Earlier quoted context omitted.
At first I misread this as 14 days and was wondering why everyone is calling this such a "lavish" severance. Now I get it.
Somehow 14 weeks also seems less than 3 1/3 months, even though they’re the same.
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Citing revenue declines, Airbnb cuts 25% of workforce
361–370 of 936 posts
Re: Citing revenue declines, Airbnb cuts 25% of workforce
#362Earlier quoted context omitted.
> the company said that 1,900 employees will be laid off, or 25.3% of its 7,500 workers Thought I misread that the first time through. What did those 7,500 do?
Not that this hasn't been talked about like 15 thousand times. AirBNB is a big company, and big companies have lots of employees.
or would it rather be: Airbnb is a huge VC backed company. They need to grow 10x at all cost in order to justify their valuation?
Re: Citing revenue declines, Airbnb cuts 25% of workforce
#363Earlier quoted context omitted.
really? i've always counted weeks, since every week is the same lenght (and paid fortnights, since every fortnight has the same lenght). i get paid by the month now and it's super weird to me, as if i'm worth more in february than in march.
Larger companies tend to prefer weekly/biweekly as you don't get that month-length variance. On the other hand, many employees don't like it as much because their biggest bills tend to be paid monthly so they'd prefer their paychecks to be aligned.
I've had it both ways, and prefer it biweekly. That way, I can build my budget based on 2 pay periods, and have the occasional 3rd paycheck in a month go immediately toward savings.
Re: Citing revenue declines, Airbnb cuts 25% of workforce
#364Separated employees will receive 14 weeks of pay, and one more week for each year served at the company (rounding partial years up). The firm is also dropping its one-year equity cliff so that employees who are laid off with under 12 months of tenure can buy their vested options; Airbnb will also provide 12 months of health insurance through COBRA in the United States, and health care coverage through 2020 in the res…
I have never seen a more generous one.
Re: Citing revenue declines, Airbnb cuts 25% of workforce
#365Separated employees will receive 14 weeks of pay, and one more week for each year served at the company (rounding partial years up). The firm is also dropping its one-year equity cliff so that employees who are laid off with under 12 months of tenure can buy their vested options; Airbnb will also provide 12 months of health insurance through COBRA in the United States, and health care coverage through 2020 in the res…
Sounds amazing, I wish someone would lay me off like that, damn. Four months PTO with healthcare?!
You say that before you need to find a new job in this environment
Re: Citing revenue declines, Airbnb cuts 25% of workforce
#366Earlier quoted context omitted.
I first misread it as "14 months" (as usually you count in months), but it was way out of bounds.
It's really strange to me that companies in the US can just determine how much severance they're "willing" to pay. Why is it even up to them?
In some cases it’s not, some states like California enforce minimums, but when they are going beyond the minimum then it’s obviously up to them.
Re: Citing revenue declines, Airbnb cuts 25% of workforce
#367If Airbnb is willing to pay 14 weeks (3.25 months) of severance, they must believe this is going to go on significantly longer than that. Or they're using this as an opportunity to cut underperformers at the same time. Because if they believed things would start to recover by fall, wouldn't you just pay the people as normal and make a judgement call around then? You're spending the payroll money either way -- 14 week…
I have heard of people taking a luxury Airbnb near where they live for a month since kids can be remote from school along with parents, and I just don't trust hosts or previous guest enough to ensure that the place is clean.
Re: Citing revenue declines, Airbnb cuts 25% of workforce
#368Predicted that weeks ago. AirBnb is super bloated, they have a similar amount of employees as the other major travel groups but only serve a fraction of the products and customers https://thehftguy.com/2020/03/23/will-airbnb-go-bankrupt-and... Good to hear that they are giving a decent severance package.
AirBnb was doing about $4 billion in revenue per year before the crash with 7,500 employees. That's about $500k revenue per employee, which is on the high end of tech industry standards. How is that bloated?
Re: Citing revenue declines, Airbnb cuts 25% of workforce
#369Earlier quoted context omitted.
Because it's coming out of their pockets.
So are payroll taxes, and they're not "up to the company". We can see from the priorities how workers have been left out of the decision making for decades in the US.
Aren't they though? My understanding is that they pay the payroll taxes on behalf of the employees but I think they aren't required to, it's just customary. If you're an independent contractor you pay it yourself.
Re: Citing revenue declines, Airbnb cuts 25% of workforce
#370Separated employees will receive 14 weeks of pay, and one more week for each year served at the company (rounding partial years up). The firm is also dropping its one-year equity cliff so that employees who are laid off with under 12 months of tenure can buy their vested options; Airbnb will also provide 12 months of health insurance through COBRA in the United States, and health care coverage through 2020 in the res…
That's why when a yet another aspiring startup wants to hire me, I ask for a high sign on bonus as an insurance, monthly vesting cycle, at least 200k in base pay and high severance upon termination. Never been given that, but I don't regret: looking back, all those "just 1 year till IPO" companies are underwater.
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