I’m in ServiceCo and it’s winding down. Hsbc now offers an option for you to work for another company, which get the outsourced work from hsbc, and they call it agent mode. Without knowing the severance pay and the salary/benefits of the new contract, people in our team are asked by manager if we want to join the agent mode. In the case that you say yes I want to join, there is an option you can still say no to the agent mode when the contract is displayed, but in that case you will get minimum severance pay according to government standard.. if you say no to the agent mode at the beginning, you will get all severance pay. everything now is verbally told and nothing on the paper, and the company wants you to make a decision. This is so unfair and not transparent at all, and it’s illegal from my perspective. Just want to ask if minimum severance pay policy is the same among other colleagues.##severance #layoff
Use anonymous internal tip line or open an HR case. I’m leaving soon in any case and may be able to initiate a case for you if you want to stay anonymous; I don’t need to know who you are either. So are we providing services to non-HSBC Group clients? First I’ve heard of that!
We are providing services for HSBC global banking and market. because the local bank will buy out HSBC Canada but not our department - probably we can’t help on local business, so HSBC decided to wind down us. This affects hundreds of people, and the management said will keep it transparent but it’s all BS. Other Canadian company will reveal the let go policy immediately when the news announced and try to make it as transparent as possible. But HSBC, it seemed for their own employees they like doing filthy stuff behind your back. So this is not the case for me, but for hundreds of people.
I spoke about this to my manager today. I work on business side. He was shocked that you aren’t getting full information. Yes, this is wrong, to make a decision like this. It should clearly state the $ involved with any option available. A bit of background (but not too much) I am a GCB4 manager but got my start in IT, so I do want to help if I can. Most people in my team will continue to RBC if we want to. Having been in an acquisition with HSBC previously, I was presented with an offer letter with a title and salary in the new organization, and had to tick accept or reject box. What you are describing is NOT proper procedure.
Thanks for the comments. Yeah you’re 100% right. For my perspective, severance pay and agent mode are 2 different things. The first is the compensation from HSBC that they decided not to work with you. The second thing is the workaround that they want to continue maintaining the business operation in Canada. If the contract with the new agent is not satisfying, we should be able to say no and walk out with full severance pay. Also I heard verbally from the management that even you decide to go with agent mode, they will keep certain amount of severance pay and release it to you until you work full year with the agent. This forced us to work with the agent if you want to get a full amount of the severance pay. HR is totally aware of this because they put up the plan for the severance pay. Even though the amount is not unveil yet, I think it will be much lower than industrial standard. They don’t care their reputation in Canada anymore because they won’t exist in few months lol.
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Sorry to hear what is ServiceCo never heard of them?
It’s a department in Canada that provides support and development for HSBC global IT service.
I see thanks