Any word on when the rif is coming? It is coming soon but do you know when?
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Mostly relocation and some RIF with 18m cap pkg. Deal done for this round. Waiting for next wave. Might be bigger.
Any news?
How about SSDC?
Seems to be reasonable assessment - with no significant technology advancements in traditional storage business, why spend the $ in VLSI. All ancillary support functions that underpin VLSI development are fair game as well. Cloud business and other "systems" business endeavors needed to support the "new product line" narrative for investors and prospective customers - whether reality or not.
Currently the RIF seems to be around September/October
With no new HDD Controller SoC in the pipeline -- expect major cuts in VLSI and firmware
The new cloud division seems to be safe for now.
(Above info is based on few internal meetings and communications)
The RIF has been happening for the past 18 months. Teams have been losing a lot of experienced folks to higher paying companies.
That is called “9 box” and it has been around for a few years at Seagate. It is a succession planning tool that managers use to rate the overall level of performance and potential of their team members. I don’t think it has been used to determine who to layoff though?
The economy is crashing now and it's by design. If interest rates hikes continue we could quickly go from recession to full on depression. Pretty much expect to get laid off by the end of 23 if that happens along with half the country. Can you imagine how bad this could get? It'll be worse.
Managers give rate for each workers now, 1 to 9. There must be a reason for this. Some customers stopped shipping of our products. As usual, if the revenue doesn’t goes well, the rif comes in Sep. Be prepared for the package.