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The Toughest News Releases

The Toughest News Releases. Kevin M. Brett J410 May 9, 2013. Why Layoffs?. Insufficient revenue to meet payroll Need to restructure company – Eliminate underperforming businesses Need to eliminate redundancies after acquisitions or mergers Survival. Typical Severance Package.

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The Toughest News Releases

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  1. The Toughest News Releases Kevin M. Brett J410 May 9, 2013

  2. Why Layoffs? • Insufficient revenue to meet payroll • Need to restructure company – Eliminate underperforming businesses • Need to eliminate redundancies after acquisitions or mergers • Survival

  3. Typical Severance Package • Three Weeks Pay, Plus One Full-Week for Every Full Year Worked, Capped at 23 Weeks • Outplacement Assistance by Lee Hecht Harrison • COBRA continuation for up to 18 months • Company takes one-time operating expense GAAP charge to earnings for severance • Layoff Letter

  4. Key Audiences (layoff releases) Survivors Impacted employees Customers, Suppliers Media, especially local media Financial and market analysts

  5. Amazon/RIM Merger Redundancies • 88,400 Employees • 16,500 Employees

  6. Nike/UA Redundancies • 44,000 Employees • 5,400 Employees

  7. JWN/EL Redundancies • 61,500 Employees • 38,500 Employees

  8. SBUX/GMCR Redundancies • 160,000 Employees • 5,800 Employees

  9. Writing a Layoffs Release

  10. Layoff Release Check List • Reason for the 10 percent reduction in force • Number of Employees Impacted and Where • Expression of Compassion by CEO • Reaffirmation of business strategy by CEO • Reassurance to Surviving Employees/Customers/Suppliers/Distributors • Size of One-Time Charge: 10 percent of the last quarter SG&A expense for both companies. • NO APOLOGIES

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