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Severance packages???

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Anonymous

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SO...... I keep hearing Genentech will go "above and beyond" to make sure all employees who are laid off will be okay. :-> I've only been with the company for 2 years and was told not to worry. Too late, I'm worried. Do you think the severance packages will reflect their "above and beyond" efforts????
 




Anonymous said:
SO...... I keep hearing Genentech will go "above and beyond" to make sure all employees who are laid off will be okay. :-> I've only been with the company for 2 years and was told not to worry. Too late, I'm worried. Do you think the severance packages will reflect their "above and beyond" efforts????
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Two years? Dont count on much beyond 3-4 months. Of course tis is pure guess work, but based on the current stand packages at both Genentech and Roche, thats about what you would get. Which is very generous for someone with your tenure. It works out being two months for each year.
 








Anonymous said:
It will not be that good. I have heard two different stories here inside.

1. two months plus 1 week for every year

2. Straight three months for everyone
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I will say again, what is part of your roche benefits is two months + two weeks for every year; this is standard and in writing. Anythings else stated in this post should be ignored, since it is nothing but gossip and rumors and stupid.
 




I am a writer for The Bay Citizen, a news organization in San Francisco. In addition to publishing at baycitizen,org, we produce the Bay Area section of the New York Times.

I am doing a story about the Genentech layoffs. If anyone on this board has some information or perspective to share, please call me at 415.821.8544, or estevens@maycitizen.org
 




Anonymous said:
I will say again, what is part of your roche benefits is two months + two weeks for every year; this is standard and in writing. Anythings else stated in this post should be ignored, since it is nothing but gossip and rumors and stupid.
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You're wrong. read it again. it's 12 weeks which equals 3 months then 2 weeks for every year!

It has been the policy for quite some time!!
 












Anonymous said:
I am a writer for The Bay Citizen, a news organization in San Francisco. In addition to publishing at baycitizen,org, we produce the Bay Area section of the New York Times.

I am doing a story about the Genentech layoffs. If anyone on this board has some information or perspective to share, please call me at 415.821.8544 begin_of_the_skype_highlighting              415.821.8544      end_of_the_skype_highlighting, or estevens@maycitizen.org
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I've got a better idea. Why don't YOU fucking find us some information or perspective to share and then get back to us. By the way, I wouldn't use either paper to house train my dog.
 








Anonymous said:
These two months are not severance, since we are still employees. But I get your logic.
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Nancy said we would be employed to the End of the year so will we still be employed to Jan 15th & then the 12 weeks + 2 wks for every year begins? Sounds like we don't see the severance package until just before our employment ends? What if we find a job starting Jan 2nd can we still collect our severance?
 




Anonymous said:
Nancy said we would be employed to the End of the year so will we still be employed to Jan 15th & then the 12 weeks + 2 wks for every year begins? Sounds like we don't see the severance package until just before our employment ends? What if we find a job starting Jan 2nd can we still collect our severance?
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You will be employed until Jan 19th, and you will get your dough soon thereafter (day or so). The severance will be 6 months + 2 weeks per year. THIS IS FACT NOT GUESS OR RUMOR!
 




Anonymous said:
Nancy said we would be employed to the End of the year so will we still be employed to Jan 15th & then the 12 weeks + 2 wks for every year begins? Sounds like we don't see the severance package until just before our employment ends? What if we find a job starting Jan 2nd can we still collect our severance?
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Here is what you do. If you are severed and find a job that starts on Jan 2, start the job and keep your mouth shut. As soon as you are notified that you are being severed, you will be asked to NOT perform any Genentech job related functions other than reasonable transitional stuff.

If you do get healthcare benefits for the time of severance, you loose those benfits if you take a job that provides benefits. So if you start with a company on Jan 2 and Genentech has provided for continuation of healthcare during your severance perion, you must inform Genentech.

I do know of a couple of people that we severed last year in the merger that found jobs and did not notify Genentech. Nobody found out and nothing happened to them at all.
 












Anonymous said:
6 months plus 2 weeks per year of service is wishful thinking. That is not the package!
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IT definately is the PACKAGE! DEFINATELY!, NOT GOSSIP, NOT RUMOR! NO JOKING! If you were on the call this morning, your would know this becuase it was in the presentation! Obviously you werent, yet you call me a liar.

Gotta make my calls, bye bye. 6months + 2 weeks per year. PERIOD!!!
 




Anonymous said:
The word is 14-20 years you get 52 weeks severance and full medical during that time!

don't know what you get if more or less service!! Good luck!!
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Yes your right about this 52 weeks. also it starts i think at 24 weeks all the way up to 52weeks, depending on how many yrs of employment. the Package is not as good as the VSP package Genentech was offering back in 2008 before Roche took over. that was 68 weeks plus medical coverage . Genentech was successful with over 500 people taking that package.
 




Anonymous said:
These two months are not severance, since we are still employees. But I get your logic.
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Little Eddie asks the teacher the following question: If there are three teachers sitting in an ice cream parlor having an afternoon snack the following is occurring: #1 teacher is LICKING THE EDGES OF THE ICE CREAM CONE, EVER SO GINGERLY; #2 teacher is GOBBLING DOWN THE ICE CREAM QUICKLY; #3 teacher is LICKING THE ICE CREAM FROM THE TOP, SUCKING THE INSIDE OF THE CONE, THEN GOBBLING UP THE CONE. He asks his teacher which one is MARRIED. The teacher, after MUCH deliberation answers, Teacher #3. Little Eddie says "NOPE,"--THE CORRECT ANSWER IS THE ONE WITH THE MARRIAGE BAND ON HER FINGER---"BUT ID LIKE YOUR LOGIC."
 




Anonymous said:
Yes your right about this 52 weeks. also it starts i think at 24 weeks all the way up to 52weeks, depending on how many yrs of employment. the Package is not as good as the VSP package Genentech was offering back in 2008 before Roche took over. that was 68 weeks plus medical coverage . Genentech was successful with over 500 people taking that package.
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The difference of course is that the current package is not attempting to induce volunteers. There are NO VOLUNTEERS in the current layoff.
 




Wrong actually. Depends on your relationship with your manager's and their manager.
Ka ching. Sayonara GNE, it was great while it lasted, but could never ben sustained.
GNE will be just like Novartis, big, slow, dumb swiss pharma. Wait and see when we get the Swiss dolts in from Basel who need 'US experience'.
 




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