[m8002?]

Now Tesla gets into the layoff game.

https://www.ndtv.com/business/tesla-...n-musk-3034749

In late May, when asked by a Twitter user whether the economy was approaching a recession, Musk said, "Yes, but this is actually a good thing. It has been raining money on fools for too long. Some bankruptcies need to happen."

Jason Stomel, founder of tech talent agency Cadre said: "I think there's potential that this is just a disguised layoff, meaning they're able to get rid of people with attrition, or without having to actually have a layoff."

"(Musk) knows there's a percentage of workers who are just not going to come back," which he said would be cheaper because no severance would be needed.

[SoumenD]

Originally Posted by kaushikduttajsr

I just came across the news that Coinbase has retracted offer letters for many incoming engineers 1-2 weeks before their joining date.

Yeah and not just coinbase, I see this as a new trend on LinkedIn now. Saw a couple of posts claiming TCS too retracted offers at 2-3 days before joining date stating BGV issues. Twitter as well (link). Few more firms are doing this. About time I guess. Why should only 1 party have all the fun?

What this does is brings out the naked reality of ‘ethics’ out in the open now. Have said this earlier as well and will stick to it. Ethics and all are just good for corporate talks and HR discussions/debates. Ground reality is simple P/L & demand-supply business. Employees keep shopping for offers for best price, employers aren’t bound to oblige the offers they released. Interesting times ahead

[adisan]

Reminded of a joke, read more than a decade ago:

Prospective Employer to Applicant: 'So why did you leave your previous job?'
Applicant: 'The company relocated and they did not tell me where!'

[Captain Slow]

Today I was given a profile of a so-called 2-year experienced person working in some start-up company from UP - (Current Salary Less than 2.5 LPA).

The moment I called this person - They asked me if I was calling from an MNC - I said no - They said they wanted only MNC jobs and cut the call

[AZT]

TCS expects fall in staff attrition

India's top software services exporter Tata Consultancy Services (TCS) expects the rate of staff departures to fall and demand for its services to rise as companies continue with their pandemic-hastened digitisation processes, a company executive said

"Money is becoming more and more dear. There is nothing like free money out there any longer," he said, adding that those attracted by startups over the last few years "will have to look for (other) options."

Link: https://www.livemint.com/companies/n...520131766.html

[Mr.Ogre]

https://www.bloomberg.com/opinion/ar...ring-companies

Looks like party for startups is over.

[Samurai]

Sacked TCS employee wins long court battle to get his job back

Thirumalai Selvan, 48, had worked for Tata Consultancy Services for over 8 years before being let go in mass layoffs in 2015.

https://www.moneycontrol.com/news/tr...k-8703571.html

[whitewing]

Originally Posted by Samurai

Sacked TCS employee wins long court battle to get his job back

Thirumalai Selvan, 48, had worked for Tata Consultancy Services for over 8 years before being let go in mass layoffs in 2015.

https://www.moneycontrol.com/news/tr...k-8703571.html

Do I read it correct that this person won the law suit because he was seen as a workman and not a manager? Do managers have a different set of rules compared to a workman?

This ruling for sure will force the IT majors to get more creative while sending people home.

[jkrishnakj]

Creativity not just in sending people home, but this will trigger actions for most IT companies to keep their JobDescriptions water tight, to ensure there is a clear distinction between types of their workforce. It all starts with the JD I guess.

[dailydriver]

Not exactly related to the primary Principals in the title but nevertheless, this picture shared by Harsh Goenka on Linkedin tells an interesting story about the causes of attrition.



Disclaimer: Can't vouch for its veracity. A closer look gives an impression that it could be an informal chit passed (possibly) during a meeting rather than an actual resignation letter.

[Vishal.R]

Originally Posted by dailydriver

Not exactly related to the primary Principals in the title but nevertheless, this picture shared by Harsh Goenka

From my professional experience, this doesn't seem even remotely possible. No Senior person who directly interacts with Mr. Goenka would write such note and for any junior guy, there are internal systems to submit resignation.

It actually shows mindset of some of these business owners.

[SnS_12]

With Amazon letting go of 10k employees last week and confirming that more layoffs will be conducted in 2023 is a sign of things to come for most industries. The timing of this layoff is of significance as this happened in November a good one month before Christmas which is the highest time of the year in terms of business volume.

In the below tweet from Ashneer Grover he suggests that rather than going for mass layoffs if a company thinks it would need employees going forward they should reduce salaries by 25% and almost 40% for tech employees.

Wonder how many employees across sectors will be prepared financially and mentally to take such a cut when the time comes..

[Samurai]

Originally Posted by SnS_12

In the below tweet from Ashneer Grover he suggests that rather than going for mass layoffs if a company thinks it would need employees going forward they should reduce salaries by 25% and almost 40% for tech employees.

He is just being clever, to avoid the hassle of firing, avoid the blame and avoid paying severance.

If you reduce salary by 40%, most employees will quit, especially those who are valuable, who can find job elsewhere. And you don't get to decide who leaves and who stays. Now, the upside for the company is they don't have to pay severance since the employee resigned voluntarily.

[SnS_12]

Originally Posted by Samurai

If you reduce salary by 40%, most employees will quit, especially those who are valuable, who can find job elsewhere. And you don't get to decide who leaves and who stays. Now, the upside for the company is they don't have to pay severance since the employee resigned voluntarily.

People management is one of the most difficult things.

In the current market where free (low interest) money for corporations is drying up reducing pay to employees to lower costs is a difficult decision as well. As companies need talent and good talent in these times to survive. If a company even if it reduces pay for a certain batch of employees the others who haven’t had a pay cut yet would look out for more stable jobs as well and won’t wait around to find out if they are next in line to get a pay cut as well.

For employees to get better paying jobs in the current market will be a uphill task as well as companies would want to control cost as well and a person who has taken a 40% cut at his previous organisation will have to be exceptional at his work to even get the same pay before the pay cut or even higher.