can someone please post what the package looks like?

[Anonymous]

Is it 6 months plus like last year?

 

[Anonymous]

2 weeks for every year. Medical/dental for 1 year. Some already had their cars and computers picked up yesterday. (others Monday or early next week). They stay on the payroll until Sept 12. Then the year starts.

If you are 55 or older, you can take retirement or take the package, but not both. That's pretty much it.

 

[Not Surprised]

You are mistaken on the 55+ part. If you are over 55 you still get the package and you still get the benefits of retirement (medical, dental, stock, etc.)
While I think the way they decided who was let go had some MAJOR FLAWS, I have to say the company was pretty fair.
Those displaced still get all of their bonus for Apr-Jun and will get most of the one for Jul - Sep. On top of that they get $2500 for 'retraining' and they get 3 months of assistance with job placement service. I understand several already have interviews with other companies and others may find a spot in Novartis.
It won't be easy for anybody.
Oncology reps knew there had to be a change. It sucks when you are right and then the company uses a strategy to avoid lawsuits over using one that saves the best people. Seems like with a little discussion with Sales Leadership, they could have done both. Not sure what Christy has against her Sales Leadership. It is pretty clear she doesn't think anybody other than herself is smart enough to be involved in an adult discussion. It is a shame.

 

[Anonymous]

2 weeks for every year. Medical/dental for 1 year. Some already had their cars and computers picked up yesterday. (others Monday or early next week). They stay on the payroll until Sept 12. Then the year starts.

If you are 55 or older, you can take retirement or take the package, but not both. That's pretty much it.

So if you were with the company for 2 years you get 4 weeks not the 6 months plus 4 weeks?

 

[Not Surprised]

I think there was a minimum number of weeks, but I'm not sure what it was. It may have been 20, but I'm not sure.

 

[Anonymous]

This was the same package as the December layoff.

 

[Anonymous]

The package is 2" but I make up for it with Macho layoffs
Sincerely
Joe Jimenez

 

[Anonymous]

if its a package you wish to see...tweet anthony weiner!

 

[Anonymous]

Release date from NVS is 7/22 and have the option to apply for any NVS job opening by 8/29. Regular pay stops 9/12, then Medical and Dental for one year after that date. Vision stops sooner. If you sign the severance package, you have 7 days to retract. 2 weeks of pay per year of service or 20 weeks, whichever is greater. Paid in one lump sum on the next pay period after receipt.

I should know because I am one of "them." I have interviews lined up this week and next and have not used the outplacement service yet. Doing it by myself. Not too worried as this seems to be the future of our industry. The way things are going, I may find a job and deal with this in the near future again. Keep your Resume up to date and get to know recruiters. Don't get too complacent and know what the market is looking like every month and current job openings.

 

[Anonymous]

Release date from NVS is 7/22 and have the option to apply for any NVS job opening by 8/29. Regular pay stops 9/12, then Medical and Dental for one year after that date. Vision stops sooner. If you sign the severance package, you have 7 days to retract. 2 weeks of pay per year of service or 20 weeks, whichever is greater. Paid in one lump sum on the next pay period after receipt.

I should know because I am one of "them." I have interviews lined up this week and next and have not used the outplacement service yet. Doing it by myself. Not too worried as this seems to be the future of our industry. The way things are going, I may find a job and deal with this in the near future again. Keep your Resume up to date and get to know recruiters. Don't get too complacent and know what the market is looking like every month and current job openings.

Get out of pharma. I got laid off from pharma about 5 years ago from another company and took a pharma job because I needed to pay my mortgage. All the while, I was interviewing and after a good year of interviewing, I landed into medical device. Yeah, it took a year because I had to justify why they should hire a drug rep, but I love my job selling tangible items. I am not rich but do about $150,000/year. If the economy ever turns around I could do 200k.

There is no security in this industry. With pharma, you have to think of "when I get laid off" not "if I get laid off."

Also, whenever I was in pharma I always had a bunch of money in the bank because I didn't trust my job would be around. I didn't buy a boat, or go on vacation.

 

[Anonymous]

Release date from NVS is 7/22 and have the option to apply for any NVS job opening by 8/29. Regular pay stops 9/12, then Medical and Dental for one year after that date. Vision stops sooner. If you sign the severance package, you have 7 days to retract. 2 weeks of pay per year of service or 20 weeks, whichever is greater. Paid in one lump sum on the next pay period after receipt.

I should know because I am one of "them." I have interviews lined up this week and next and have not used the outplacement service yet. Doing it by myself. Not too worried as this seems to be the future of our industry. The way things are going, I may find a job and deal with this in the near future again. Keep your Resume up to date and get to know recruiters. Don't get too complacent and know what the market is looking like every month and current job openings.

What happens to the unvested RSUs? Do they partially vest or do you get nothing?