Quoting him:
“So we are spending you know we reduced some expenses in some areas and we’re spending aggressively in others.
That’s how you can have 2000 positions eliminated and YET STILL HAVE EXPENSES RELATIVELY FLAT.”
9 replies (most recent on top)
"Would love to hear more of this “big bang” round with supposedly less generous terms. We all know they can’t afford to do a “big bang” at the moment, so squeezing out as many through attrition or terrible work conditions is always going to be cheaper. "
There is no law that says you need to give generous severance packages. A "big bang", with no/little severance is what will come, unless there is a dramatic increase in profitability.
There will always be some attrition, but that will not be fast enough.
The plan is for a "big bang", where the people are out the door before mid-November.
Data analysts” who can’t write a simple SQL query is astounding. The crazy part is many of these analysts are pulling in like 130-140k+
If they are FTE + They on Visa that means they faked there way up.
Which is team they belong name that also.
“There is still plenty of fat to be trimmed!
Lot's of people with outdated skills!“
Honestly this is true. It hurts for a lot of people to hear this but it is true. The number of “Data analysts” who can’t write a simple SQL query is astounding. The crazy part is many of these analysts are pulling in like 130-140k+. Not knowing SQL renders them basically useless bc they can’t pull their own data.
Would love to hear more of this “big bang” round with supposedly less generous terms. We all know they can’t afford to do a “big bang” at the moment, so squeezing out as many through attrition or terrible work conditions is always going to be cheaper.
There is still plenty of fat to be trimmed!
Lot's of people with outdated skills!
You will see a continuous flow of smaller layoffs, combined with rotating out people that been with the company for a long time, and rotating in younger, better skilled people.
Rumors of another 'big bang' in Sept/Oct. This time with much less generous terms.
Post from TheLayoff.com
What is the current # of employees and contractors?
These ba----ds added 1500 to 2000 offshore resources between 2020 and 2023.
Obviously expenses will be high. And the mo--ns in Finance don't know how toanage them.
It’s pretty clear.
- Stock price drops allowing buybacks
- Interest rates drop which we’ll fu
- Thousands will drop from attrition and rif
- Outsourcing and partnering (banking)
By year end we go to RTO:5. May sell a division. Outsource some of STS:O. Drop DC capacity. Invest in new things but without benefits.
Training and travel stay down. Bonuses down. Headcount cheaper and flat to down. We’re making six profit now and that’s bad for reasons.
Could mean anything. The statement suggests that while 2,000 positions were eliminated, the company managed to keep its overall expenses relatively flat. This could mean that they are reallocating resources, cutting costs in certain areas, and investing more aggressively in others, it doesn't necessarily indicate whether more layoffs are imminent. The company's financial strategy and specific plans would determine that.