What is the name of your state (only U.S. law)? Virginia - North Carolina Based Bank
So I�ve been working at a rather large community bank for about 3.5 years. I have been doing quite well at the bank accelerating through positions with a very high potential for a long lasting career with the company.
At my company selected high preforming individuals were selected from groups of managers to take on a new role. This role was a �salary� role equal to manager pay (no severance offered). This was a lateral move into a different segment of the bank.
6 Months later the segment is now changing away from originally discussed terms to roughly one half current salary plus commission. With the commission scale it would be rather hard to even reach the previous salary.
I was given two offers during the time the most recent stating a few interesting things:
-Positions details: same as current
-Salary: � current salary base. Decrease effective in 90 days.
-Location: Same
-Comparable Job: YES � it lists our internal policy. **Attached**
4. No talk about other jobs offered, just bullied into taking a commission sales job in terrible environment for it. Bad products, market, and internal procedures.
5. Current Grade 13 � lowest possible is grade 11 (18k above offer base).
--I appreciate any advice or help in this situation. I am going to be taking a new position in another Financial Services Company rather soon. But I want to make sure that all the individuals that were involved in this transition and myself get a proper voice. I�m sure what they did was wrong, it�s forcing us out of a company while being close to vesting pension bonuses. I am one of the rather low compensated employees I know a few of the individuals I work with make about 3-4 times their offered salaries. --
Policy
It is the policy of the Company that, if it must reduce employment or eliminate individual jobs because of adverse business conditions, staff reductions will be conducted consistent with all related Human Systems Division policies.
Explanation
1. The Company will attempt to avoid reductions in force (RIF) and will, whenever possible, consider alternatives before any final decision to eliminate jobs is made. In the event that a RIF is expected, the Company will attempt to communicate pertinent information as soon as possible.
2. In the event a RIF is deemed necessary, the manager should contact the Regional Employee Relations Manager to review potential impact, assess selection methodology, and discuss policies and benefits that may apply before any action is taken to effect the RIF (see HS Policy 211 Termination of Employment).
3. Employees selected for RIF will be so notified and remain employed for a period of not less than sixty (60) days from the notice date. During this notification period, affected employees are encouraged to apply through the Employment Management System for any position for which they are qualified and will be required to participate in any other employment initiative on their behalf. While ****** would continue to seek other job opportunities for the notified employees, the decline of an offer of a comparable position (described below) during this period will negate eligibility for receipt of benefits under the ****** Severance Plan. Should tasks involved in employees� current assignments diminish, employees may also be asked to perform reasonable temporary assignments during the notice period.
4. Employees involved in a RIF will be given preferential treatment for job openings for which they are qualified before external applicants are considered.
5. Employees involved in a RIF must follow the employment consideration procedures as prescribed by the Human Systems Division and accept any comparable (internal) position. A position is deemed comparable only if all of the following provisions are met:
� The new position is no more than two (2) grade levels below the current position;
� The new position constitutes no more than a 25 percent increase or decrease in scheduled hours;
� The new position has a shift change of less than three hours; and
� The new position is located within a reasonable geographic commuting distance that is either
o within 35 miles of the employee�s current work location, or
o within 35 miles of the employee�s home, or
o within a commuting distance to the new work location that is no greater than the employee�s current commute if the current commute is 35 miles or more.
So I�ve been working at a rather large community bank for about 3.5 years. I have been doing quite well at the bank accelerating through positions with a very high potential for a long lasting career with the company.
At my company selected high preforming individuals were selected from groups of managers to take on a new role. This role was a �salary� role equal to manager pay (no severance offered). This was a lateral move into a different segment of the bank.
6 Months later the segment is now changing away from originally discussed terms to roughly one half current salary plus commission. With the commission scale it would be rather hard to even reach the previous salary.
I was given two offers during the time the most recent stating a few interesting things:
-Positions details: same as current
-Salary: � current salary base. Decrease effective in 90 days.
-Location: Same
-Comparable Job: YES � it lists our internal policy. **Attached**
4. No talk about other jobs offered, just bullied into taking a commission sales job in terrible environment for it. Bad products, market, and internal procedures.
5. Current Grade 13 � lowest possible is grade 11 (18k above offer base).
--I appreciate any advice or help in this situation. I am going to be taking a new position in another Financial Services Company rather soon. But I want to make sure that all the individuals that were involved in this transition and myself get a proper voice. I�m sure what they did was wrong, it�s forcing us out of a company while being close to vesting pension bonuses. I am one of the rather low compensated employees I know a few of the individuals I work with make about 3-4 times their offered salaries. --
Policy
It is the policy of the Company that, if it must reduce employment or eliminate individual jobs because of adverse business conditions, staff reductions will be conducted consistent with all related Human Systems Division policies.
Explanation
1. The Company will attempt to avoid reductions in force (RIF) and will, whenever possible, consider alternatives before any final decision to eliminate jobs is made. In the event that a RIF is expected, the Company will attempt to communicate pertinent information as soon as possible.
2. In the event a RIF is deemed necessary, the manager should contact the Regional Employee Relations Manager to review potential impact, assess selection methodology, and discuss policies and benefits that may apply before any action is taken to effect the RIF (see HS Policy 211 Termination of Employment).
3. Employees selected for RIF will be so notified and remain employed for a period of not less than sixty (60) days from the notice date. During this notification period, affected employees are encouraged to apply through the Employment Management System for any position for which they are qualified and will be required to participate in any other employment initiative on their behalf. While ****** would continue to seek other job opportunities for the notified employees, the decline of an offer of a comparable position (described below) during this period will negate eligibility for receipt of benefits under the ****** Severance Plan. Should tasks involved in employees� current assignments diminish, employees may also be asked to perform reasonable temporary assignments during the notice period.
4. Employees involved in a RIF will be given preferential treatment for job openings for which they are qualified before external applicants are considered.
5. Employees involved in a RIF must follow the employment consideration procedures as prescribed by the Human Systems Division and accept any comparable (internal) position. A position is deemed comparable only if all of the following provisions are met:
� The new position is no more than two (2) grade levels below the current position;
� The new position constitutes no more than a 25 percent increase or decrease in scheduled hours;
� The new position has a shift change of less than three hours; and
� The new position is located within a reasonable geographic commuting distance that is either
o within 35 miles of the employee�s current work location, or
o within 35 miles of the employee�s home, or
o within a commuting distance to the new work location that is no greater than the employee�s current commute if the current commute is 35 miles or more.
