They have already started the process, this will be global with the exception of India. Technology will be less affected, mainly marketing and customer service this time around. It will be a tough January.
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Emails went out 45 mins ago.
I was the original poster here is the proof https://archive.is/CQ33l
The efficiency spider model may hold some truth. My department was unexpectedly mailed out new computers and we were pushed hard to start using them with very little information earlier this year.
Not a surprise. For some reason, leadership seems to reside in Germany now on the ops side. Makes zero sense. Too many initiatives.
Upper leadership and TM is aware of the article and has not said yes or no. They said it’s not worth posting a response or acknowledging at this time. It’s amazing how silence from leaders and the HR/TM team speaks more than a statement would.
Seems like this information is known by at least a few members of all teams at this point, loads of internal chatter happening right now. Going to be a long week of anticipation. Wish they would just rip the bandaid off and accelerate the timeline on this rather than making everyone anxiously wait for the news to drop.
@2mok+1kwQ197F No that's not what that means. The merging of NA and EU service was announced by Netzer in September. The emails stated they will share news in a few weeks (after the supposed RIF) but this has nothing to do with outsourcing jobs, unless they decide it does. Based on current information that is not the conclusion to reach.
I read an internal document that they have to retain a 1:1 ratio for tenured to new hires .. they have released efficiency A.I spiders to peoples computers since April and the spiders have been learning to do our jobs as well as picking out every loop ho-e / error we make , they have us rated by effectiveness, how much we cost the company,ECT. They may move overseas but most jobs will be replaced by A.I technology (like Amazon) not people
Hey everyone, reporters at the Boston Globe here. We're looking into potential layoffs at Wayfair (how many people might be impacted, when is it expected to happen, etc). If you have any information and would like to chat, please reach out. anissa.gardizy@globe.com, aaron.pressman@globe.com. Thank you.
The company is like a headless chicken running in all directions, hire, hire, hire, fire, fire, hire, fire, fire, hire, fire, fire, fire, hire...
What can one do? We can move on and find a better employer.
https://twitter.com/TheLayoff/status/1612881573233438721
@6nyq+1kwQ197F The company has communicated that additional layoffs were coming. Anyone that cares enough to read quarterly reports and listen to earnings calls knows this.
7,418 shares were sold from the CTO's allocation of vested shares. They were not sold at the direction of the CTO and it's not some secret conspiracy to "get out" before things go south.
The CTO vested several thousand shares on 1/1/23 and at that time ownership was transferred from the company to the employee. This creates a taxable event which both the company and the employee have a responsibility to satisfy immediately. This is done by selling a portion of the total such that it covers the value of the remainder. In this way the employee does not have to pay out of pocket (which is often not even possible given the amounts in play) and the employee receives fewer stock units when the transaction is complete, further reducing their potential tax burden (you don't have to pay taxes on shares you're just going to sell to pay taxes).
I'm not defending the company, management, and especially the C-Suite at Wayfair. They've done a cr-p job for more than a few years and it's widely discussed and agreed that Niraj should have stepped aside long ago.
Your sentiment is correct but spreading lies about illegal insider selling only weakens your position and statements. Learn how to read SEC filings before making statements that mischaracterize people and their intentions.
If upper management has any decency, there should be some type of communication about even the possibility of layoffs. Why hide the fact that the company isn't doing good when we can see it from the stock price? Also, the CTO just sold 7000 stock units during a blackout period. None of this looks good.
We need more info.
@2skr+1kwQ197F What you said is one correct strategy, but what @5uup+1kwQ197F said is also a correct strategy. If there is a senior team member that passed the cliff they still might have more unvested shares than a junior employee who is 100% vested. Also, because they have been with the company longer (when the stock price was higher over the last few years) their RSUs are also probably worth more (were granted at a higher strike price).
Wayfair executives and accountants will probably use a balance of both strategies. Although it seems like this round of layoffs is mostly going after the working class of Wayfair (customer service, warehousing, fulfillment, logistics) and most of those roles don't get equity.
@2skr+1kwQ197F When an equity agreement with an employee is executed a certain number of shares are committed to that individual and become a liability from a bookkeeping perspective. However, the employee does not yet own the shares, they must be vested. This is usually done over a 4 year period. In the first year you vest nothing. On day 366 you vest 25% of the total (commonly referred to as a vesting cliff). Every month after for the remaining 3 years you vest an equal amount such that 25% is vested each year. At the end of 4 years you have vested 100% of the shares.
If the company committed to give you 10,000 share but you are fired after 2 years, the company can reclaim 5,000 shares (the two years worth you still have remaining). If you are fired on day 364, the company can reclaim all 10,000 shares. The employee will have worked for almost a year but receive not equity at all.
It is not uncommon for companies to target this cohort of employees when making cuts because getting ahead of the one year cliff for the first 25% of shares is significant. This kind of behavior is obviously unfortunate and in bad taste if the employee is otherwise performing well. It's a bit of a legal grey area but there is some recourse if it's very obvious the only reason an individual was fired was to prevent them reaching their vesting cliff.
It’s not looking good. Chatter everywhere internally that something bad is going to happen. Just a waiting game.
Is there a projected number to how many layoffs to expect or percentage of workforce? Should corporate expect layoffs as well and would it be more tenured versus recent hires?
Email was sent today to customer service letting us know a "global model" is coming, meaning their jobs will go outside the USA.
@1zyn+1kwQ197F But with that logic, doesn’t it makes sense to layoff of someone who has total RSU which are higher, over say 2 years, than someone who is a vesting a very small number this year?
Post ID: @1tci+1kwQ197F makes no sense. Even though those folks dont meet the cliff, they are still receiving the additional grant (which is more than the original grant in terms of $$ value in my case) has already started vesting.
If part of your total compensation package included stock, and you were hired after Jan 20, 2022 you should start applying elsewhere and engaging your network for referrals. This profile will be disproportionately targeted since they will not have hit their 1 year vesting cliff and 100% of the RSU book cost can be reclaimed and reversed on the balance sheet to an asset rather than a liability.
Wayfair is burning through their ESOP pool at a breakneck speed because the stock price is so low and it's driving Niraj insane.