEPS]

Can't you fuckers find a nearby water cooler to hold this riveting conversation?

 

[muscleman-2013]

My department is a complete disaster. The fifth person quit this week. The only kicker is that all five people only gave a one-day resignation notice, which seems to be the norm nowadays. My company is carrying out intense re-structuring, and the majority of the re-structuring has entailed the outsourcing of jobs outside of NYC. Folks with 20-30 years of experience... Gone.

And now there is a backlash: the skeleton crew in place is quitting en masse, the very same day they submit their resignation. So far, because of lack of employees, we've lost an astounding $ 34,000,000 in missed trading activity. Not only that, I have access to employees 401k accounts (I'm supposed to monitor their trading activity for compliance reasons) and calculated about $ 17,000,000 just left the firm because of the employees getting laid off (they took their 401k's + savings/checking accounts somewhere else). This week I found out from a colleague how much money was spent on their layoff packages and the amount comes to $ 2,000,000. Total amount lost for the company: $53,000,000 on 15 employees. That's 5+ million per employee. Most employees laid off were 5-15 years away from retirement and, on average, making 150k per year. Cost of keeping the employee until retirement: $ 750,000-$ 2,250,000, as opposed to the 5+ million they've already spent.

What the fuck is wrong with American managers? Are they really this fucking dumb?

Don't worry.  Obama's new Americans will work for a quarter the wage.  Your managers will  be justified.  You, on the other hand...