As we all know, the economic downturn is causing most companies to significantly reduce fixed costs with Best Buy being no exception. As part of our restructuring, recently, we offered essentially all corporate employees (about 4,000 people) the opportunity to accept a “voluntary separation” package. This package provided a lump sum payment and other benefits based upon level in the organization.
As one would imagine, there were a range of emotions regarding this package. For me, I was proud that the company’s most senior leaders afforded everyone an opportunity to “do their own sort” on how personal goals and a career at Best Buy fit together. I thought of it as sort of a “reset’ moment where individuals were able to either affirm their desire to be at Best Buy or leave knowing that something else was out there calling them.