I've survived about 15 layoffs now. I've outlasted multiple entire management chains above me who are all gone. The vast majority of people I worked for and was lorded over by are gone. Most by layoff. The vast majority of people I worked with are long gone. It's a weird place to be in now. So quiet now. Lone survivor vibes. I thought I might not survive this one but I did. Next one might be it. Anyway, working here has been a really odd experience with people just disappearing one after another in clumps every few years. In between, new clumps of people would be added and then mostly disappear later on. I didn't think I'd be around to watch how the company finally ends but I think it might be sooner than we think.
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OP @1ibq+1jH2enhl . Some of us stayed here much longer than we should have. The question is, how long until this Titanic hits the rock bottom?
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The amount of woe is me whining on here is insane. Work here or move on...its just a job, don't let it define who you are. You and you alone are responsible for your success or failure. Work hard, make good choices and be a good person..sh-t aint hard.....If you stay here, great..help in any way you can...you're still getting a check....just keep doing your job.
@3zbo+1jJqLytW I see production running at about 70% and dropping.
If there were only 1000 (and I'm not sure how you would know unless you report to Dave) then rest assured there will another 2000 coming. You don't come out and say you're going to do something and then not do it. For all we know, that 3000 HC reduction is baked into investors' positions. 2000 people is several hundred million in opex, not something Seagate is going to find between seat cushions.
Mid year bonus coming?
Who said this ship was sinking? I see the production is running as usual. The recent layoff was maximum 1000, not 3000 as the CEO announced.
I'm in the same boat (18-25 years experience at 19). Every 1-2 years there's been a large layoff but I've been sticking it out for the severance. Now I'm worried that will be reduced.
It would suck but make total sense. The company really gave up on being an "employer of choice."
:)
Even if hamr is successful, It will not Help to resolve the volume getting worse issue, but will make it worst as customer can buy one 30t now instead of 2 x15 t..
The layoff , factory shrink are inevitable and a yearly affair , even then is not enough, current volume is half of previous year , but the VP , director / sr director is almost the same as a year ago.
I have survived about 18 layoffs since 2001 ..
The only reason, I am sticking around is.. seagate gives 2 weeks pay per year of tenure.. and I would want a layoff to get almost a year's worth pay
Believe me, the entire vlsi is full of 18-25 yr experienced engineers.. sticking just for that.
I just hope they keep giving the laid off people that severance package, when my time comes up
15 layoffs ? How many years of experience you need to get that number ?
Everyone should pay attention to the renegotiation of loan covenants and the recent debt exchange offer. Seagate will increase their annual interest payments on debt by $25M after the exchange. What does Seagate get out of the deal? Lowering long term debt by around $120M. Yes, lower debt but higher interest expense. Why? Seagate is trying to stay under debt covenant leverage ratio.
How many more layoffs will it take to cover this $25M? The most recent round of layoffs were estimated to save $110M pey year. Seagate just spent 20% of those savings trying to avoid the concequences of missing loan terms.