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Ask HN: Have you been laid off?

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Re: Ask HN: Have you been laid off?

#171

Post by mercutio2 »

Rafuino wrote: post #91
conductr wrote: post #75

Earlier quoted context omitted.

People keep saying “recession” but that sounds like they don’t understand the implications of what’s happening to the world economy right now. “Global depression” seems like a more appropriate term but time will tell. I’m a CFO of $300M company that employees ~2200 employees. We’re out of cash in 6 weeks if our revenue continues to decline. Down 30% vs last year this week (which is good compared to most). Doing layof…

Yeah, resuming business and being OK with the death toll is certainly an unpopular opinion. If you have hospitals overwhelmed because business just has to continue, business will suffer regardless. I also don't quite understand how a $300M (assuming revenue, not valuation) company can run out of cash in 6 weeks. You're saying you can't make payroll in 6 weeks at the current trajectory?

Neither valuation (which I assume was what they meant) nor revenue tells you much about a formerly-growing company's fixed costs or its reserves. Rapidly growing companies frequently have very limited reserves.

When revenue collapses, as it has for many industries, your fixed costs dwarf everything else and most businesses will be in trouble.

Re: Ask HN: Have you been laid off?

#172

Post by Evgeniuz »

kzrdude wrote: post #50
Evgeniuz wrote: post #14

I suffered pay cut due to outbreak affecting my company. It was profitable and growing steadily, but due to outbreak people stopped using it (and paying). Right now we're in the red, this is not sustainable, so I think in a couple of months I will be laid off (unless situation stabilizes by then). It's a bit scary to be in this position, as I know most companies here stopped hiring, so I'm not sure if I'll be able to…

What sector is this in, if demand changed so quickly? I hope the crisis is short enough, that your job survives.

We're providing services for people organizing events (weddings, conferences etc.), that is probably one of the most affected sectors right now.

Re: Ask HN: Have you been laid off?

#173

Post by avalys »

conductr wrote: post #75
BossingAround wrote: post #2

Seeing as the stock market is utterly tanking, I would be very surprised if the world didn't go into recession, and consequently, if there weren't a number of people losing their jobs in order to make the businesses lean again. This is especially true of countries like the US, where it seems very simple to fire someone.

People keep saying “recession” but that sounds like they don’t understand the implications of what’s happening to the world economy right now. “Global depression” seems like a more appropriate term but time will tell. I’m a CFO of $300M company that employees ~2200 employees. We’re out of cash in 6 weeks if our revenue continues to decline. Down 30% vs last year this week (which is good compared to most). Doing layof…

So you’re saying your company has only enough cash on hand to cover 2 weeks of operating expenses?

Re: Ask HN: Have you been laid off?

#174

Post by Peretus »

ykevinator wrote: post #163
lynnetye wrote: post #25

I'm the founder of Key Values, which helps software engineers find teams that share their values. Not only do I live in the Bay Area and have many founder friends, but it is also my full-time job to connect tech startups that are hiring w/ devs looking for new roles, so I think I have a good view on this. I'm still gathering information on how coronavirus is impacting the job market, but what I know now is that many…

Why are you hijacking his thing?

As the OP, I intended for this to be more about a discussion of the current market than my particular situation. While things just became quite difficult for me personally, and I would love the opportunity to make a connection that leads to another job due to this post, things have gotten much worse for many people all together. This individual's comment was insightful, helpful, and directly answered the question I asked in my post. Personally, I'm quite glad this person added their perspective.

Re: Ask HN: Have you been laid off?

#175

Post by davedx »

DeathArrow wrote: post #4

I've lost my job as an Unity game programmer 2 months ago. I've found another one working as a C#/ASP.NET core developer for a big multinational wholesale chain. I work here since a month ago. Payment is 2x better and I find Web stuff being more interesting and rewarding than game programming. Also it's less stressful and it's better to do something mainstream than working in a niche. It means more opportunities. I'v…

Hah I also learned C# doing Unity programming and now work as a "enterprise" .NET developer, it's a great path if it's one you want to take...

Re: Ask HN: Have you been laid off?

#176

Post by nogabebop23 »

earthtourist wrote: post #95
Rebles wrote: post #81

Earlier quoted context omitted.

