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Citing revenue declines, Airbnb cuts 25% of workforce

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Re: Citing revenue declines, Airbnb cuts 25% of workforce

#631

Post by [deleted] »

misun78 wrote: post #599
sulam wrote: post #479

Earlier quoted context omitted.

All indications are that we are going to experience a not-so-great depression. Not a recession, an honest-to-goodness depression. 2020 will be down YoY in terms economic output probably across the world, and it wouldn't surprise me if that's not only true for Q2-Q4, but if it also lingers into Q1. My guess is that we will feel like things are growing again this time next year. Some economists are hoping for a better…

The markets seem to vehemently disagree with that entire narrative.

[deleted]

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#632

Post by Pfhreak »

keiferski wrote: post #10

Separated 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…

It's generous, but I also wish it was normal.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#633

Post by closeparen »

dbaggerman wrote: post #559
closeparen wrote: post #476

Earlier quoted context omitted.

Is that in addition to or instead of unemployment insurance? That’s probably the most similar construct in the US.

I suppose it would be "instead of". Unemployment insurance isn't really a thing here.

Then the situation is maybe not so different? It's an amount you're entitled to when laid off, set by the government, which your employer has to fund proactively (payroll taxes).

Because it's set by the government, it caps out at well below a typical tech worker's burn rate, so it's little more than a brake on the depletion of our savings. When a tech company offers severance it's typically much, much more than what the government guarantees.

You also get the full amount regardless of how long you're unemployed, so e.g. if you get laid off with 7 weeks severance and find another job in 3 weeks, that's a free month of salary.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#634

Post by deathgrips »

r00fus wrote: post #381
uptown wrote: post #247

Earlier quoted context omitted.

FYI - They're already gone.

Jeebus how is this possible - is our supply chain that fragile that things like hand sanitizer (that you can make with alcohol + aloe gel) and freezers run out? Why is there no increased demand-driven supply on these things?

>Why is there no increased demand-driven supply on these things?

Most American states prohibit price hikes during a disaster, which prevents companies from producing more during high demand.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#635

Post by dragonwriter »

arcticbull wrote: post #536
vinay427 wrote: post #530

Earlier quoted context omitted.

Unfortunately not to some here in Switzerland. The average adult here pays around $350 USD/month for just their coverage, according to official statistics. The total cost for a family might end up less than $1400, but not by much. Edited to add source: https://www.swissinfo.ch/eng/society/new-method_health-insur...

A COBRA plan can be about ~$500-1000 for an individual in the US. A family can reach $2000-5000/month. Then, you are still sometimes left holding the bag for deductibles, co-pays, co-insurance and annual out-of-pocket maximums. Old but not way off: [1]. Some folks are better off on the private markets, especially exchanges. [1] https://www.bankrate.com/finance/insurance/cobra-health-insu...

> A COBRA plan can be about ~$500-1000 for an individual in the US. A

A COBRA plan is just continuation of the same plan, at the same cost (except that the ex-employee now covers whatever part was paid by the employer), as you had when employed.

> Some folks are better off on the private markets, especially exchanges.

Rarely for an equivalent quality plan if they were in a large group plan, which are usually better than individual plans, even exchange plans, on a cost/benefit basis. Excluding, of course, consideration of exchange subsidies if the ex-employee would qualify based on their reduced income.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#636

Post by kovac »

It's possible that the contract with these employees requires 3 month notice period both ways. So, an immediate dismissal would require them to pay it in compensation (guess this would also depend on the legislation). Regarding the insurance, usually its already bought for a year or so, so they possibly let it run as there's no point in revoking it without getting a refund.

If the 3-month notice is true and the compensation comes with that, then its still cheaper to let go now than in 3 months as there will be other costs like bonuses, expense claims for phone bills etc, other mandatory govt insurance schemes in some countries, more leave accrued. I'm not too convinced that it was all a nice gesture.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#637

Post by tpmoney »

bluedino wrote: post #414
actaeon169 wrote: post #341

Earlier quoted context omitted.

As I recall, COBRA is pretty expensive.

They wanted like $1400/month for family coverage when I left my last job. I rolled the dice and went without it. It's available retroactively so if you need it later you can sign up for it.

In the future, you should just look into temporary insurance. Almost every insurer offers temporary plans that you can buy for 1-6 months of coverage to handle a gap between jobs. Unless you have some reason to keep your COBRA coverage (e.g. regular appointments for a chronic condition), the temp insurance acts as good emergency coverage and for very small amounts (last time I did it, ~$250 total for 3 months coverage)

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#638

Post by baby »

atomic77 wrote: post #377

While I don't want to seem like I'm wishing unemployment or hardship on anyone, the implosion of Airbnb is already causing a rent price correction that was sorely needed in many cities that have become severely unaffordable. Wired published an article about this effect in London [1] and I've seen price drops as much as $500 for condos in the downtown core of Toronto on Zillow already. https://www.wired.co.uk/article/…

Bold claim.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#639

Post by 2019-nCoV »

lonbigtech wrote: post #630
2019-nCoV wrote: post #562

Earlier quoted context omitted.

The number of European devs making >$100k is a fraction of a percent. Your numbers tell the story — the pinnacle of the entire European continent is still only paying 25% comparable US market rate, and 60% comparable AU/CA rate. In a city more expensive than SF.

London isn’t more expensive than SF. And I have colleagues who make £450k+

> London isn’t more expensive than SF.

Zurich is.

> And I have colleagues who make £450k+

Just as there are American devs pocketing 7 figures annually. Again, the number of European devs making >$100k is a fraction of a percent. You can be making $100k in the US after a 6 month bootcamp or in AU/CA with a couple of years experience.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#640

Post by arbitrary_name »

anthonyshort wrote: post #490
ferzul wrote: post #322

Earlier 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.

Weekly or fortnightly pay is common in Australia, so talking about it as weeks of pay made sense to me. I don't think they really even use the term "fortnight" in the US. Every tech company I've worked at here seems to do the 15th and 30th which is still strange to me.

It's true, I have colleagues point out how odd my usage of fortnight is in presentations, meetings, etc. Had no idea that was a difference until I moved stateside.
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