Google has made a major error in the calculation of stock severance for employees who were recently laid off, according to a report by Business Insider. The tech giant informed the affected employees on Thursday that its previous emails had mentioned an incorrect number of stocks as part of the severance package, which is one of the best in the industry.
One former Google employee, who wished to remain anonymous, told Business Insider that the news of receiving 40% less stock than initially expected was a “second kick in the chest” following the announcement of the company’s largest layoffs to date. The miscalculation reportedly occurred due to double counting of the stock grants, resulting in some employees receiving tens or possibly hundreds of thousands of dollars less than initial estimates.
The former engineering team member said that while the number of stocks initially allotted seemed like a lot, it felt like Google was trying to “take care” of its employees who had been dealt a heavy blow with the job cuts. The company is known for its high pay scales and excellent employee benefits. However, after receiving the news of the stock revision, the ex-Googler said it changed their planned “outlook” towards the layoff and was a significant source of stress for themselves and their family.
Google People Operations apologized for the inaccurate numbers in a recent email, stating that although the public information was correct, it was not reflected properly in the initial notification. A Google representative also confirmed that the necessary corrections had been made. Laid-off workers will still be eligible for salary and stock units during the notice period and severance payment, as well as a 2022 bonus, pending vacation days, six months of healthcare, and support in placement and immigration. The severance package also includes continued salary for at least 16 weeks, with an additional two weeks for each year worked at Google.
In conclusion, the miscalculation of stock severance for laid-off Google employees has been a devastating blow, particularly for those who were expecting a significant payout. While the company has apologized for the error and made the necessary corrections, the impact on affected employees and their families is expected to be significant.