Days after Omnicom closed its acquisition of Interpublic Group, U.S. staff returned from Thanksgiving break to a harsh actuality: 1000’s of layoffs, dissolved companies, and a brand new advantages bundle that employees describe as “the worst [they’ve] ever had.”
Worker handbooks and advantages paperwork obtained by ADWEEK present the brand new Omnicom’s insurance policies are a big downgrade from IPG’s legacy bundle within the U.S.
These coming from IPG will lose quite a few paid trip days whereas buying and selling in for decreased parental go away and vacation time, new severance limits, well being plans that may end up in greater prices, and a return-to-office requirement that impacts raises and severance eligibility.
As one former IPG enterprise supervisor informed ADWEEK, “It’s the worst advantages bundle I’ve ever seen in my life.”
Three legacy IPG staff spoke with ADWEEK on the situation of anonymity about how insiders are reacting to the brand new advantages bundle.
Omnicom declined to touch upon the adjustments to worker advantages.
Goodbye, assured 401(ok) match
Amongst all the advantages outlined in Omnicom’s supplies, employees say the 401(ok) overhaul is probably the most stunning.
Underneath IPG’s former plan, staff acquired a 50% match on as much as 6% of their contributions, vesting over three years and hitting each pay interval, plan paperwork present. It’s a system a number of employees described as predictable and “reliable.”
Omnicom’s plan, nevertheless, features a totally discretionary match of as much as 50% on simply 5% of contributions, paid yearly and just for staff nonetheless on payroll on December 31.
“The truth that it’s discretionary is disgusting and feels bizarre,” the IPG enterprise supervisor mentioned. “It’s determined on the finish of the 12 months if you happen to really get it or not.”
