From that OP thread, it seems that talent and not engineering was affected.
For us old people, what is "talent" ?
"recruitment", since labelling humans as resources is apparently inhumane
Twitter Layoff Started Today
51–60 of 355 posts
Re: Twitter Layoff Started Today
#52“ many of these folks won’t be able to sell the shares they earned. The money they need pay bills and keep them afloat if and until they get new employment. When severance ends, that’s it.” It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?
Seriously. I wouldn’t be surprised if the lowest total comp was in excess of $200k/year. If you can’t have 6 months in cash sitting in a high yield savings account on that, there’s no amount of severance that will help you.
No post body was provided.
Re: Twitter Layoff Started Today
#53Earlier quoted context omitted.
Someone who earned 150k cash and 50k stock might be able to save, but they'd probably just keep their stock as their "emergency fund". Twitter are blocking them selling that stock. Effectively Twitter are laying people off and putting a freeze on their savings account. I think it's reasonable to have a little sympathy for people in that situation.
Once they leave the company they are free to sell the stock. They are not beholden to a stock blackout anymore.
That isn't how it works unfortunately. If the shares vest during the blackout period they're only released to the employee, or former employee, once the blackout ends.
The employees can't sell these until the blackout is lifted. Currently there is no end date set.
Re: Twitter Layoff Started Today
#54Re: Twitter Layoff Started Today
#55Earlier quoted context omitted.
Is SF the only city in the US? What stops them from moving to another part of the country? I moved across the globe, twice for the last 12 months, with my family. It’s definitely doable.
> What stops them from moving to another part of the country? Cost. Paying early termination on your rental contract. Paying to move. First, last, and a cleaning deposit at your new place. Stocking a new place with perishables. An easy 3+ grand to move to an inexpensive town. Loss of salary/job opportunities. You won't have the same job opportunities, nor salary ranges, if you live in a less expensive part of the cou…
> You won't have the same job opportunities, nor salary ranges, if you live in a less expensive part of the country
So they will have to downgrade from an extremely privileged position to just highly privileged position. Should we open some fundraiser so they can keep their expensive lifestyle even after layoffs?
Re: Twitter Layoff Started Today
#56Re: Twitter Layoff Started Today
#57“ many of these folks won’t be able to sell the shares they earned. The money they need pay bills and keep them afloat if and until they get new employment. When severance ends, that’s it.” It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?
Seriously. I wouldn’t be surprised if the lowest total comp was in excess of $200k/year. If you can’t have 6 months in cash sitting in a high yield savings account on that, there’s no amount of severance that will help you.
Let's pretend some of these SF twitter employees have families. $4k in rent monthly, 4k in general living expenses (these are based off median figures available publicly) A bit over $96k in living costs.
Assuming that $200k in total comp includes about 25% in stock (based off publicly reported comp packages for twitter employees), and a combined state/federal 35% tax rate... They have no spare money to save without a second income with $97,500 in take home pay.
Re: Twitter Layoff Started Today
#58“ many of these folks won’t be able to sell the shares they earned. The money they need pay bills and keep them afloat if and until they get new employment. When severance ends, that’s it.” It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?
>When severance ends, that’s it.
What does that even mean? Is there some expectation that they receive paychecks after severance when they are no longer employed?
Re: Twitter Layoff Started Today
#59Earlier quoted context omitted.
For us old people, what is "talent" ?
"recruitment", since labelling humans as resources is apparently inhumane
It's because HR is associated with mundane bureaucracy tasks, whereas talent is supposed to comprise strategic that matter a lot. I tend to agree with it. They're two clearly different functions. Hiring, development, retention, vs. the boring stuff.
Re: Twitter Layoff Started Today
#60Earlier quoted context omitted.
Seriously. They are working for a huge name-brand tech employer, and have the best chance of getting a new job (see the LinkedIn replies), but oh yeah, if they run out of severance, and have no emergency fund (because reasons), and their shares are temporarily locked up, whatever will they do? Take out a 401k loan like a plebe?
You can't take out a 401k loan if you don't work there any more. In fact, that's one of the major drawbacks of 401k loans. If you leave employment, you have to repay the loan within a set time period, or treat it as a disbursement. That said I agree, complaints about "what will happen when my severance runs out!" did elicit a bit of an eye roll.
I'd never heard that... can you roll it over into an IRA and take a loan against that?