When a company owned by Abu Dhabi has to incorporate in the cayman islands, dead giveaway, dead giveaway
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Have the courage to embrace change and the wine to accept it
Yes they will definitely use the based on performance as a crutch or excuse to get them off the hook or feeling guilty. But we all know it’s bs.
If you survived this round, get ready for the next in 2023 !!!
Managers were forced to make lists.
They were also forced to make recommendations for PIP / COMPASS downgrades.
Every manager I've spoken to so far has refused to propose any downgrades as they are already understaffed and already would have started a PIP.
The override decisions therefore come from above - so if your exit meeting starts with "based on performance" remember that it's a forced decision. There has to be a spread of ability and performance, this year's lower performer is likely last year's CEO award winner - it's a bullsh-t way of doing it, but it's just the way it is.
Side note - yes, this does mean that your main worry should be if you have tried to address your issues with the more senior ranks.
Does anybody understand why company need layoffs if they are in profit and declared positive guidance for next quarter? Absolute chaos.
@jaa if you survive the layoffs, you can just say you're going to a competitor like Intel, Samsung or TSMC and they'll walk you out on the spot with two weeks of pay. Depends on your own morals, though. Maybe you'll find a job with one of those companies anyways and be telling the truth. Good luck!
They had a say. They made lists. Don’t get fooled.
While they may have not had final say in choices made they were involved with collecting the data and making their own suggestions of who should be let go.
Can you imagine being the manager that has to do the layoff but have no say in the selection which might result in having to force to layoff people that you like to keep, or people you know that needs this job like recently added a new member to the family?
(and yes, actual family, not some lame corpo vernacular that supposedly make us all warm and fuzzy inside while we slave away together)
I’ve already decided to leave GF in the near future if I survive the layoff. If I get laid off with severance it’s even better. GF will not really be a good company until it’s sold off and changes hands.
My manager said he had no say. It's all about saving money not keeping the good and laying off the bad. Two years at GF and in semiconductor was enough. Got a government job already lined up, so severance and some time off to move would be a nice Xmas gift from GF.
I spoke with a manager this morning. This person hinted that their input is limited however, the bean counters are using previous compass assessments to aid in the decision.
@nmo I’m sure glad they explained it away without apologizing for any of it. “Transparency” is great, I hope they apply the same logic to executive compensation someday, which they don’t have to disclose thanks to being legally headquartered offshore.
Yeah. That tends to happen when they announce layoffs a month ahead of time without any real details.