Severance Rumors?

Quote

Anonymous

Guest
So what was the last package Novartis gave out? CCI right? 5-6 months plus 2 extra paychecks? I'm pregnant so I'm trying to get serious answers so my husband & I can plan. Well, serious answers about the severance, not my pregnancy. I know how that happened. :) Thank you & good luck everyone.
 






Last time was a minimum of 20 weeks plus 2 paychecks. They took your car almost immediately. Benefits were a year. That's the big picture I think. Correct me if I'm wrong anyone.
 






Displaced rep from 12/10 here...notified Dec 3rd..regular pay Dec, Jan, Feb. Severance check around feb 7th. $15K after taxes, 5 months or 20 weeks severance. 5 years with the company. Make sure you take care of any tradeable options within the time period they give you or you will lose them. 60 days from separation date. Was out of work 7 months. Severance just about ran out. To those that will get the standard severance.. do NOT hold out for the severance. If you are provided with the opportunity to have another job, TAKE IT! The 15K is not worth the stress of going through countless interviews, time and $ spent preparing for interviews, making brag books, etc. Most postings take at least 3 months from posting to offer. Before you know it paying your monthly bills will chew up the severance and the stress of not knowing if you will have a job to pay your bills is horrible. Take it from me, there are jobs out there but you have to be motivated and network! The other side will be so much better! Screw Novartis and their ability to turn a company from #4 Pharma Co to the brink of bankruptcy. Good luck to everyone! I landed with a small medical company and couldnt be happier!
 












Anonymous said:
Displaced rep from 12/10 here...notified Dec 3rd..regular pay Dec, Jan, Feb. Severance check around feb 7th. $15K after taxes, 5 months or 20 weeks severance. 5 years with the company. Make sure you take care of any tradeable options within the time period they give you or you will lose them. 60 days from separation date. Was out of work 7 months. Severance just about ran out. To those that will get the standard severance.. do NOT hold out for the severance. If you are provided with the opportunity to have another job, TAKE IT! The 15K is not worth the stress of going through countless interviews, time and $ spent preparing for interviews, making brag books, etc. Most postings take at least 3 months from posting to offer. Before you know it paying your monthly bills will chew up the severance and the stress of not knowing if you will have a job to pay your bills is horrible. Take it from me, there are jobs out there but you have to be motivated and network! The other side will be so much better! Screw Novartis and their ability to turn a company from #4 Pharma Co to the brink of bankruptcy. Good luck to everyone! I landed with a small medical company and couldnt be happier!
Click to expand...

Thank you very much for your candor and information. It's very frustrating not knowing anything!!!! Again, thanks!
 






I was displaced as well. The car and the gas is the biggest financial hit imo. You will be shocked by how much it costs to fill up your tank!

I don't know what happened to Novartis. They have really gone downhill, but I will say that they treated us very well in the layoff.
 






Regardless of your fate, get your resume updated, print all of your ranking reports, reviews and awards before you lose your computer. Even if you are one of the lucky ones to have a job, get out! It wont be long before there will be no more reps. I suggest getting into the ring now with interviewing.. There are many reps from other companies that have been interviewing for months/years and have learned from their experience interviewing. Sharpen your skills, search websites on interviewing skills, anything that will help improve your chances of landing something quick. The competition for jobs is fierce. The position I landed had 90 candidates. Various experience all looking for anything to keep their head above water and support their families. Be ready for disappointment, spending tons of time preparing only to lose out to someone who was a better "fit". It's crunch time folks..instead of coming on here and wondering what the latest rumors are, do yourself and your families a favor and search job sites instead and post for jobs you want! Take it from someone who learned the hard way. I'm just paying it forward. I wish someone would have given me the same advice! Instead I was unemployed and nervous as hell wondering if I would have to put my house up for sale. See the writing on the wall! Get out of pharma now! Any jobs that are available in pharma are contract and/or fixed duration. In order to secure your future, stay away from pharma openings. Happy Hunting.. if you havent already, job hunt starts tomorrow! Might as well find a job on novartis' dime.
 






