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Plaid Layoffs

plaid.com

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Re: Plaid Layoffs

#161

Post by toss1 »

bobmaxup wrote: post #64
hinkley wrote: post #46

Earlier quoted context omitted.

Narcissists think the worst punishment in the world is having to admit they were wrong about something. Not cleaning up their messes, of course. That’s still on everybody else. They’re too busy contending with this harsh reality of not being right all the time. Which means if anyone says they take full responsibility, they’re either saying “I’m a big fat narcissist” or that they imprinted on narcissists, so all of th…

> Which means if anyone says they take full responsibility, they’re either saying “I’m a big fat narcissist” or that they imprinted on narcissists, so all of their mentors were. Kind of a stretch, no?

>>Kind of a stretch, no?

Nope. Not unless there are actions to backup the words. Some kind of actual sacrifice that helps actually cleanup the mess.

E.g., do the CEO & Execs give back all bonuses and substantial salary for the past X years these bad decision were made, and keep working for $1/year until they are fixed? Do the CEO & Execs personally make calls using their own personal & professional capital to find new jobs for those they are firing?

If not, it is just performative bullshirt.

Re: Plaid Layoffs

#162

Post by bombcar »

richard___ wrote: post #145

Twitter started an avalanche. So obvious.

These tech company layoffs were already in full-swing before Twitter's hit.

https://tech.co/news/tech-companies-layoffs according to this Better.com started all the way back in 2021 with a "layoff via Zoom call" which I remember people complaining about. At least these are better.

Re: Plaid Layoffs

#163

Post by borbulon »

ChatGPT for layoff announcements

> generate a notice that approximately 4000 people are going to be laid off

Dear valued employees,

It is with great regret that we must inform you that our company will be downsizing and approximately 4000 employees will be laid off. This decision was not made lightly, but it has become necessary in order to keep our company financially viable.

We understand that this news may be difficult to hear and we are committed to helping those affected by this change transition to new employment. We will be providing severance packages and outplacement services to assist in this process.

Please know that this decision in no way reflects on the hard work and dedication of our employees. We are grateful for the contributions that each and every one of you has made to our company.

Thank you for your understanding and support during this difficult time.

Sincerely, [Your Name] [Your Title]

Re: Plaid Layoffs

#164

Post by vkou »

game_the0ry wrote: post #61
monero-xmr wrote: post #19

Dear Floofernistas, This is the hardest thing I have ever done. The market changed - I thought we would make more money, now I think we will make less money. Therefore we have discovered that we don't need all of you. If you aren't needed, here is some money. I hope this is enough money that the internet isn't too mad at me. Remaining Floofernistas, please be kind to the ex-Floofernistas, and help them. Again, I am s…

In the chimpanzee world, this would be handled differently. In chimp world, when alpha chimp causes chaos that brings down the community, a group of beta chimps will tear apart alpha chimp limb-by-limb, then they elect a new alpha from the group of beta subversives. This also how the organized crime works - leaders get a lot of benefits, but they also get the downside accountability when they fuck up ("skin in the ga…

Overhiring right before a recession/tightening of the money supply is not exactly 'bringing chaos to the community'. With the 20/20 benefit of hindsight, its a mistake, but its not a malicious mistake.

Also, I'll remind you that the Fed is actively trying to increase unemployment. Do you think that's going to happen without people... Losing their jobs?

Re: Plaid Layoffs

#165

Post by nathanaldensr »

lovich wrote: post #109
andersonmvd wrote: post #71

> Macroeconomic conditions have changed substantially this year. Despite being well-diversified across every category of financial services, we are seeing customers across the industry experiencing slower-than-expected growth. sry for the stupid question, but does anyone have a good breakdown/video/article/explanation on the market change? I have some idea, but I'm not a pro.

Interest rates were increased by the federal reserve to ultimately try to increase unemployment to hopefully decrease inflation. This is working by increasing the cost of capital

I would characterize it as "this is working to end almost two decades of free debt grift."

