Any detail leaks
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Were the terms of the increased severance package emailed out? The standard was only 8 weeks + 2 weeks/year.
Fresh perspective on bt kissing. Happens at all levels - not just higher titles. The lower title guy who sends out a mail late in the night for example. A LOT of bt kissing also happens at one of the faang's (the only one I have experience with) as direct lead has the most power over one's career or firing. In Q, a lot of groups have matrix management which when done properly reduces b***t kissing. Just keeping it real!
It's been confirmed at SVP level to cut 5% of headcount.
QCT will be hit hardest, many research folks who haven't filed a patent recently will be shown the door.
Amplitude of senior directors will be cut. Esp the "director" title which is just a program manager, if they don't write verlilog, c, or cpp, bye bye.
High performers = worn out knee pads
Who is eligible for this voluntary separation package?
Is layoff package taxable ?
Layoffs are coming in the next two weeks, many departments asked for volunteers. This time the severance package for volunteers is better than 2018: 24 weeks + 2 weeks/year (instead of 12 weeks + 2 weeks/year) and 6 months cobra (instead of 3 months). No word on RSU vesting, other bay area big companies did accelerate RSU vesting
It would be great if someone could covertly add appropriate animated memes to ThankQ that reflected the kissing culture that is really going on. There is some seriously funny stuff on giphy...
@1vud+1l3i4lEw high performers are the employees who get to kiss the high level managements as--s.this is a corrupt company so don't expect to become a high performer otherwise!
What do you mean by "high performers"? Performers that are high?
Where moving, to cra-pier companies?! Most FAANG are in mass layoffs mode now. I don't think high performers will be let go though.
I can assure that any statement on reductions will motivate very high performers to move on , it will be bad move by Qualcomm management if done at all.
If this time any reductions announced will be distributive to overall Qualcomm growth and its desire to move in vertical markets . I will be the first one who will move on , I resisted not to move myself in 2016 and many other colleagues are on the same page . We have been top performers in our team and if this cuts happen we will definitely go even if Qualcomm doesn’t want us to go, there are so many opportunities . Qualcomm assets is its employees.. don’t burn the hands …
The Beijing Balloon is about to pop.
From public filings:
FY22 non-GAAP OpEx = 8,738
5% reduction target = 8,301
Q1 2023 = 2,206
Q2 2023 guide = ~2,250
(8301 - 2206 - 2250) / 2 = 1923 per quarter assuming Q3 and Q4 have same OpEx.
(2250 - 1923) / 2250 = 14.6% OpEx reduction by end of Q2 to get 5% reduction when comparing FY23 with FY22.
How much of OpEx reduction will be headcount vs other items? Don't know.
5% included last layoffs. Hopefully the impact won’t be serious. Best of luck all.
Just heard 5% cut over next two weeks.
I've heard up to 20% reduction cut in "Core engineering" Not sure who that includes.
If you're in a core team like GPU/Modem/Camera I bet you're safe if you're in some weird stuff buckle up and good luck.