Can somebody provide more info on what's going on for those of us who are currently on vacation, please?
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When the CFO DS did one of his first speeches, he talked about how he laid off a bunch of people at his last job. If you could not see that as a sign that layoffs would be in the future cards at Crown Castle, that is all on you.
I know I tried warning people. Find a new job people, before it is too late. The job market has a lot of fake jobs, in office roles, and low wages. The economy is not doing well, layoffs are coming, companies will lose productivity while training new hires, and companies will lose productivity due to less employees. Look for more inflation and tighter wallets. Please take care of yourselves and diversify your income.
Has anyone been able to confirm the severance package? I feel like the wording was extremely misleading
I’ll VOLUNTEER for a severance! Win-win for me and Crown.
Speaking of SC and fiber…. The EMT is giving us a big F YOU when they tell us that 700 people are getting cut mostly in towers when at the same time, there are a bucket full of open requisitions for jobs in fiber and SC. I can’t wait to be told I’m being laid off. I’ll take the severance and never look back at this place.
Oh, the SC and fiber side is horrible. What makes you think the carriers would use us rather than Zayo, Spectrum, etc? This company is going down and going down fast. If you're lucky enough to be laid off, rejoice. Take the check and get a different job that doesn't have a CEO who allows multiple reorgs a year, bleeds the part of the company that makes money dry, and who pours millions into a dead end. Nobody in their right mind should want to stay. I'm crossing my fingers I get laid off.
All departments are asked to rank employees. Except the EMT of course.
What department are you in that your manager told you they’re ranking us?
The expected layoff aren’t supposed to start before the week of 8/7 and will last through the week. From a call we had yesterday if you have scheduled PTO during that time your manager is supposed to ask if you want to be contacted during or after you return before you leave
We had a call today and our manager told us that they will be asked to rank their employees based on performance but other factors will be at play such as location, skill set etc...then he said that he will he ranked as well. He is one of the better managers so would say he shouldn't worry but who knows
Does anyone know how this will work? Are they going to go to managers of departments and tell them to strategically pick who to cut? Or are the just going to lop off people at random and try to rebuild from the rubble?
They should start the layoffs with the CEO and CFO. How can the folks at the top who walked both employees jobs and share holders stock values off a cliff the past two years still have jobs? But oh look! More board members freshly added to the party! Doing this right after earnings should be criminal.
@1rru+1nMVp9oH The number CCI gave in its filing with the SEC was 15% of the workforce. That works out to about 700-750 or so. But 900 might represent people they know who will not do relocations, or even mutual severance. The truth is the interest rate hikes are hemorrhaging cash out of the company badly. Even for those who remain: get that resume out. You may need it. The current leadership doesn’t inspire confidence in good times, and you have to ask yourself, where will they find such fortitude in bad ones?
Word is about 900 people and no department will be spared
Nothing is happening. Everyone is in a holding pattern while our fates are decided by leadership. We will know in two weeks if we survived the cut
@iuo+1nMVp9oH Where are you hearing that this is only round 1? I also work at CC and have not heard any solid proof of more rounds. I’m not saying it won’t happen, but I’m also not into spreading gossip.
It’s so baffling that fiber and small cell isn’t being cut. Those microtrench machines haven’t moved but we’re keeping them? Insane!
I work at CC and it’s as bad as it sounds. No warning or indication, round 1 of more layoffs to come. The company is falling apart under new leadership and they surprised everyone with the news via vague email only — but expect us to just keep working for three more weeks while we wait to be fired. Severance package is vague and not great.
Yes, they are happening. Here is the SEC filing. https://seekingalpha.com/filings/pdf/16805663
Specific layoffs will be announced the week of August 7.
Also, after Labor Day, hybrid employees will be required to come into the office M-Th, Fridays will be remote.
Construction Services will be eliminated.
Offices like Nashville will close entirely, while other locations will be consolidated. Offers will be made to move certain employees to the Houston office.
Severance was a bit unclear... but it seems to be 2.5x weekly base salary x every year of service. Healthcare will be based on length of service. These need to be clarified, however. However, the costs are projected to be about $70 million for severance-related expenses.
Most of the layoffs will occur on the Tower side, but the reduction-in-force will be 15% across the company. So figure at least 700-750 people being terminated. I would expect a few hundred more due to refusing to relocate, frustration with increased workload, or lack of trust in the EMT. The fact that the EMT did not mention this during the earnings call is highly suspicious. I don't expect layoffs to end with this. If Tower is not doing well, there is no way Fiber or Small Cell can be either.
It’s really really bad