Thanks for Coming Out But…

By Mark Evans | Published: January 25, 2009

These are challenging time for anyone working for Nortel, and they’re particularly difficult and painful for people who were recently laid off.

Given the economy, the job market is far from fertile but what’s really hard to swallow is employees who recently lost their jobs have had their severance payments and benefits pulled out from beneath their feet. Here’s a story in the News & Observer that puts the spotlight on a few employees, and how they are handling the situation.

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  • NorAnon

    This quote from the article is the first I've heard of this “plan”:

    To keep operating, it is creating an incentive plan to reward key employees for staying with the company through the restructuring.

    Anyone know how many “key” employees it takes to run a bankrupt company? I'm guessing 1.

  • less

    Sucking up is key to being key. So what exactly are these rewards? Stationary? An award on stuck to the bulletin board?

  • scalpcutter

    This type of “treatment” if truly implemented would be reserved, rightfully so for the real brains of the operation so to speak. The ones with the big patents, the coveted scientists and the ones who will continue to evolve a particular revenue stream or have demonstrated leadership skills that truly make an impact or difference.
    I would think there is a possibility it may include other “key” players or people they want to retain for one reason or the other but I am sure everything is up in the air while the creditors start the shylock process.
    It is highly unlikely being a suck up, knob polishing brown noser who brings a shiny apple to a managers desk everyday and asks them how their weekend was will buy you much in this environment?
    At least let's hope it won't.
    Surely Nortel can't get away with gross misconduct like that anymore?

  • less

    It shouldn't boil down to: “Mike Z may be a crook but he does know talent, so lets give him another chance. He's too expensive to get rid of anyway” because I suspect Mikey will (be forced to) look at cost and return first, talent a distant second. That means the eggheads may have to make do with what training, tools and resources they have.

  • broadbandbill

    Fact (from someone that really knows): Mike Z. has his domain expertise but talent recognition, talent motivation and talent leadership is not even a remote possibility. He surrounds himself with ‘yes men’ and gets easily frustrated with people that disagree with him, especially if it is in a public forum. Exactly what Jack Welch was like, maybe even worse. Jack at least delivered the goods…–bb

  • Nortel_Sucker

    Judas Z has devasted a lot more people and families then you can imagine. And it was not like they were asking for anything more then what Judas Z. had promised them. They just wanted to keep their heads above water for a few months, get the kids teeth fixed, transistion to a new Drug plan, etc., and have a bit of a buffer while looking for new employment.
    But Judas Z. is cold hearted and unbelievebly still uses the “Employee's are our greatest asset” line, while destroying families and stressing Employees to the Max.
    This guy is a real piece of work.

  • NortelTragedy

    For Mike Z and the BoD: I believe that you have knowingly and purposely withheld benefits and severance that are due employees and for that you will be judged. I believe that God has blessed you enormously and that you have taken advantage of our position of authority. Yet, consider that you are and will be accountable and answer to a higher authority than any employee, shareholder or analyst on this earth.

    “Do not withhold good from those to whom it is due, When it is in your power to do it.” Proverbs 3:27

    Likewise, as frustrated, hurt and devastated as we are, we should still pray for Mike Z, Nortel's leadership, and that we emerge from bankruptcy. I personally believe that he and all those in decision-making authority – past and present – who have hurt and devastated many and will be judged accordingly. Nonetheless, we should forgive and look to the future, for God has promised us eternal security and an eternal life beyond our understanding.

    For frustrated and hurt employees, retirees, and shareholder we should consider:

    “I urge, then, first of all, that requests, prayers, intercession and thanksgiving be made for everyone— for kings and all those in authority, that we may live peaceful and quiet lives in all godliness and holiness. This is good, and pleases God our Savior, who wants all men to be saved and to come to a knowledge of the truth.” 1 Timothy 2:1-4

  • disc64

    For people who were recently laid off, is there a board or mailing list they're using to share information, e.g. such as the latest updates from HR Shared Services? Thanks!

  • Casual_Observer

    Another one…

    http://www.ottawacitizen.com/Life/story.html?id…

    Worried Nortel pensioners seek news

    Company's sudden bankruptcy 'shocking'

    By Bert Hill, The Ottawa Citizen
    January 22, 2009

  • drinking_the_koolaid

    Did anyone else think it was weird that they liquidated Nortel stock in your 401K plan without your permission? I know it was not worth anything but at least I felt like I still had a stake. Perhaps I could have sold the stock paper for some profit when I was 80 years old in a retirement home to pay for my care.

    Anyway I though that was weird…comments?

  • DeadManWalking

    Instead of KEIP, I'd like to see CHOP: CEO Heading Off to Prison

  • slumdog

    I agree. They had no right to do it!

  • NortelGal

    I assume this is the “plan”?

    http://www.ottawacitizen.com/Business/Bankruptc…

    “One of the first orders that a U.S. bankruptcy court is expected to approve next week is a $700,000 U.S. payment to the 401k (similar to Canadian RRSP and defined contribution plans) retirement accounts of some U.S. employees.

    Nortel told the court that failing to make the payments could “result in a loss of morale at a time when it is most reliant upon such employees.”

    I'm speechless….

  • NortelGal

    I assume this is the “plan”?

    http://www.ottawacitizen.com/Business/Bankruptc…

    “One of the first orders that a U.S. bankruptcy court is expected to approve next week is a $700,000 U.S. payment to the 401k (similar to Canadian RRSP and defined contribution plans) retirement accounts of some U.S. employees.

    Nortel told the court that failing to make the payments could “result in a loss of morale at a time when it is most reliant upon such employees.”

    I'm speechless….

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