Re: Plaid Layoffs

#166

Post by hef19898 »

chadlavi wrote: post #85
aperson_hello wrote: post #53

Earlier quoted context omitted.

What's the better response here? (Other than not over-hiring in the first place).

not firing people when profit line goes down somewhat

If profit goes down somewhat, you don't layoff people. If do, well, as a manager / company you do your job poorly.

If profits turn down a lot, or funding runs out, you have to layoff people. If you don't, or do it to late or in not sufficient or too high numbers, as a manager / company you do your job poorly.

Saidly there seem to be companies that do their jobs badly. Currently I have the feeling that the second option applies in my case...

Re: Plaid Layoffs

#167

Post by bombcar »

ivraatiems wrote: post #56
monero-xmr wrote: post #19

Dear Floofernistas, This is the hardest thing I have ever done. The market changed - I thought we would make more money, now I think we will make less money. Therefore we have discovered that we don't need all of you. If you aren't needed, here is some money. I hope this is enough money that the internet isn't too mad at me. Remaining Floofernistas, please be kind to the ex-Floofernistas, and help them. Again, I am s…

What's incredible is how much better these messages are than some of the earlier attempts we saw, which were cloaked in business-speak to the point where what was happening was totally unclear. There were also some companies that tried to just do it with no formal announcement. That generally went poorly.

Companies have definitely improved, remember people being laid off via Zoom calls?

Re: Plaid Layoffs

#168

Post by ApolloFortyNine »

monero-xmr wrote: post #19

Dear Floofernistas, This is the hardest thing I have ever done. The market changed - I thought we would make more money, now I think we will make less money. Therefore we have discovered that we don't need all of you. If you aren't needed, here is some money. I hope this is enough money that the internet isn't too mad at me. Remaining Floofernistas, please be kind to the ex-Floofernistas, and help them. Again, I am s…

I don't get this sentiment that's been picking up around here, the company literally does not have to provide you severance, and in this case it's 16 weeks pay. That's 4 months to find another job, and you're being paid to do it!

Companies aren't these charitable job factories you make them out to be, they're trying to make money. And in this case, they messed up.

Any ideas what they should have done better? I mean I guess personally 10 years pay would be nice, wouldn't it?

Re: Plaid Layoffs

#169

Post by Ancalagon »

scifibestfi wrote: post #16

> approximately 260 talented Plaids "Plaids" This joins the list of Googlers, Xooglers, Nooglers, Amazonians, Tweeps, Krakenites, what else?

I love how internally everyone refers to everyone as “resources” - the most dehumanizing.

Re: Plaid Layoffs

#170

Post by mooreds »

Calvin02 wrote: post #79

I know this feels trite but do other industries do a better job of messaging layoffs? I was laid off from a non-tech company in 2006-2007. There was no message from the CEO, no public admission of fault, etc. We knew the layoffs were coming. On the Friday of the layoff, my manager came around and took me to the HR office. I stood in line with others to sign some paperwork. I was then escorted back to my desk to colle…

> I know this feels trite but do other industries do a better job of messaging layoffs?

I don't think there's a better way to do layoffs. For all the groaning on HN about these announcements, at least they are:

* up front about it (maybe because they have to be, due to laws)

* being generous with severance and the other parts of the package

Hopefully the actual interaction at the person-to-person level is humane too (turning on video if done over video call, letting people know asap, having one to one meetings with each person).

The only better path I can think of is "okay, growth is slowing, tough times ahead, we're going to need to collectively tighten our belts and keep working. 25% haircut for everyone, but I screwed up, so a 50% haircut for me."

Here's an article about companies that did that during covid: https://www.nytimes.com/2020/05/24/business/economy/coronavi...

I don't know how typical that is in non-pandemic times.

Doing this would turn off some folks, but to me that feels better than layoffs. And I think it would go a long way towards improving company loyalty.

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