"Dorsey said Block would provide laid-off employees with 20 weeks of salary, plus one additional week per year of tenure. They would also get six months of healthcare, a $5,000 stipend, and the option to keep their work device. Equity would vest through until the end of May, Dorsey said."
"Brooks Holtom, a professor of management at Georgetown University, told Business Insider that the packages are 'relatively generous.' Others have praised Dorsey's leadership for owning up to his decision."
Block, the financial services company led by Jack Dorsey, is conducting massive layoffs affecting nearly half of its 8,000-person workforce. The company is providing laid-off employees with 20 weeks of salary plus one additional week per year of tenure, six months of healthcare coverage, a $5,000 stipend, the option to retain work devices, and equity vesting through May. Management experts have characterized this severance package as relatively generous compared to industry standards. Dorsey has received praise for taking personal responsibility for the layoff decision. The severance terms are being compared against layoff packages offered by other major technology companies including Amazon, Meta, and Airbnb.
Read at Business Insider
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