If my new employer bails, I might consider this. But I would probably try to find a new new job before then. Also, my boss wanted me to confirm 3 times what my last day would be, because, once he put it in the system, his hands were tied. I guess the LDO (Last day of office) process is pretty streamlined to tie up all the loose ends: halting pay checks, revoking unvested RSUs, stopping medical benefits, revoking user…

Not a lawyer, but I wonder if you couldn't sue if they withdraw the offer. Seems like a case of detrimental reliance or promissory estoppel. Again, not a lawyer and surely depends on which jurisdiction you're in. Also, you could post on HN if they do withdraw the offer during this outbreak, so other people would know they suck.

>> Also, you could post on HN if they do withdraw the offer during this outbreak, so other people would know they suck.

So every company that lays off an employee "sucks"? I guess you're welcome to stay and work for free, but if they don't have money to pay you what are they supposed to do?

I agree this situation is terrible for the OP, but I don't think we need to name and shame every company that makes a prudent decision as the world moves in a abad direction...

Re: Ask HN: Have you been laid off?

#177

Post by jakub_g »

No layoffs in Dailymotion. We're in fact having an opening for a junior/mid-level (~1-3 yrs exp) JavaScript developer role, for my team in south-east France. Due to the outbreak though, interviews will be via Zoom.

Contact info in my HN profile.

Re: Ask HN: Have you been laid off?

#178

Post by TAForObvReasons »

Aeolun wrote: post #151
TAForObvReasons wrote: post #128

Earlier quoted context omitted.

> SaaS businesses with predictable revenue streams and some degree of economic insulation from the "meatspace" economy Those are most likely lagging by a few weeks or a month. Monthly subscriptions are arguably the easiest to cut and companies are looking to cut non-essential services.

They’re likely also the smallest possible thing that a company can cut. I doubt anyone will save their company by cutting Slack.

There are two possibilities: either this is a storm to be weathered or an existential crisis.

In the former, cutting run-rate is important but you also need to look at the aftermath. Firing people now hurts you later on when the storm clears, whereas cutting Slack and switching to open source self-hosted alternatives is a cost savings that won't impede the future growth. Obviously cutting slack won't save a company with zero revenue.

Re: Ask HN: Have you been laid off?

#179

Post by conductr »

Rafuino wrote: post #91
conductr wrote: post #75

Earlier quoted context omitted.

People keep saying “recession” but that sounds like they don’t understand the implications of what’s happening to the world economy right now. “Global depression” seems like a more appropriate term but time will tell. I’m a CFO of $300M company that employees ~2200 employees. We’re out of cash in 6 weeks if our revenue continues to decline. Down 30% vs last year this week (which is good compared to most). Doing layof…

Yeah, resuming business and being OK with the death toll is certainly an unpopular opinion. If you have hospitals overwhelmed because business just has to continue, business will suffer regardless. I also don't quite understand how a $300M (assuming revenue, not valuation) company can run out of cash in 6 weeks. You're saying you can't make payroll in 6 weeks at the current trajectory?

Businesses suffering usually effects investors more than employees. This is different.

It all has to do with how much cash you have to weather the storm. My firms investors wanted us to be cash efficient. Meaning we don’t have much of a safety net. This is the PE mindset IMO. As CFO one may think this is my decision, but really I advise to risk and the board ultimately decides.

Bigger companies who have hoarded cash since 2008 or before will survive but still lean down.

It’s possible banks will help companies like mine stay afloat. We have relationships in place and plan to pursue capital. Not sure how that will play out.

Re: Ask HN: Have you been laid off?

#180

Post by Cyberdog »

pletsch wrote: post #83
Cyberdog wrote: post #34

I'm a contract full-stack web developer. I've been "laid off" in that my last remaining client, who was already behind on her bills, told me to stop all work and she has no idea if/when she'll be able to pay her outstanding bills. I have no idea where next month's rent is going to come from. If anybody needs some contract web dev done, check out my info at https://albright.pro/ and reach out ASAP. I will cut you one…

Are all your clients technical? If not, might want to consider a revamp of your site, make it more what your work will do for them (online presence) than your specific skill set (PHP, Drupal).

With all the time I have now, I'm certainly planning on sprucing up the site (which is currently just a flat HTML file) in the near future. When I had client work, it was sort of a "the cobbler's children have no shoes" sort of thing - I couldn't justify spending much free time on it. Perhaps that was faulty reasoning in hindsight.
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