[Stylo]

Originally Posted by BobNJ1960

Is the exit package good?

Didn’t pry.

[Stylo]

Originally Posted by robr2

But I'm sure that mid 6 figures employees in the consumer food marketing business aren't going to find new jobs locally. They may make the move.

Lots of jobs are transferable in the area. Lots. Even more if you’d consider an NYC job. (Remember, hybrid makes the commute more feasible now)

[JayCT]

Originally Posted by BobNJ1960

Ironically, they are doing what Henkel did, btw. It took much persuasion, in many cases, a large % of staff got extra bonuses to get folks to leave Scottsdale, Az. A significant % still opted not to relo to Ct, btw. (In other words, those relocating often got not just relo and one bonus, but relo plus at minimum two large bonuses to persuade. Money talks, and it generally works. Upper management cherry picked who got "second" bonuses at Henkel to come, btw.)

Ct pulled a last minute shift, as the original Henkel deal had Ct losing the Sun acquisition group plus much of Rocky Hill to Az btw. Malloy outbid Az, and Az lost what it had which was a beautiful campus, btw.

In this case, Pepperidge is moving not just Ct hq, but NC office to NJ. They are consolidating the professional staff to one location.

Not sure if it will be popular, but $$$$$$ of package is what decides such deals. Plus, there is no Other Ct Pepperidge office to shift to, unlike GE which allowed option 2 while maintaining staying with the same employer. People can accept working in NJ or quit the company. I am sure they will be given a reasonable period of time, just like Henkel, to make the choice. In Henkels case, too, a large percentage did quit the company rather than move. I am sure Pepperidge, like Henkel, anticipated that.

Uhhh…what? I know people at Henkel in Rocky Hill. There was NEVER a plan for them to go to Arizona. NEVER. Henkel wanted Sun closer to Rocky Hill and easier accessibility to headquarters in Europe. That’s why they settled on Stamford. Jay

[BobNJ1960]

Originally Posted by robr2

I don't believe it was ever GE's plan to move that many employees to Boston. Rather, the goal was 800 employees in Boston in order to meet the goals to have the tax incentives forgiven. Having a facility in Norwalk for lower level/paid employees to transfer to ensured only the highly paid would make the move.

GE's issue was that they never fully recovered from the financial crisis. They are still in Boston but with a much smaller footprint.

Good point. The incentives are almost always FTE based in the new location, with a minimum quantity hired locally. Most corps would see execs croak if everyone offered a job in the new location took it, and they would not be happy about that.

[BobNJ1960]

Originally Posted by SteveM85

I bet more than half already gave their resounding "NO"s. From all levels, Sr. VPs down to staff analysts.
I'd put money on it. They don't care if they're easily replaceable or not. It won't be their problem.

Half acceptance is routine on big mile moves; Henkel lost around half from Az to Ct, btw.

The incentives routinely require half the staff to be local, so the new state gets an ROI on what they provide.

[BobNJ1960]

Originally Posted by Stylo

Lots of jobs are transferable in the area. Lots. Even more if you’d consider an NYC job. (Remember, hybrid makes the commute more feasible now)

Do you think Bimbo can absorb them? This is a niche industry.

[SteveM85]

Originally Posted by robr2

We'll never really know.

But I'm sure that mid 6 figures employees in the consumer food marketing business aren't going to find new jobs locally. They may make the move.

They won’t? Why not?
Is Unilever still around? Big Bread in Greenwich? What about Henkel?
I believe CPG still holds space in CT and NY

Mid manager Marty isn’t leaving Milford CT for NJ, not in a million years.
Sr VP Sarah over in Rowayton isn’t leaving her charming home near the water, wine moms friends group and taking the kids out of St. Luke’s, there’s just no way.

[JayCT]

Originally Posted by robr2

I don't believe it was ever GE's plan to move that many employees to Boston. Rather, the goal was 800 employees in Boston in order to meet the goals to have the tax incentives forgiven. Having a facility in Norwalk for lower level/paid employees to transfer to ensured only the highly paid would make the move.

GE's issue was that they never fully recovered from the financial crisis. They are still in Boston but with a much smaller footprint.

Long before it was announced that GE was looking to move, the company was quietly planning the move. They hired consultants to evaluate what could be done to dispose of the Fairfield building which is how I knew about it years before it became public. My company was on the shortlist of consultants being considered. We prepared a proposal for them.

Originally GE wanted the entire key staff in Fairfield to move. Then CEO Jeffery Immelt wanted out of the suburbs and forced the move. GE quietly polled key staff and a MAJOR portion of them said no to relocating from southwestern Connecticut. Only those loyal to Immelt agreed which is why only 200 moved. It took a lot to get even that many.

You are correct that GE isn’t what it once was. The Immelt years took their toll on the conglomerate which is why he was ousted. It’s a shame what happened to what was once the most admired corporations in the world. Jay

[BobNJ1960]

Originally Posted by JayCT

Uhhh…what? I know people at Henkel in Rocky Hill. There was NEVER a plan for them to go to Arizona. NEVER. Henkel wanted Sun closer to Rocky Hill and easier accessibility to headquarters in Europe. That’s why they settled on Stamford. Jay

Rocky Hill is just a minor part of Henkel. We did outbid Az for Henkel. That is how you lure corps. Are you aware there are consulting firms whose job is to get the best incentive package possible pitting state against state? (I am not fond of it, but many exist, and its big money!)

[BobNJ1960]

Originally Posted by SteveM85

They won’t? Why not?
Is Unilever still around? Big Bread in Greenwich? What about Henkel?
I believe CPG still holds space in CT and NY

Mid manager Marty isn’t leaving Milford CT for NJ, not in a million years.
Sr VP Sarah over in Rowayton isn’t leaving her charming home near the water, wine moms friends group and taking the kids out of St. Luke’s, there’s just no way.

That will not squash moves. I expect dual income (similar salary families) to stay put. The rest will leave if the company offers a solid bonus plus full relo to move.