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Plaid Layoffs

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Re: Plaid Layoffs

#191

Post by Bluecobra »

daggersandscars wrote: post #42
erehweb wrote: post #6

16 weeks of base pay - perhaps this is becoming industry standard for big company layoffs? (influenced by CA WARN act?) Interesting they are paying the cash equivalent of 6 months of healthcare, rather than just extending healthcare for 6 months.

In the US, (most) employers are required to offer former employees continued coverage via the COBRA ( https://www.dol.gov/general/topic/health-plans/cobra ) program. COBRA compliance is built in to corporate insurance policies. Extending healthcare coverage via another method would require extra costs on the employer's part. Giving former employees the cash equivalent allows them to use COBRA if desired or to find al…

Yeah that seems pretty generous to me. I was on COBRA for a short time and had to pay it completely out of pocket which was a huge sticker shock. I went from paying like $300/month to a $2,000/month for a family plan.

Re: Plaid Layoffs

#192

Post by hinkley »

jdnffjvnv wrote: post #120
mynameisvlad wrote: post #105

Earlier quoted context omitted.

> is having one of the worst days of his/her life Oh no, how sad. Pretty sure the people being laid off are having far worse days than the person who gasp had to write a letter.

They all received very generous severance packages. Pretty sure most who were laid off in this economy have had far worse days.

If half of us have less than five years of experience, you’re at least half wrong. I have a young friend who’s being forced out of her first real gig. She is not handling it well. She’s moving halfway across the country to work in an industry that I think is going to harm her emotionally.

But you can offer advice and if they don’t take it there’s nothing to can for them except be supportive. Some lessons get learned the hard way.

There are going to be a lot of young people and other folks without a nest egg freaking the fuck out even with the severance.

Re: Plaid Layoffs

#193

Post by allsunny »

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…

This is the essence of it. It would be interesting if someone smarter than me put this through ChatGPT. I wonder how it might message it better.

Re: Plaid Layoffs

#194

Post by ivalm »

bombcar wrote: post #139
jacobmarble wrote: post #59

Earlier quoted context omitted.

Is it the company's responsibility to employ people until it runs out of money? Are you certain that "here is some money" is just to keep the internet anger at bay? Do companies exist to protect their employees, or to provide something useful for their customers?

There are some privately owned companies (maybe some public benefit companies) that have done things other than layoffs - some have take "universal paycuts until business improves" - instead of laying off 10% everyone takes a 10% paycut (sometimes management/owner takes more). Those companies are usually very quiet and not in the news. Others have so much "normal churn" that they can do effectively a layoff by just s…

Universal pay cut is terrible. You adversarially select against yourself — good employees get outside offers and bad employees become dedicated lifers.

Re: Plaid Layoffs

#195

Post by tpxl »

sroussey wrote: post #54
kgwgk wrote: post #33

Earlier quoted context omitted.

Because the UK is in Europe. Makes as much sense as a Japanese company referring repeteadly to employees in New York and/or the United States.

The UK and EU would be better? From a business perspective, Europe and EU are the same thing, and the UK is not part of the EU anymore.

> Europe and EU are the same thing

Uwot. A significant chunk of Europe is not in the European Union.

Re: Plaid Layoffs

#196

Post by eat »

jdnffjvnv wrote: post #128
game_the0ry wrote: post #61

Earlier quoted context omitted.

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…

Are you advocating for mob violence against CEOs for laying people off?

Is this pearl-clutching, or do you honestly believe GP was suggesting we should become literal Chimpanzees and mobsters?

Re: Plaid Layoffs

#197

Post by chinchilla2020 »

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…

Previously I worked in the energy industry. Layoffs were definitely far more lucrative for employees.

* Most individual contributors received 1-2 years of pay

* Next bonus cycle was paid out early as part of severance

* Contract employees were fully paid out their 1-3 year contracts (Why the hell don't tech startups offer contracts? Another discussion we should have some day)

* Senior employers were usually 'bridged to retirement'

* A consultant was hired to assist each employee with finding their next job

* Voluntary severance options were offered pre-layoff

* COBRA was paid out for a long time after severance ended (varied by employee)

Less tangible but arguably more importantly: Employees were warned 6 months ahead that their division would be laying off people. This signal helped employees evaluate life decisions like home purchases, weddings, pregnancy.

Also notable is that most other industries doesn't hire people in 'binge' mode like the tech industry did. They will staff up sharply only when positions become available. The tech industries 2020-2022 "hire everyone then figure out what they should work on" caused the layoffs to increase in magnitude.

I still wouldn't recommend leaving tech for the energy industry, but that is one of the few aspects where tech is the inferior place to work.

Re: Plaid Layoffs

#198

Post by dehrmann »

borbulon wrote: post #163

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 diff…

Maybe Twitter's going to replace its comms team with ChatGPT.

Re: Plaid Layoffs

#199

Post by misterbwong »

boringg wrote: post #70

I get that layoffs seriously are terrible but a lot of these tech companies are providing some pretty seriously nice exit packages. I fail to understand the amount of acid in the comment thread? Layoffs suck, corporate speak is always cringey. What would people want as alternatives outside perfectly executed business plans that don't have layoffs? Handheld individual exit goodbye packages? Im seriously asking for leg…

Agree. Having been on the other side and having to execute a few rounds as a manager, this announcement seems like they're doing the best they could in a bad situation.

Layoff suck all around. Period. No business can forecast and execute perfectly and no amount of handholding and (realistic!) compensation will make layoffs not suck. It's just reality.

Re: Plaid Layoffs

#200

Post by ivalm »

Waterluvian wrote: post #104
lxe wrote: post #28

What delusional playbook does every tech leader get the idea to refer to their employees by cringey names like "Plaids" or "Metamates" in serious memos like this? Imagine if your physician did this... "Hey there KaiserPermanientoid! You have cancer!"

Dear Kaiser Permanientoid, While your time on this Earth is impermanent, your time with us will soon be permanent.

Kaiser is actually very good at IT employee retention.
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