Lyft lays off 17% of workforce, furloughs hundreds more
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Re: Lyft lays off 17% of workforce, furloughs hundreds more
#2Also: "Lyft's other cost-cutting measures include furloughing 288 employees and base pay reductions of 30% for executive leadership, 20% for VPs, and 10% for all other exempt employees. Board directors will give up 30% of their cash compensation during Q2."
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#3> Lyft is laying off 17 percent of its workforce and furloughing 5 percent. This is after an employment lawyer at the company accidentally invited much of the workforce to a weekend meeting called "Jetty" in what workers took to be a reference to jettisoning jobs.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#4Also: "Lyft's other cost-cutting measures include furloughing 288 employees and base pay reductions of 30% for executive leadership, 20% for VPs, and 10% for all other exempt employees. Board directors will give up 30% of their cash compensation during Q2."
>>> base pay reductions of 30% for executive leadership
Aren't executives mostly paid in stock and bonus?
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#5[dead]
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#6Also: "Lyft's other cost-cutting measures include furloughing 288 employees and base pay reductions of 30% for executive leadership, 20% for VPs, and 10% for all other exempt employees. Board directors will give up 30% of their cash compensation during Q2."
>>> base pay reductions of 30% for executive leadership Aren't executives mostly paid in stock and bonus?
And the value of those is probably going down by more than 30%, seeing as how they're shares, and often linked to stock performance as well.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#7Also: "Lyft's other cost-cutting measures include furloughing 288 employees and base pay reductions of 30% for executive leadership, 20% for VPs, and 10% for all other exempt employees. Board directors will give up 30% of their cash compensation during Q2."
>>> base pay reductions of 30% for executive leadership Aren't executives mostly paid in stock and bonus?
Paying people in stock and performance bonuses is ideal during a downturn. It doesn't cost the company anything to pay people in stock, since it just siphons off value from all existing stock, and nobody's getting their performance bonus!
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#8> Lyft is laying off 17 percent of its workforce and furloughing 5 percent. This is after an employment lawyer at the company accidentally invited much of the workforce to a weekend meeting called "Jetty" in what workers took to be a reference to jettisoning jobs. https://twitter.com/kateconger/status/1255526352813535232
There's always some related piece of news about the way the company went about the layoffs. This one seems especially reaching. Really, a meeting invite?!
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#9As a company, is there reason to believe that Uber can better weather the storm? Does Lyft do anything other than rides?
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#10Also: "Lyft's other cost-cutting measures include furloughing 288 employees and base pay reductions of 30% for executive leadership, 20% for VPs, and 10% for all other exempt employees. Board directors will give up 30% of their cash compensation during Q2."
>>> base pay reductions of 30% for executive leadership Aren't executives mostly paid in stock and bonus?
The amount of stock may be based on a much higher valuation at this point.