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XPO | Employee Buyout?

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longtimeltl

Retired and Happy!
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:hide: There has been talk lately that Con-Way is going to offer 20 plus year employees a buyout package.
Does anybody know anything about this?
How about some pros and cons concerning why they would or not? :smilie_132:
 
They can't hire/keep enough people now. Why would they get rid of any, let alone pay money to get rid of them?
Vacation time is one thing I can think of, but a buyout seems like a bit of an extreme solution for that.
 
longtimeltl said:
:hide: There has been talk lately that Con-Way is going to offer 20 plus year employees a buyout package.
Does anybody know anything about this?
How about some pros and cons concerning why they would or not? :smilie_132:
Click to expand...

Why would they, all they have to say if they dont want you is take a hike.
 
Jeff Albertson said:
Never happen........They want ya gone, then your gone!
Click to expand...

I can honestly say I have never seen a good co-worker canned. I'm sure it has happened, but I have not seen it. The only really "subjective" firing I have seen was a benefit to all of us. From the top to the bottom of the board he was a cancer and a leech on the company. We were all happy to see him "dismissed".
 
longtimeltl said:
:hide: There has been talk lately that Con-Way is going to offer 20 plus year employees a buyout package.
Does anybody know anything about this?
How about some pros and cons concerning why they would or not? :smilie_132:
Click to expand...

I dont see the rational behind such a thing..it isnt like they would be gaining anything, they are no longer adding to anyones retirement, so what would they gain? Everyone is equal in levels of pay, etc in what 4-5 years now? There is nothing for them to buy out...
 
beerfd said:
I got my buyout today.:hide::hide:
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What did ya get??

Also how can they do a buy out on guys 20+ years in when there's no real pension left and the rest is the 401K? That would mean that guys 20+ years in have a pension left to depend on along with SS and 401K?
 
ccxnobody said:
I dont see the rational behind such a thing..it isnt like they would be gaining anything, they are no longer adding to anyones retirement, so what would they gain? Everyone is equal in levels of pay, etc in what 4-5 years now? There is nothing for them to buy out...
Click to expand...


I just asked the same thing! Didn't see your post....:hide:
 
I'm intruding, just ignore me

longtimeltl said:
:hide: There has been talk lately that Con-Way is going to offer 20 plus year employees a buyout package.
Does anybody know anything about this?
How about some pros and cons concerning why they would or not? :smilie_132:
Click to expand...
I am intruding on your forum because I could not help but try and close a loop (if there is one). (Please pardon me if there is not a loop here).:hide: I am with Yellow Trans. We are currently going thru a merger. (the big players call it "an integration" (That sounds like something out of one of the big players text books so don't ask me what it means, please). Anyway, our "chief" financial officer (CFO) just took a job wid youse guys. Ring a bell? Or am I playing? Just my two cents...this whole thing may be connected in some way (if it isn't a rumor). My two cents spent. Thanks for listening. Be safe, we are all out on that big unforgiving road together. Lets look out for eachother, Kapisch?
 
Ok, so say they are matching stock in the 401K and then have the small pension and a guy does the '87' or whatever where his age + years worked = retirement. They buy this 20+ guy out and don't have to deal with a pension or more 401K, the guy leaves with $$ in his pocket.

So say this guy is 55 (retiring this year) and expects to live for another 20 years so $1600 a month x 12 x20= $384,000. That's a drop in the bucket for ConWay...

Anyone figure out what it would cost ConWay to match 401K for 10 or 15 years, until retirement? Just saying if a guy has in 20 years but not to the magic retirement number for another 10 or more years?
 
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