It’s starting tomorrow. Good luck everyone.
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"Basically if someone is subpar and gets laid off, they get a performance-related bonus - but the good quality workers that are left get nothing!"
Ding ding ding...
Let's reframe this. The work smarter, not harder people realize that there's no juice left in the lemon, and subsequently perform to those standards. They get fired and get some money. And more importantly, the opportunity to not work there anymore (and if they are really smart, they are already looking anyway). The work harder people get nothing but more work.
Who would you rather be?
How do you know that limit isn’t per-site?
U.K. regulations : if it’s more than 19 then they have to do a group consultation.
https://www.gov.uk/redundancy-your-rights/consultation
U.K. <20 ? Where did that come from?
UK must be <20
Lots of people affected in U.K. today.
I’m quite disgusted on how it’s all being communicated. Expecting people to have any semblance of motivation when they just keep people dangling.
50? That’s a drop in the ocean, my friend. Think 500 and you’re closer to the truth.
As far as is known, 50 workers were fired in Israel. Another 50 on the way...
How many are laid off in the rest of the world? India? England?
Being grayed hair and layed off about a year and a half ago, most of us found work. It is more about skills then hair.
For me it was not easy and took a few months but I work in a great and stablee place now.
Do start looking, setup your linkedin cv and mark you are open to work. (Can be done to be seen only by recruiters).
At the time Synamedia gave a very good package, hope it is still the case.
There is hope also for us!
The key thing here is to understand that you are owned by Private Equity ie Permira. They don' t advertise it but I suggest a quick Google on the fortunes of the AA bought by Permira in 2004 , fecked over , loaded with debt , hustled into IPO and last year back in a repeat / rinse cycle with another set of vultures ( TowerBrook and Warburg Pincus ). The optics look a bit like jail bait being used and abused then passed around. This is not a company , it is a financial experiment in how to extract the last drop of water from a corpse on the planet Dune. The spice must flow of course... which is what these 390 investment professionals / pariahs would say.
This thing about the bonus is terrible. Basically if someone is subpar and gets laid off, they get a performance-related bonus - but the good quality workers that are left get nothing! I wouldn’t run it like this if it were my money. What a load of cr4p. Not going to make anyone happy.
Affected employees are presented with the bonus upon involuntary separation (layoffs). Upon voluntary separation (employee leaves), the bonus is not being paid according to a question asked at the end of the all-hands.
In reply to the 'grey hair' (your phrase!) I would wait and see what happens this time round. If you still have a job in 6 weeks time - YOU decide if you want to stay on the ride for the next 5-10 years. I don't know where you are. But from one 'grey hair' to another, believe me, there IS work outside if you have relevant skills. All the best.
I see a lot of people saying “get another job” on these threads, but what about those of us ‘grey hairs’ who’ve been here 20+ years ? Surely it would be worth waiting things out ?
Anyone who thinks that they didn't know this was coming is kidding themselves. The fact that the ELT still sent out the Bonus letters is misleading at best. A company of this scale will be managing accounts on a regular enough basis that they know well in advance that their was a serious problem. They are also well aware of the bonus schedule and cash needed, in order to have planned better. I think that Synamedia is in much deeper mire than they are letting on. The follow on actions of upcoming LRs are at best a play to make the state of play look better than it is for the benefit of the ELT, who I would already know that this is doomed. Unlike you poor saps they will be rewarded for failing. You will be lucky to escape with redundancy and your leave entitlements.
I’ve heard that any affected employees WILL get their promised bonus on any separation. Can anybody else confirm?
What's happening? Abe is laughing his azz off right now, that's what happening.
He got a huge payday when Cisco bought NDS (a vaporware company TBH), then he bought back the skeleton of it a few years later for pennies on the dollar and got what was left of Scientific-Atlanta for free. Since then, he cashed out, retired, and left the rest of the carcass for Yves and Segre to bury. Segre's plan to outsource as much as possible to India (no offense) hasn't moved the needle enough to make the company profitable or likely break even at the very least.
You can bet that the finance folks at Permira are reconsidering their investment. At some point they are expecting a return on their investment, and at this rate, they may be getting paid at the expense of Syna's employee base.
Are they shopping the company around, hoping to sell it off to another similar interest? Who would want it if it isn't profitable?
At this point, anyone who isn't actively looking for another job outside this sh!tsh0w is kidding themselves. Do yourselves a favor, start looking NOW.
Not before the beginninb of next month.
So how many got the boot this time ?
When Cisco bought NDS in 2012 for 5 billion it had 5000 employees. 10 years later we are at 2,213 or so. That's the kind of growth plan that Liz Truss would endorse ? Some strange brew of incompetence and disaster capitalism.
Assuming an average salary of c50k, every 100 employees saves c6m a year.
At a guess at least 1-150 will go. Could be many more when factoring in lower salary bases like India where the average salary will be much lower.
What happens in regional impact of this cuts? Will they close sub-offices in Europe to keep staff in main office?
who should be looking for a new job? Anyone with any sense and pro activity. Or you wait for the inevitable.
how many people getting laid off now?
probably quite a lot.
Any news on what % of us are looking for a new job?
I suspect that part of the reason for the bad messaging is that the ELT team doesn’t really appreciate what people care about.
I personally think it was a mistake to just defer bonuses. If there is no cash for bonuses then just don't give bonuses.
But worse was how he made the entire speech focused on bonuses, and said the word resize as almost an afterthought. A bit cowardly imo
What a bait and switch with the bonus. I know many stayed to receive it, even how cut it is. Now delayed indefinitely, haha -- in some countries this could be grounds for suit no?
What a joke the so called leadership team is now.
Surely they are on shakey legal ground considering bonus letters were already issued?
Good news: JF is gone
Maybe in January. Maybe not. Maybe never. And if you quit or get fired, definitely never.
YF leaving voluntarily or not?
Paul "Axeman" Segre now in Jerusalem: "significant resizing".
Why even bother?
“Deferred indefinitely”?! When do we get it then?
YF leaving. Bonuses deferred indefinitely. Significant layoffs coming, but not announced today.
So what’s happening then?
Meeting starts in 5
No concrete info?
P(is)S is in Israel. Maybe they'll get good news