OneTrust lays off 25% Workforce • Hacker News Board

Re: OneTrust lays off 25% Workforce

#11

Post by myth_drannon » Fri, Jun 10, 2022, 12:43 PM UTC

parkingrift wrote: post #6

roansh wrote: post #3

I 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 only saw the highest paid/everyone in HCOL area and in many cases it was the top performers of the team.

Re: OneTrust lays off 25% Workforce

#12

Post by fasteddie31003 » Fri, Jun 10, 2022, 12:57 PM UTC

The job market for developers right now is tough. My last time interviewing I was 2 offers for 4 interviews. I started looking for a job a month ago and I've gotten 0 offers for probably 10 interviews. It's my first time interviewing over virtual meetings, maybe that's it, but I think it's the general job market. My last feedback was "TL;DR - The general agreement was that you can code, and likely code well. However, there were opportunities to lean into deeper context and alternatives to problem solving." Maybe recruiters trying to only hire the "perfect" candidate with the increased supply of developers in the job market right now.

Re: OneTrust lays off 25% Workforce

#13

Post by laichzeit0 » Fri, Jun 10, 2022, 1:02 PM UTC

KoftaBob wrote: post #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…

> 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.

It really won’t though. People have short term memories and ego. Also, the next hiring round will most likely be from a fresh crop of graduates that will zero collective memory of what happened since they were still in school.

Re: OneTrust lays off 25% Workforce

#14

Post by _fat_santa » Fri, Jun 10, 2022, 1:12 PM UTC

roansh wrote: post #3

I 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…

It could also be businesses reacting to the swinging pendulum of the economy, it's been a crazy 2 years.

First we have a booming economy, brought to it's knees by the pandemic. Everything shuts down so businesses lay off. But then it came back, in some places in a very major way, and businesses that were laying off yesterday are back hiring today. But as the economy cooled off again, companies realize they can't afford these inflated workforces and start making cuts again.

Re: OneTrust lays off 25% Workforce

#15

Post by adrr » Fri, Jun 10, 2022, 1:14 PM UTC

fasteddie31003 wrote: post #12

The job market for developers right now is tough. My last time interviewing I was 2 offers for 4 interviews. I started looking for a job a month ago and I've gotten 0 offers for probably 10 interviews. It's my first time interviewing over virtual meetings, maybe that's it, but I think it's the general job market. My last feedback was "TL;DR - The general agreement was that you can code, and likely code well. However,…

We have 5 open software engineering roles and we haven’t seen any changes in our pipeline.

Re: OneTrust lays off 25% Workforce

#16

Post by fn-mote » Fri, Jun 10, 2022, 1:18 PM UTC

laichzeit0 wrote: post #13

KoftaBob wrote: post #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…

> 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. It really won’t though. People have short term memories and ego. Also, the next hiring round will most likely be from a fresh crop of graduates that will zero collect…

> Also, the next hiring round will most likely be from a fresh crop of graduates

Sure, if you're only hiring new graduates. They're always cheap. And frequently those positions are a revolving door.

I would be more concerned about hiring senior people, and what they heard through their network.

Re: OneTrust lays off 25% Workforce

#17

Post by cupofpython » Fri, Jun 10, 2022, 1:18 PM UTC

onion2k wrote: post #7

parkingrift wrote: post #6

Earlier quoted context omitted.

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.

I think the part about that strategy that bugs me is that the workforce doesnt know they are effectively doing a tryout for the company

But at the same time, these are probably the same companies that say "competitive work environment" somewhere on the job application so maybe employees should expect it

Re: OneTrust lays off 25% Workforce

#18

Post by cupofpython » Fri, Jun 10, 2022, 1:20 PM UTC

fasteddie31003 wrote: post #12

The job market for developers right now is tough. My last time interviewing I was 2 offers for 4 interviews. I started looking for a job a month ago and I've gotten 0 offers for probably 10 interviews. It's my first time interviewing over virtual meetings, maybe that's it, but I think it's the general job market. My last feedback was "TL;DR - The general agreement was that you can code, and likely code well. However,…

are the 2/4 and 0/10 interviews the same level of work? Or are you applying to higher level positions now?

Re: OneTrust lays off 25% Workforce

#19

Post by abofh » Fri, Jun 10, 2022, 1:22 PM UTC

roansh wrote: post #3

I 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 mean, rarely do companies have a stack of termination paperwork ready just in case - more likely it was handed down to line managers "We're trying to cut X$ out of our budget, you're responsible for Y% of that, please choose accordingly"

I've definitely had that list ready to go before (and also been on there fighting to say no, it's not tenable for the business to let Y% of my team go). It depends on circumstances and the team.

But yeah, if the company needs to save a few hundred grand off my budget this year, I know exactly who I'm taking off payroll - good enough to not get fired, but more work to keep them on task than they're producing. I'd rather half a dozen juniors that are amenable to direction than a superstar that's a fight to even give bowling bumpers to.

Re: OneTrust lays off 25% Workforce

#20

Post by sokoloff » Fri, Jun 10, 2022, 1:23 PM UTC

KoftaBob wrote: post #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…

> 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.

When money is excessively easy and cheap, far-sighted leaders might reasonably choose to gorge on that opportunity.