Yahoo (YHOO) is supposed to cut 1,500 employees today. A reader says “layoffs are underway” and offers unconfirmed details about severance terms:
- “Last day of work” is Dec. 10th
- Employees are considered “on the payroll” through Feb. 13th (accrue vacation, get benefits, etc. during that time).
- On Feb 13th, if employee hasn’t found a new job, Y! pays out a 2 month severance in lump sum form
- All employees must remain “on call” to answer “reasonable” requests between now and Feb. 13th
- Y! employees can’t disparage, etc. the company
- For people with line responsibilities, there appear to not have been any transition plans (at least in one example I know of). There’s going to be some confused clients/salespeople tomorrow morning when their e-mails aren’t getting returned.