Anonymous said:
Regardless of your fate, get your resume updated, print all of your ranking reports, reviews and awards before you lose your computer. Even if you are one of the lucky ones to have a job, get out! It wont be long before there will be no more reps. I suggest getting into the ring now with interviewing.. There are many reps from other companies that have been interviewing for months/years and have learned from their experience interviewing. Sharpen your skills, search websites on interviewing skills, anything that will help improve your chances of landing something quick. The competition for jobs is fierce. The position I landed had 90 candidates. Various experience all looking for anything to keep their head above water and support their families. Be ready for disappointment, spending tons of time preparing only to lose out to someone who was a better "fit". It's crunch time folks..instead of coming on here and wondering what the latest rumors are, do yourself and your families a favor and search job sites instead and post for jobs you want! Take it from someone who learned the hard way. I'm just paying it forward. I wish someone would have given me the same advice! Instead I was unemployed and nervous as hell wondering if I would have to put my house up for sale. See the writing on the wall! Get out of pharma now! Any jobs that are available in pharma are contract and/or fixed duration. In order to secure your future, stay away from pharma openings. Happy Hunting.. if you havent already, job hunt starts tomorrow! Might as well find a job on novartis' dime.
Click to expand...

He hit the nail on the head. You will have interviews where you kick ass only to have someone else get the job. Good luck.
 






I was laid off in 12/10 and didn't give my car up until the last day....I think that was around 12/31. The vendor who was hired to pickup my car tried to bully me several times to give it up sooner. I called HR and they "strongly" recommended I give up the car before the last possible day. I called fleet and asked them if I had to listen to the guy who was bullying me and fleet said no. Wait until the last day to give up your car regardless of what the people who pick up the car tell you. Also, apply for unemployment immediately. Depending on what state you live in you may be eligible the day after your layoff. In 2010 that was December 3rd. Novartis won't tell you that. You have to call your unemployment office to find out. It's worth it to do this. Don't try and figure it out yourself based on the 2 months plus severance pay for eligibility. Call the unemployment office.
 






I was laid off last Dec 3rd. Recieved $30000 in severance plus two months of pay from Dec. 4th to Feb 8th. Its not three months but two. They will also pay for bonuses but NOT the two months you are on payroll. They will pay for vacation but ONLY for the 2 months you are on payroll. It is pro-rated so if you have 4 weeks they will pro-rate it which will be counted in the 2 months you are still on the payroll. I believe I got 3 days paid plus the 5 days I rolled over. I recieved a high bonus for 2010 and was the best I recieved since Presidents club. However, the bonus structure may be different this time. Also, they will give you a $2500 education grant to use for whatever. You will be allowed to take your pension money and 401k money and do what ever you want with it. I took all of it out and put it into my own private ivestments and recommend everyone to do the same. I also was allowed to cash out on my stocks and recieved good word form a financial friend that Novartis stock will nose dive so cash out. I am fortunate enough that I saved a good bit of money and had a large amount of money in my investments. Also, I recieved a large chunk from my pension too and invested my stock options which I recommend others to do. I recommend applying for unemployment as soon as you are off payroll. Its is not much but will be around 2300 which is better than nothing and you may not have to tap into all of your severance. My car was taken on Dec 31 of 2010. However, I had a personal car which was paid for and hope many did the same or that severance wont last long. You will recieve one year of medical benefits which is good. The job market is tough and thousands are applying for one job. Don't bother with looking into Pharma because that market is fucked. Medical device is difficult and hard. There are jobs but half are worthless like Financial planning, car sales, real estate, or insurance and the good jobs have to many applying. Also, many companies a closing job openings. What I mean is when I applied I would recieve a letter a month later saying the job has been closed and they will not hire for that position. This is happening because of the economy. I have done allot of research and decided to apply to non-traditional jobs like federal govt jobs or logistics. Many are going back to school. I am going back for another Masters degree in Computer Science/ MIS. I hope to finish in 1 and half years. Experts are saying that nursing, PA, NP, comp sci, logistics, computer engineering, and engineering (all fields) will be the high demand jobs that pay extremely well. As for me I am done with sales and pharma. I would rather go to a job 8-5 with no worries at the end of the day. No computer to take home and best of all NO ASS KISSIN.

Peace, Good luck, and God Bless.
 






Tell your husband and your baby daddy(your DM) that your not worried and assure them you will be taken care...by both of them!
BTW I love you on myfreecams.com, looks like you have been spending your days at the gym. Nice, very nice
 






Top Bottom
Back
Quote