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The 13 Best Things to do Before You Leave Sherwin-Williams's Payroll

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Losing your job is a catastrophic event for many folks and the people around them. While these times may seem like the lowest of lows, it is advised to refrain from making abrupt decisions that could further drive you down. Here are a few tips to consider before leaving Sherwin-Williams.

1-  BEFORE YOU LOSE YOUR JOB , open a line of credit at your bank or credit union. In addition, we advise you to open at least one credit card, or increase the credit limit on card(s) you already have. It is exceedingly hard to get a loan, get a line of credit or open a credit card after you lose your job. As you would expect, banks almost certainly do not want to lend money to people who are unemployed and since you don’t know how long it may take to find your next job, nor what emergencies may come up in the future, it’s wise to consider a back up plan for how you can access cash if need be. Though subtle, it is really important and wise to do, so don’t discount it. You won’t realize it probably, but many of you have never had a low credit score, or NOT been able to get a credit card, or a loan. As many of you are used to earning money your whole life, it’s something you just would never even consider. When you are unemployed, your credit rating and ability to get credit will almost certainly take a hit.

2-  Build your resume and skills list using Career Path.  Once your resume is polished, get on LinkedIn to pursue opportunities and connect with employers, friends, or even old coworkers. In addition, there should be some helpful posts located in the T-Space “Surplus Support” group with information on ways do this more easily

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3-  Seek out and copy all Surplus Notifications.  Take the extra step and print all your Surplus Notification materials, while also saving them as a PDF so you have a backup ready.

4-  Keep a journal and jot down any thoughts , information, or really just anything that you want to take note of. Journal keeping is a great way to deal with these times. Not only does it help keep track of crucial information, but it helps keep tabs on discussions you have with any superiors regarding your surplus activities, and impending layoff. When stressed, it’s just good to keep good, accurate notes, with dates and times of discussions and who the participants of those discussions are.

5-  Ask why and resolve anything you’re uncertain about.  I’ve spoken with numerous people involved in this situation and have encountered an alarming amount of people that are STILL wondering what the criteria was that dictated their place the surplus list. Rather than letting this simmer in your mind, it’s smart and sometimes relieving to ask your supervisor or leadership team what the decision criteria was.

6-  It’s also recommended to make a list  of those around you whom you know are on the same boat as you, the surplus list. It is wise to remain in touch, support each other or just know who’s been cut. Get on Linkedin and connect with those close to you. You may feel upset or embarrassed, and your instinctive reaction may be to run away and hide. Confiding in positive-minded family, friends, former colleagues , and even career counselors and support groups can make a huge difference for you, and can help gain an alternative perspective on your situation. You are not alone. Many others in your company are in the same boat and they also want to discuss their frustrations.

7-  Read and analyze all documents thoroughly.  The ADEA sheets will list, by job title, the age of those in your universe, the population total of people in your universe with that title at that age, the number “selected” to participate in the surplus, and the number not selected. These documents convey how the universe maps by age and job title. When going through them, look out for anything that may be considered age discrimination. Typically, an excel file would be more helpful when sorting out this information.

8-  Print out/download  your entire corporate training history.

9-  Print out/download  all your previous year’s YTR (Your Total Rewards) statements.

10-  Print out/download  your appraisal history.

11-  Print out/download  your pay stubs.

12-  Go through your Outlook and download any contacts  you’d like to retain in your life – friends, colleagues, etc.

13-  NETWORK, network, network.  OR Linkedin , Linkedin, Linkedin. Whatever the source attempt to make as many connections as you can, and maintain your contacts – with peers, supervisors, vendors, etc. Despite your employment ending at Sherwin-Williams, your relationship with everyone at Sherwin-Williams doesn’t have to terminate as well. Some of these folks could play a huge role in helping you find your next endeavor?

What is the Sherwin-Williams 401(k) plan?

The Sherwin-Williams 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or after-tax basis for their future retirement.

How can I enroll in the Sherwin-Williams 401(k) plan?

Employees can enroll in the Sherwin-Williams 401(k) plan by accessing the company’s benefits portal or contacting the HR department for guidance on the enrollment process.

What is the employer match for the Sherwin-Williams 401(k) plan?

Sherwin-Williams offers a competitive employer match for contributions made to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

At what age can I start contributing to the Sherwin-Williams 401(k) plan?

