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How "OPEX challenges" works.

There are two types.

  1. %
  2. $

Scenario 1: A certain number/% of people that need to go is given. This was the most common way to go before; "you need to identify the bottom 10% of your organization". Didn't matter if 100% did a good job, but at least it was the lowest performers relative to peers that generally had to go. Sh---y, but fair enough.

Scenario 2: You need to "save the organization" X amount of dollars. This is where we are now, and why you are seeing also high performers, people that have been with the company for years and actually knows how thing works, and people in "high cost locations" going. To quote the song from the early two thousands: "It's all about the money". When you combine this with the requirement that every manager has to have 20(?) direct reports there is no chance in he-l that they are going to save anyone with a high salary no matter how good they are at their job, if they can keep 3 people in a "low cost location" at the same price. I don't blame them, either. It's gone from #oneteam #onedell etcl. to #saveyourownass, as long as you can.

Draw your own conclusions what that says about the state of the company.

  1. Give people stability in their roles and stop shutting down offices.
  2. Re-evaluate management or at least get everyone on the same page so there aren't multiple "Crown experiences"
  3. Reconcile Fiber and Towers so that we are actually #oneteam
  4. Lighten up with the annoying, juvenile in office 4 days rules
  5. Listen to the employees and focus on improving the systems and the data
  6. Improve morale somehow to get out of this all time low
  7. Focus on promoting only character and merit.

Email today from Mary,
We (within 50 miles) all have to go in Tuesday, Wednesday, Thursday starting Jan 8.
Except for the HR SLT... who is in Colorado... and the new one announced yesterday who is in New York.
#ONETEAM

How pleasant. If you survive they'll work you for a dog for two quarters and put you through the stress again. Wonderful, I feel my purpose is to give them the bare minimum. #oneteam

I'm looking forward to spending much more time collaborating with my coworkers. Those little conversations in the hall between meetings are so Fall 2023.
#oneteam #itsonme

Read the article referenced. Appears past issues from CFPB stemmed from WF auto lending. So yeah, let's just move the whole darn operation to India - that'll solve the problem! Below is from this exec''s LinkedIn post:

Sumit Sukhramani
• 3rd+
CIO - Head of Auto Lending Technology, Consumer Lending Technology at Wells Fargo
2w • 2 weeks ago
Follow

The time spent with Consumer and Auto Lending business and technology team in Bangalore and Hyderabad was incredible. The customer focused solutions, adoption of banking product and platform architecture, learning journeys and innovation resonated loud and clear in every conversation.

Another highlight was having the Head of Auto Lending, Tanya Sanders and Head of Product & Innovation, Puneet Chandra join me on this visit. The level of excitement and engagement from teams was high and it was evident from the floor walks and Q&A at the combined townhall. Yes, we all dressed up in Indian ethnic wear!

We have exciting things lined up and #oneteam - product & technology is positioned for delivering customer delighting products #bankontech

In Hyderabad, the Consumer technology team spent time volunteering at Anudip Foundation. It is a skills and career development center which provides computer, finance and business training to marginalized youth. Our time was spent conducting mock interviews and coaching on - soft skills related to leadership and communication. This is an uplifting initiative and I applaud the support provided by Wells Fargo.

The Cuts Are Starting

Techcrunch: According to an internal memo (link below) sent to Twitter employees, the new management under Elon Musk will begin conducting layoffs Friday morning. These layoffs have been rumored since before Musk’s takeover, with the most recent report estimating that half of the 7,500 employees will lose their jobs.

On Thursday evening, all employees received an email stating that they will be informed of their employment status at 9 A.M. PT on Friday. Each email will be sent with the subject line “Your Role at Twitter.” If an employee is keeping their job, they’ll be notified via their work email — if they’re let go, they’ll be notified on a personal address.

“To help ensure the safety of each employee as well as Twitter systems and customer data, our offices will be temporarily closed and all badge access will be suspended,” the email reads. “If you are in an office or on your way to an office, please return home.”

The email was impersonally signed “Twitter.”

According to a post from a Twitter employee, staff members have been flooding an internal Slack channel with blue heart emojis as they wait to learn their fate tomorrow. (Update: the tweet has since been deleted.)

The love is real. #OneTeam pic.twitter.com/t1txt74SbZ

— Cristina Angeli (@CA_CrissyAngel) November 4, 2022

Musk’s team has already tried to evaluate the productivity of Twitter employees by asking engineers to print out the code that they have written in the last 30 to 60 days. Musk also brought in Tesla engineers to look over Twitter code.

Still, it’s not clear what divisions of the company will be impacted. At Tesla, Musk axed the entire PR team a few years ago — by that notion, it’s likely that he will get rid of Twitter’s PR team.

Musk’s deal to buy Twitter included making the company take on $13 billion in debt from banks, which means Twitter will owe about $1 billion a year in interest payments.

According to a report from Platformer, Twitter’s newsletter service Revue will be shut down by the end of the year. Revue was acquired by Twitter in January 2021 for an undisclosed amount. The report also says that Notes, a longform posting feature, is on hold, as is Twitter’s plan to build crypto wallets.

