OneTrust lays off 25% Workforce
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OneTrust lays off 25% Workforce
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Re: OneTrust lays off 25% Workforce
#2Great!
Re: OneTrust lays off 25% Workforce
#3I wonder how many of layoffs that have happened, the ones coming are actually needed financially. For example: I suspect a lot of companies took the opportunity of the first covid lockdowns to fire some people?
Nothing against it since every company is just improving its chances of survival, just thinking out loud about the reasons they share publicly. Also, of course there would be some whose survival was in good shape, but the layoffs were just to increase the profits?
Re: OneTrust lays off 25% Workforce
#4I wonder how many of layoffs that have happened, the ones coming are actually needed financially. For example: I suspect a lot of companies took the opportunity of the first covid lockdowns to fire some people? Nothing against it since every company is just improving its chances of survival, just thinking out loud about the reasons they share publicly. Also, of course there would be some whose survival was in good sh…
I was thinking the exact same thing. It's easy to say it's because of the market sentiments, but you could also use that as an excuse.
Covid lockdowns forced businesses to rethink their operational models. For some remote work etc. turned out to be profitable opportunities - you could do the same with less infrastructure.
On another note, their CEO said "There are exciting days ahead for OneTrust as we transform into the Trust Intelligence Platform company." That sounds pretty wtf. Like someone just put some fancy words in line.
Re: OneTrust lays off 25% Workforce
#5I wonder how many of layoffs that have happened, the ones coming are actually needed financially. For example: I suspect a lot of companies took the opportunity of the first covid lockdowns to fire some people? Nothing against it since every company is just improving its chances of survival, just thinking out loud about the reasons they share publicly. Also, of course there would be some whose survival was in good sh…
Founded in 2016. Raised 926 million dollars. On track for record profits this year.
Yeah, IMHO this was just an excuse to slim down the fat. Better returns for investors and better position to swoop in and grab other businesses that can no longer get funding. Shrewd but heartless IMHO.
Re: OneTrust lays off 25% Workforce
#6I wonder how many of layoffs that have happened, the ones coming are actually needed financially. For example: I suspect a lot of companies took the opportunity of the first covid lockdowns to fire some people? Nothing against it since every company is just improving its chances of survival, just thinking out loud about the reasons they share publicly. Also, of course there would be some whose survival was in good sh…
Scale up rapidly and then mass fire the bottom 10-25% of performers. This is a well known tactic.
Re: OneTrust lays off 25% Workforce
#7I wonder how many of layoffs that have happened, the ones coming are actually needed financially. For example: I suspect a lot of companies took the opportunity of the first covid lockdowns to fire some people? Nothing against it since every company is just improving its chances of survival, just thinking out loud about the reasons they share publicly. Also, of course there would be some whose survival was in good sh…
Scale up rapidly and then mass fire the bottom 10-25% of performers. This is a well known tactic.
I imagine this sort of move makes some of the top people leave along with the worst people. If I was in a company that cut 25% of the workforce I'd look for the door regardless of how good I was. Nothing happens in isolation.
Re: OneTrust lays off 25% Workforce
#8I wonder how many of layoffs that have happened, the ones coming are actually needed financially. For example: I suspect a lot of companies took the opportunity of the first covid lockdowns to fire some people? Nothing against it since every company is just improving its chances of survival, just thinking out loud about the reasons they share publicly. Also, of course there would be some whose survival was in good sh…
Founded in 2016. Raised 926 million dollars. On track for record profits this year. Yeah, IMHO this was just an excuse to slim down the fat. Better returns for investors and better position to swoop in and grab other businesses that can no longer get funding. Shrewd but heartless IMHO.
I think we’re seeing a lot of this in the economy today. I think a lot of the inflation were seeing is companies that know they can get away with it given the narrative, and taking the opportunity.
Same thing here, no one can dispute that the overall macroeconomic picture is deteriorating. So you have cover for some fat trimming
Re: OneTrust lays off 25% Workforce
#9"I know this news is surprising, especially as you heard last month that the business is on track with record quarters and increasing customer demand. However, capital markets sentiment shifted to a more balanced approach between growth and profitability, and at this time, we have decided the best course of action is to reorganize to position OneTrust for continued long-term success."
Translation: we over-hired based on the assumption that VC money would keep being easy to come by, and now that VCs might be tightening their purse strings, we want to preemptively lower our burn rate in case the next round of funding is tougher.
I get it, but every pre-IPO company that does this just indicates that their leadership are short sighted and gobble up as much VC money as possible just because they can, rather than raising only the amount needed for their growth goals.
This whole "let's over hire while the VC money is flowing and mass lay off as soon as it's not" thing will make talent think twice before applying to your company, and will make your existing talent eager to look elsewhere for more a more secure role.
Re: OneTrust lays off 25% Workforce
#10I wonder how many of layoffs that have happened, the ones coming are actually needed financially. For example: I suspect a lot of companies took the opportunity of the first covid lockdowns to fire some people? Nothing against it since every company is just improving its chances of survival, just thinking out loud about the reasons they share publicly. Also, of course there would be some whose survival was in good sh…
Scale up rapidly and then mass fire the bottom 10-25% of performers. This is a well known tactic.
I keep hearing people say this, but when I worked doing layoffs I don’t think I ever saw a stack ranking happen. It was always either a)every team loses x% or more commonly b) getting rid of a function or location entirely.
At the end of the day the differences in employee performance just aren’t that big and everyone knows it’s hard to accurately judge.