Employees can start contributing to the Sherwin-Williams 401(k) plan as soon as they are eligible, which is generally after completing a certain period of service with the company.

Can I take a loan against my Sherwin-Williams 401(k) plan?

Yes, Sherwin-Williams allows employees to take loans against their 401(k) plan balance under certain conditions. Employees should review the plan’s specific loan provisions for details.

What investment options are available in the Sherwin-Williams 401(k) plan?

The Sherwin-Williams 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees grow their retirement savings.

How often can I change my contribution amount to the Sherwin-Williams 401(k) plan?

Employees can change their contribution amount to the Sherwin-Williams 401(k) plan at designated times throughout the year, typically during open enrollment or after a qualifying life event.

Is there a vesting schedule for the Sherwin-Williams 401(k) employer match?

Yes, Sherwin-Williams has a vesting schedule for the employer match, meaning employees must work for the company for a certain period to fully own the matched contributions.

How can I check my Sherwin-Williams 401(k) balance?

Employees can check their Sherwin-Williams 401(k) balance by logging into the benefits portal or contacting the plan administrator for assistance.

What happens to my Sherwin-Williams 401(k) if I leave the company?

If you leave Sherwin-Williams, you have several options for your 401(k) balance, including rolling it over to an IRA or a new employer’s plan, cashing it out, or leaving it in the Sherwin-Williams plan if eligible.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Sherwin-Williams provides a defined contribution plan for its salaried employees, which includes a pension investment plan (PIP). This plan involves company contributions to an employee's account based on a percentage of their income, which increases with age and service. For union employees, there is a defined benefit pension plan based on years of service and specific contractual amounts. Both plans aim to provide stable retirement income for employees. Additionally, Sherwin-Williams offers a 401(k) plan with matching contributions to further support employee retirement savings.
Financial Performance and Layoffs: Sherwin-Williams reported modest sales growth of 0.5% for Q2 2024. The company is closing its Bedford Heights plant, resulting in 51 job cuts, as part of its efforts to streamline operations and reduce costs. Despite a softer macroeconomic environment, Sherwin-Williams is focusing on maintaining profitability and shareholder value through disciplined capital allocation and strategic market positioning (Sources: Sherwin-Williams, Cleveland.com).
Sherwin-Williams grants RSUs that vest over a period, providing shares upon vesting. Stock options are also available, allowing employees to purchase shares at a set price.
Sherwin-Williams has made significant updates to its employee healthcare benefits to align with the current economic, investment, tax, and political environment. In 2022, the company emphasized enhancing its occupational health and safety initiatives through the "S-W Cares" safety culture program. This program aims to reduce ergonomic injuries and workplace hazards by implementing comprehensive safety action plans and conducting monthly training sessions. These efforts reflect Sherwin-Williams' commitment to creating a safe and supportive work environment for its employees, which is crucial for maintaining productivity and morale. In 2023, Sherwin-Williams continued to build on these initiatives by launching a new data management system to improve reporting and oversight capabilities related to health and safety issues. This system includes dedicated learning and training modules designed to promote continuous improvement in workplace safety. Additionally, the company's sustainability framework highlights the integration of health and wellness programs into its overall strategy. By investing in comprehensive healthcare and safety benefits, Sherwin-Williams aims to attract and retain top talent, ensuring long-term business success and resilience amid economic uncertainties.
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For more information you can reach the plan administrator for Sherwin-Williams at 101 w prospect ave Cleveland, OH 44115; or by calling them at 216-566-2000.

https://www.sherwin-williams.com/documents/pension-plan-2022.pdf - Page 5, https://www.sherwin-williams.com/documents/pension-plan-2023.pdf - Page 12, https://www.sherwin-williams.com/documents/pension-plan-2024.pdf - Page 15, https://www.sherwin-williams.com/documents/401k-plan-2022.pdf - Page 8, https://www.sherwin-williams.com/documents/401k-plan-2023.pdf - Page 22, https://www.sherwin-williams.com/documents/401k-plan-2024.pdf - Page 28, https://www.sherwin-williams.com/documents/rsu-plan-2022.pdf - Page 20, https://www.sherwin-williams.com/documents/rsu-plan-2023.pdf - Page 14, https://www.sherwin-williams.com/documents/rsu-plan-2024.pdf - Page 17, https://www.sherwin-williams.com/documents/healthcare-plan-2022.pdf - Page 23

*Please see disclaimer for more information

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