Notices were given in October, the folks will depart in December. About 45 total was let go. There will be more cuts to come in 2018. Symantec has major issues.
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Life has given us a great opportunity to teach the kids about grown-up math. My job is moving to a different state and I have been offered a chance to relocate and continue working for the same company. Here's the math:
The new location has:
10% higher cost of living
40% higher cost basis for real estate (188% of national average versus the 133% of national average for the location we're at)
6.85% sales tax versus 0% here
property tax rate of .74% versus 1% here
What this means is a $250,000 house here with a tax burden of $2500 would be $350,000 with a tax burden of $2590. Property taxes are equivalent after adjusting for market price.
Let's assume since food is not taxed under the sales tax that only 50% of our income is taxed with the sales tax.
The company has generously offered $8000 cash up front and a 5% pay increase to cover the difference.
Let's figure I rent a truck and move everything with some friends and spend $500 between the truck and gas. That leaves a shortfall of $92,500 for the house.
With the raise, sales tax, and cost of living considered we're looking at a 8.425% pay cut.
Let's look at real estate: assuming we can sell the house for $250,000 and pay a 6% cut for fees, closing costs, agent fees, etc. and get into a comparable $350,000 house with no closing costs, fees, etc. and the same interest rate. This gives us a mortgage payment that takes another 9.4% chunk out of our income.
This gives us a functional pay cut of 17.81% to keep the same job with some pretty optimistic and unrealistic assumptions.
yeah, i saw that too. the company is grouping people together that are NOT part of the same "organizational unit" when disbursing the ages and positions for who is eligible and who isn't.
It's across the board. Being called a "reduction in force" but in reality just recreating the jobs in Draper and Tempe. Not offering transfer opportunities to older and/or tenured workers (the most skilled). Recent applicant pool in Draper couldn't even muster better than 63% on assessment tests!
Very secretive and not forthcoming with information from upper management. The Schedule A sheets attached to the releases are cooked with misinformation and beyond error from what has been discussed up in Oregon. People are beginning to wonder if Symantec hired used car salesmen to handle their "RIF"......
What departments were affected?