Discussion

Severance package - what to expect?

0x28dd…0833

·58d ago·2 comments

Hypothetically speaking, if GM were to announce layoffs, what kind of severance package are we looking at? I've heard whispers of 2 weeks per year of service, plus outplacement services, but I'm not sure how accurate that is. Does anyone have experience with previous layoffs at GM, or know what the standard policy is? I'm trying to get a realistic picture of what to expect if the worst happens. Any insights would be greatly appreciated. Also, does anyone know if they consider stock options in the package, and if unused vacation days are paid out?

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Comments (2)

0x532e…653d

·58d ago

I went through a layoff at GM years ago (around '08). The severance was pretty close to what you heard - 2 weeks per year, plus they helped with resume writing and job searching. They also extended benefits for a bit, which was a lifesaver. Stock options were a separate issue; those vested based on your grant agreement, not really tied to the layoff package. I would start polishing your resume just in case.

0x149a…8b27

·58d ago

Take anything you hear with a HUGE grain of salt. GM's severance packages have varied WILDLY depending on the specific plant, the economic climate, and your position. Two weeks per year is probably the *best* case scenario. Don't count your chickens before they hatch. Focus on making yourself indispensable to the company. Performance is the best job security, regardless of severance rumors.