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• W199698462 abstract "It's personal. It's emotional. can seem heartless and cruel. Conducting a major layoff has to be the most agonizing action a bank can take. While employees can't be expected to understand and accept a layoff, can be handled in a manner that is humane and considerate of employees' financial and emotional well-being. Instead of bringing out the ax right away, some banks start out reducing staff by offering special benefits to those who voluntarily retire or resign. Chase Manhattan Bank, New York, has offered incentives to resign to people who have been with the bank for a long period of time. During the last quarter of 1990, about 2,000 out of a workforce reduction of 3,500 were such volunteers. The people in the voluntary program received increases in severance pay of 50% or more above the usual amount. Benefits consultants were brought in to answer such questions as how to keep one's life insurance. two-day job search training seminar was offered to help people write resumes and look for a new job. It was a fairly extensive production, says Charles A. Smith, executive vice-president at Chase. Most of the bank's staff reductions took place through this program and through attrition. If someone is truly laid off, says Smith, it is usually because their performance is low. Bank of Boston provided a voluntary separation program for people with ten or more years of service when planned a staff decrease of 1,500 people. These volunteers received three months' pay in addition to the normal severance pay. A memo was sent to all employees explaining the voluntary program and they were given two or three weeks to decide whether or not they wanted to apply, says Greg Rice, director of human resources at the $37-billion-assets bank. Eight hundred people left the corporation this way. Generous severance. Other banks have offered a liberal severance policy. Harris Bank in Chicago gave every laid-off employee a base of 12 weeks' salary, plus additional pay of up to two years' salary, during a reduction of 320 employees conducted last year. Quite a few people got the full two years, says Mary Ullrich, vice-president of corporate communications at the $12-billion-assets bank. wanted to provide an income bridge. We wanted to be sure this wouldn't be a financial hardship for employees and their families, Ullrich says. Some people who weren't in the bank's pension plan were accelerated into according to Ullrich. If you didn't quite have the level of service required but were close, you got it, she says. At other banks, employees receive a certain amount of severance pay for each year they worked at the bank. For example, at Fleet/Norstar Financial Group, Providence, R.I., employees receive a minimum of one to four weeks' severance per year of service. First Bank System in Minneapolis provides one week for every year. Help in finding a new Job. Special services, such as counselling, outplacement, and redeployment (rehiring laid-off employees when jobs become open) help layoff victims adjust. keep a list of laid-off employees in case positions open up, says David Farley, corporate employment director at $32.5-billion-assets Fleet/Norstar. One of our banks consolidated two operations. turned out another bank in the area was opening up a new operation. We set up interviews and did what we could to help our former employees obtain employment at the other bank. Fleet/Norstar makes the services of a national outplacement firm available to all employees. The firm assists them with resume writing and job interviewing. try to help employees land on their feet, says Farley. He estimates that 75%-80% of the employees who have used the outplacement service have gotten a good position in a short time. In 1990 the bank laid off between 600 and 700 people, not all of whom used the service. …" @default.
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• W199698462 date "1991-03-01" @default.
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• W199698462 title "Banks Soften the Blow of Layoffs" @default.
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