VANOC Statement On Employee Severance Packages

The following is a statement from Dave Cobb, Executive Vice President and Deputy CEO for the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Games (VANOC), clarifying VANOC’s employee retention program.

“We know and take with great pride the responsibility to all Canadians to stage great Games in 2010 and, to do so, it’s critical we retain every member of our workforce and their specialized knowledge base right until the end.

“To ensure this happens, several years ago we put in place a retention program for our employees – something we have been open and transparent about and has always been in our operating budget. This program, which is our equivalent of a severance plan, helped us recruit employees into jobs that have a definite end-date and helps reassure our employees they can complete their VANOC work responsibilities without the pressure of trying to find a new job or responding quickly to recruitment calls in the final months before the Games. The amount of severance payable to employees in this plan is comparable to industry norms in both the public and private sectors.

“Programs like this are not new. Without similar programs, major international events and previous Organizing Committees such as Sydney 2000, lost many skilled employees in the final months before their Games. Employee retention programs were put in place for the Calgary 1988 Olympic Games, the 1994 Commonwealth Games and Expo ‘86 to ensure employees could focus their entire attention on a successful event, right to the end.

“Our retention program will be drawn from our operating budget, which is almost entirely funded by the private sector. We ensure every cent of our budget is being spent responsibly and we know, and trust the public understands, that this program contributes to keeping the best team to be able to stage Games that all Canadians can be proud of and that will leave lasting legacies.

“To not have such a plan would be irresponsible, and would put the delivery of the Games at risk.”

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