Negotiating Severance Agreement
Does anyone have any info on Apple’s severance policies or negotiating severance pay? I found out Apple is eliminating my job position in 2 more weeks and offered me (and other people in my position) the option to take severance or transfer to a new position. The new positions were not very desirable and after over years 10 years working at Apple, I’ve decided to leave. They are only offering me 8 weeks severance and 8 weeks employer cobra payments. This doesn’t seem fair. Does anyone else agree. I thought I should be getting at least 2 weeks per year worked. Also, I’m not getting any non vested RSU, including my RSU which is scheduled to vest October 15th (less than 8 weeks after my last day, so it’s inside my severance period). I appreciate any advice or if anyone could help me out. Any ideas on what I should be asking for or what is reasonable. Does Apple have a standard severance formula? Thanks again.
2 weeks per year is standard. I got almost a year of severance on top of 2 weeks per year when I got let go at my company. It might be non negotiable at some companies though since mine was that way. It was just pre-set.
It doesn’t matter what their severance formula is. You can always negotiate. Get a lawyer or at least talk to a lawyer. If you are over 40 you have more room to negotiate. Just google it a bit. You should have a number in mind and ask above that. Be cordial. They have a shit ton of money. Don’t quit voluntarily or say anything like you want to leave. They will use that against you. Anyway. Seriously talk to a lawyer. You should get six to 8 months after that much work. Ask for RSU vesting and health insurance too. Someone I know was able to negotiate a 10 week severance to 10 months. Just gather up anything that could show wrongdoing on their part too. There’s an ebook about it: https://www.financialsamurai.com/how-to-make-money-quitting-your-job-2/ I have read his related blogposts and they make a lot of sense. You basically have nothing to lose by asking. They will lay you off anyway. Just don’t quit and get a little bit of their trillion. And to the person that said OP is entitled above. I just want to say that OP is in no way entitled to want to look out for him/herself. Apple is one of the most profitable companies in the world and also have the reputation for being cheap as hell. They expect people to just take the least amount and walk away, and most do, but it is not entitlement to ask for at least a sliver of the profit he/she generated for the company over ten years. Everyone should negotiate their severances regardless of finding a new job or not. It is not entitlement to negotiate offers either. Look out for yourself because these tech companies only see you as replaceable parts.
^ This. Typically non vested RSUs are lost only if you are fired for cause. Lawyer should be able to guide you better
You’re absolutely right. Seriously look into this. DO NOT quit voluntarily.
Take the new position. Wait till October 15th, vest the RSUs it, and GTFO of Apple. Start interviewing now and if you were at Apple doing good work, you will land in very good tech companies with good benefits and pay. Consider medium sized companies as well where you may be offered a higher level title and pay.
The RSU vest alone is most likely more than 8 weeks of your pay, depending on your position.
Why would Apple eliminate a position where good work is involved? They are not going through cash crunch. Take what you are getting and move on, you should be glad that you are getting that much. Folks on blind have high sense of entitlement from salaries to benefits and to severance.