I heard that IT is one of the (likely many) divisions that is already letting people go.
23 replies (most recent on top)
Anonymous116966: you nailed it ...it's irony but lesson learned, rsu shit is not really in our control, it more of a management tool to keep us in control -:( . ..things to remember for next employment contract negotiation...
IT has begun laying off
IT has been laying off people every month in small chunk for the last 2 years or so for many reasons.. though hiring is always happening in hyderabad
qcom health care also laid off a bunch of people last month or so..
qcom is in general smart to let people go in small numbers to avoid warn act n thus bad publicity..
not this time probably...
Call it what you want, but people don't give a shit. And as a lowly engineer, good luck trying to negotiate a RSU/option contract with an employer that allows you automatically vest if you get laidoff. No employer in the right mind would do this for any of the enginerds...You might be able to do something like this if you are VP or higher.
I think some of you are finally getting what a raw deal engineers get on things. You put in long hours, and have to scramble to build something that folks in the sales dept has sold to a customer, despite not yet existing. You put in your long hours during the day and weekends, with no extra pay. Your bonus isn't that great realtive to folks that didn't need to put in nearly as many hours as you. The sales guys who put you in this predicament when they sold something to a customer that doesn't exist gets a huge commission check (none of which is shared with you), and if the business goes down the hill, you get laid off and any sort of deferred compensation (stock,rsu,espp) goes bye bye out the window...Isn't life grand?
I would agree that this may fall under bait in switch. All these engineers are letting go because of management failure in managing business risks and no fault of engineering workforce who worked hard to ship to generate all this revenue for the company
Anonymous116949,
Welcome to reality. It's like this everywhere. The shit just hasn't hit the fan so hard at the Q, until now... I'm surprised so many of you are surprised about this, thinking this is so shocked by this as if it's someone specifically evil that the Q is doing. Unfortunately, Q really isn't acting out of the norm. It's just finally behaving the way every other corporate entity behaves when the shit starts hitting the fan... I think a lot of you have enjoyed the relative security the Q has provided for almost 20 years. Most of you have been immune from all the hardship and ups/downs of the general nature of the tech sector (especially when things get really nasty at a company). So a lot of you that is seeing this sort of thing, you're probably not accustomed to seeing it... Trust me, it can be a lot worse than you think elsewhere.
Oops! ..looks like hard working engineers are screwed royally, they are the ones who slaved hard all these years and SM get to keep the majority of loot...
Anonymous116935, Yeah that seems to be a reoccurring theme at qualcomm. If you work for a group that gets sold to someone else, you lose all of your unvested RSUs/stock... Furthermore, to add insult to injury, there is some negotiated deal between the acquirer and Q that generally prevents you from transfering to Q, and if you were to quit, Q there is probably some deal with the other company that makes you ineligible for hire for a year or two. Meanwhile, if you were laidoff, you would at least have the chance of getting IOS'd to another group, allowing you to keep all your options/RSU grants....I've seen this happen so many times to so many people, not just the people that were part of Omnitracs.
Anonymous116937, No....For most executives, regardless of how good or bad of a job they do or if they get let go early, their negotiated compensation package is pretty much guaranteed. That's why it's called a golden parachute... If they fvck up, they win financially. If they don't fvck up they win even a bigger pot. Only little people get screwed.
Does the same deal apply to SM? let's say if SM let go today,how much of 51m he get to pocket?
At least you all are GETTING SOMETHING. For those of us who were in the Omnitracs div, we got sold off, no "package", no payouts, just whatever stocks you were vested with you got, anything that hadn't vested yet was gone. I could have been sitting pretty had I been given a lay off package. After 20 years, "your badge doesn't work here anymore". Be thankful you are getting something.
Anonymous116921, yes.. But that's standard practice.. For most people at every company, you aren't important enough to have an RSU grant clause that says you fully vest if you get laidoff. BTW, the option agreement were no better. at least with RSU, there usually is a "change of control clause"....The Q fed a lot of people over when it sold its infrastructure division to ericsson in which people that had to go with thee sales got fed out of their remaining unvested stock options. So all you folks that brag about how much money you made on your stock options, should can it. It had nothing to do with your ability. it had everything to do with your luck. So you should be thankful you were lucky that you haven't had economic hardship, while the rest of the real world probably already had. You've had a great run up to now...
When I joined their were only options , rsus came along later and I did not bother to read agreement ( because I could not have decided to quit this job at that time even if agreement is not acceptable to me ) but just on the face of it doesn't it seems one sided unfair deal... ?
Anonymous116909, You didn't read your RSU agreements before you joined, did you? And to answer your question. Yes, the company doesn't have to give you shit if you get RIFed wrto the RSUs. It's like that everywhere. And they definitely won't give you the ESPP vesting either. You'll get a nice refund check...And interest free loan that you just made to the Q, because what you thought would have been an easy 15-20% return suddenly is no an interest free loan to the Q.
So qcom can lure you with RSU carrot to slog and can just let you go before they vest? wont it be bait and switch? Company give rsu to lure you to stay and if they let you go because business contain change then they should be the one holding the bag...
To be fair, at any other chip company, the standard practice is 4 weeks of severance plus 2 weeks for each year of service. So I think this is pretty much standard issue. Unvested RSU's typically only vest if you are let go as part of an acquisition within a set window of the acquisition (at least that's standard practice in the industry)
"plus automatic vesting of all unvested RSUs."... HAHAHAHAHAHA...Good luck with that one... Uh that's a definite no for most of you that aren't senior management
So basically QC is not paying as much in severance as it has done in the past? I wonder if you can negotiate for more, plus automatic vesting of all unvested RSUs. I heard that tuition and relocation fee repayments are usually waived if you're RIF'd.
from base of 8 week to 4 week ( reduction of 4 weeks worth of pay)
What do you mean by diluted?
its diluted, based on reporting during last round it was 8week+ 2week/year
I heard that the standard is 4 weeks plus 2 weeks per year served.
What is current severance package company offering?
Free Willy! Go well!