When Musk first took over last week, he immediately fired four key executives: CEO Parag Agrawal, CFO Ned Segal, General Counsel Sean Edgett and Head of Legal Policy, Trust and Safety Vijaya Gadde. Twitter’s Chief Consumer Officer Sarah Personette and Chief of People and Diversity Dalana Brand resigned the following day.

This story is developing…

Story Source:
https://techcrunch.com/2022/11/03/twitter-layoffs-elon-musk/

===============

SAN FRANCISCO — Elon Musk will begin laying off Twitter employees on Friday, according to a companywide email, culling the social media service’s 7,500-person work force a little over a week after completing his blockbuster buyout.
Twitter employees were notified in the email that the layoffs were set to begin, according to a copy of the message seen by The New York Times. Workers were instructed to go home and not go to the offices on Friday as the cuts proceeded. The message, which came from a generic address and was signed “Twitter,” did not detail the total number of layoffs.
“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global work force,” the email said. “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward.”
About half of Twitter’s workers appeared set to lose their jobs, according to previous internal messages and an investor, though the final count may take time to become clear. As the email landed in employee inboxes on Thursday evening, workers posted salute emojis and heart emojis in Slack, the messaging service. Later in the evening, some employees said they had lost access to the company’s systems, a possible prelude to being laid off.
Mr. Musk completed his $44 billion purchase of Twitter on Oct. 27 and immediately fired its chief executive and other top managers. More executives have since resigned or were let go, while managers were asked to draw up lists of high- and low-performing employees, likely with an eye toward job cuts. Mr. Musk also brought in more than 50 engineers and employees from his other companies, including the electric carmaker Tesla, to review the layoff lists of Twitter workers and the social platform’s technology.
The world’s richest man faces pressure to make Twitter work financially. The deal was the largest leveraged buyout of a technology company in history. The billionaire also loaded about $13 billion in debt on Twitter for the acquisition and is on the hook to pay about $1 billion a year in interest payments. But Twitter has often lost money, and its cash flow is not robust. Mr. Musk may benefit from cutting costs so the company is less expensive to operate.
Mr. Musk and Twitter did not immediately respond to requests for comment.
Twitter’s layoffs are unlikely to be the largest in the tech industry by total number. The computer manufacturer HP cut 24,600 of its employees, about 7.5 percent, in 2008. It later cut tens of thousands more, reaching about 30 percent of its work force.
Elon Musk’s Acquisition of Twitter
Card 1 of 8
A blockbuster deal. In April, Elon Musk made an unsolicited bid worth $44 billion for the social media platform, saying he wanted to turn Twitter into a private company and allow people to speak more freely on the service. Here’s how the monthslong battle that followed played out:
The response. Twitter’s board countered Mr. Musk’s offer with a defense mechanism known as a “poison pill.” This well-worn corporate tactic makes a company less palatable to a potential acquirer by making it more expensive to buy shares above a certain threshold.
Securing financing. Though his original offer had scant details and was received skeptically by Wall Street, Mr. Musk, the world’s wealthiest man, moved swiftly to secure commitments to finance his bid, putting pressure on Twitter’s board to take his advances seriously.
Striking a deal. With the financing in place, Twitter’s board met with Mr. Musk in April to discuss his offer. The two sides soon reached a deal, with the company agreeing to sell itself for $54.20 a share — roughly $44 billion in total.
Tensions arise. Not long after Mr. Musk and Twitter reached their agreement, problems began. Mr. Musk threatened to pull out of the deal if Twitter did not provide more information on how it calculates the number of fake accounts. In June, the company announced that it planned to give him access to a large swath of its data.
Musk backs out. In July, Mr. Musk announced that he was terminating the deal, citing the continuing disagreement over the number of spam accounts. Twitter then sued the billionaire to force him to go through with the deal. But Mr. Musk fired back in a legal filing, arguing that the company concealed the true number of fake accounts on its platform, accusing Twitter of fraud.
Preparing for trial. Lawyers for both sides have issued more than 100 subpoenas ahead of a trial that was expected to start in October, mostly targeting tech VIPs. In September, a judge ruled that Mr. Musk could amend his suit to include accusations from a former Twitter security chief who claimed that the company misled the public about its security practices.
A surprise move. On Oct. 4, Mr. Musk proposed a deal to acquire Twitter for $44 billion, the price he agreed to pay for the company in April. On Oct. 27, the purchase was completed. Mr. Musk quickly began cleaning house, with at least four top Twitter executives — including the chief executive and chief financial officer — getting fired.
More recently, other tech companies have slashed jobs. On Thursday, Lyft said it would lay off 13 percent, or about 650, of its 5,000 employees. Stripe, a payment processing platform, said it would cut 14 percent of its jobs, or roughly 1,100.
Jesse Lehrich, a founder of Accountable Tech, an industry advocacy organization, said the layoffs amounted to an arbitrary purge just days before the midterm elections on Tuesday.
“There is nothing visionary or innovative about summarily firing” workers by email, he said, especially people who have “specialized expertise and deep institutional knowledge” and before Mr. Musk “even seems to have a basic grasp of the business.”

