Orlando partner Kevin Shaughnessy was quoted in a December 18 Reuters article, "Best Buy Employee Package May Help in Recession."
According to the article, while Best Buy's plan to cut corporate staff is a disappointment for some workers at its home city of Minneapolis, experts say the enhanced severance package offered would be a much-used blueprint for companies looking to ride out the recession.
The top U.S. consumer electronics retailer offered voluntary exit packages to most of the 4,000 workers at its corporate complex as weak consumer spending hurts earnings, according to the article. The exit package for the average worker includes 7.5 months of salary, health and life insurance for 12 months and free outplacement services.
Shaughnessy said he expects similarly enhanced severance packages to be used by more companies as they cut staff. "That's a fairly good-sized package. I've dealt with other industries where the packages would be much lower," he said. The year of company-paid medical coverage offered under Best Buy's voluntary severance plan was a significant plus, Shaughnessy said.