Twitter and Salesforce severance packages paint vastly different picture of layoffs in tech

If you’ve been trying to keep compiling lists of the latest tech companies to announce layoffs, you’ve probably given up. Or at least neglect to keep up with the core details.Never Fear; We’ve Tracked luck.

Deciding how to enact layoffs is never easy in HR, especially when it comes to helping ex-employees transition and offering comprehensive retirement packages. Layoffs these days, however, rarely give a large side-by-side comparison of how companies are treating such pay benefits. Salesforce and Twitter are the latest tech companies to offer retirement benefits to their employees, and have provided instructions on how to develop and popularize layoff her pay.

A former Twitter employee received an official severance package on Saturday, two months after layoffs hit the social media company. laid-off employees received regular salaries before severance pay was offered). receive. This package provides laid-off US employees with one month’s base salary in exchange for signing a non-defamation clause and agreeing not to take legal action against the company.

In a tweet last November, Elon Musk said affected employees would receive three months of compensation. The former Twitter executive made similar promises of at least two months’ salary, prorated performance bonuses, extended visa support, continued healthcare, and the cash value of shares that will vest within three months. Did. los angeles times.

Salesforce took a simpler be influenced The company said employees will receive about five months of severance pay, as well as health insurance, career resources and other benefits.

Read our full roundup of tech layoffs and retirement packages here.

Amber Burton
@amber burton

Reporter’s notebook

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Despite the turmoil in the cryptocurrency market, the head of Binance, the world’s largest cryptocurrency exchange, believes the industry will rise again. (Hey, I’m just a messenger.) CEO Changpeng Zhao said, plans to increase the number of employees in the company Up to 30% reduction from about 8,000.

“Damage is certain [but] Zhao told CNBC at the Crypto Finance Conference in St. Moritz, Switzerland on Wednesday. “We will continue to build and hopefully rise again before the next bull market.”

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– Scammers prey on recently laid-off tech workers with fake job interviews and offers. wall street journal

President Biden’s climate change agenda faces new challenges. There are not enough workers to fill the jobs. Clean energy companies lure workers into the field with higher wages and attractive benefits. Reuters

– Empty metropolitan offices are becoming more and more empty due to tech layoffs. bloomberg

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Everything you need to know from Fortune.

black rock shock. World’s Largest Asset Manager BlackRock Announces cut about 500 employees Following last year’s significant market decline. This is the company’s first layoff since 2019.Shilla Brush, Bloomberg

likely to have been fired. Arts, entertainment and recreation top the list of industries more likely to be firedaccording to data from the Bureau of Labor Statistics. — Megan Leonhardt

9 anytime. The United States is facing a labor shortage, and Americans shorter working hoursThis may force employers to hire more workers to maintain previous productivity levels. — Megan Leonhardt

perfect storm. employer Mandatory return to office resistance, attrition, quiet withdrawal, and diminishing diversity. —Gleb Ziplsky

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