The Story Continues ... (See links below)

Source (no paywall):

https://archive.ph/ikkY5

Source (paywall):

https://www.nytimes.com/2022/11/03/technology/twitter-layoffs-elon-musk.html

If I had time, I'd call out Black Friday. No reason for extra stress , physical work or headache, for no, none and zero extra compensation. #oneteam

Have no idea what the he-l they are doing in retail we are hiring people with zero work experience and also getting in temp employees from a staffing/labor temp service for the holidays. Hope those temps don't generate surveys; however if they don't they are getting all the sales and sh-t customers. This year Black Friday my first customer I'm going to bust the transaction up so hard that I have to spend the shift fixing it then go home and eat turkey. #oneteam

Love that this board is lighting up about the same stuff we been talking about in store and private for what feels like over a year now. #oneteam

Why would I push smb when it has zero incentive for me besides a headache, large amounts of time and frustration and just pads the pay check of the SMB rep. Why do our ecode sells help them but their ecode sells do nothing to help us. It doesn't help that they are on the old commission so could careless if the whole process is a nightmare for the customers. They getting paid and padding their checks.

Also the lack of integrity pushing a consumer customer towards business just cause they happen to have a sole prop selling pottery is terrible. Business accounts and all the limitations for a normal small account is a terrible experience for the customer. It's infinitely harder to do anything on a business account, on verizon and the customers end.

Also doesn't help that 100% of business support is out sourced to the Philippines

Systems are flawed, compensation is flawed, communication between business and retail is flawed. But i can ASSURE you, as an R2B rep, yes our at risk is higher and not a single person in our channel is hitting it. We have monthly quotas that are double what they were during Black Friday and holiday season pre covid. We’re right there with everyone in retail in how miserable we are and we hate the systems too. #oneteam

jsh+16Pn4MRP: “... save some opportunities for young people ...” — You might not have said this with malicious intent, but it sure is tone deaf, dude. Someone who is in the later half of their career and has made sacrifices for CVX is entitled to express the sentiments that the OP shared without a jack4$$ making the usual entitled comment telling us to move over for young people. What have YOU done to EARN that spot? Chew on that for a while.

OP: I really feel for you and am sending you a virtual hug. I have experienced similar feelings in the past couple of reorgs, so I do understand in my own way what it’s like to stay up with stressful thoughts running through one’s mind. For me this time is different — frankly, I no longer care about this organization the way I used to. When you kick a person enough times and purposefully create an environment of instability and encourage a Hunger Games-like approach to securing a position, eventually even the good little worker bees like me say “screw this” and stop caring. I now treat this job strictly as a means to an end — I just have to hold on long enough to accomplish MY goals, but I truly am not vested in what management wants. I keep up the facade because I need to get through Round 4, but I am definitely not buying into the BS they’re peddling. Now, I’m not suggesting that apathy is the way to go; I’m merely sharing that it’s where I’ve landed. This happened after multiple brutal reorgs where good, competent people were decimated, and top management exhibited stunningly short-sighted and truly incompetent decision-making. Do we really think we’re gonna achieve #OneTeam success where there is absolutely ZERO trust, and — let’s be honest — many of the employees who survive this reorg will be folks who embody anything BUT team-oriented behaviors? Like I said, apathy works for me at this stage of my career ... I am looking out for myself first and foremost. I wish you well, OP, and don’t let the circumstances we are experiencing adversely impact your health and well-being. No job is worth that. Carve out time for self-care, and hang in there.

GM future direction and Team GM Bonus

The GM Bonus was looking light this year compared to the years in the past. I think this overall sets a new direction and standard for GM. Now we seem to be focused on reducing cost for free cash flow. With that being said GM employees it's time to fasten our belts and sacrifice for our shareholders #oneTeam #thinkCustomer.

GM should cancel all the bonuses and raises this year. This would help us get our free cash flow target #OneTeam.

The comment had to do with the quality of another’s work. There’s an unavoidable hypocracy when the criticizer themself cannot meet a basic level of quality in the very act of criticizing.

Further, there are trolls and competitors dropping comments here to exploit emotions and weaken the true #OneGMTeam. While there may be many legitimate complaints to be levied, we cannot naively take all claims as truth. And while there may be legitimate unhappiness, frustration, and possibly anger with senior leaders, we must think of the coworker sitting in the chair next to us.

#OneTeam doesn’t lie in complete rubbles.

this thread seems nice and civil

"S--- a d--k white collar pu--y boy. Can’t use your hands to build anything, can’t use your c--- to please anyone."

"But hey, you're not alone. Easily half the population sits in front of the id--t box at night like you"

#OneTeam

Thanks for the words of encouragement, it's very difficult to stay strong right now but we'll survive this one way or another #oneteam

The real deal.

This is about as accurate as it gets. 3000 positions eliminated.. 2000 people impacted, the rest are open positions. About 50 DMG+, 500 KMG/LMG, the rest are EX/NE. almost all areas will be impacted, with biggest changes coming in Merch. The BU will now report to the enterprise Sr. buyer. Pyramids will be replaced by centers of excellence and the red cups will not make a come back. Monday and Tuesday are going go to be tough days. #oneteam