WeWork lays off 2,400 employees

#1

Post by big_chungus » Thu, Nov 21, 2019, 4:01 PM UTC

WeWork lays off 2,400 employees
cnbc.com

Re: WeWork lays off 2,400 employees

#2

Post by rantwasp » Thu, Nov 21, 2019, 4:58 PM UTC

WeWorkOnLayoffs - what a terrible turn this has taken and how many good people are impacted by this. truly sad

Re: WeWork lays off 2,400 employees

#3

Post by roland35 » Thu, Nov 21, 2019, 4:59 PM UTC

From the article, 2,400 employees is 19% of the peak of 12,500 employees on June 30. There was no mention of where the cuts were made however.

I am curious how many "white collar" type jobs WeWork would have, since I heard from previous discussions here that they were hiring for roles in unrelated-to-real-estate things like machine learning. I would imagine that there are lots of hourly-type roles managing the sites, but 12,500 seems reasonable for 849 locations (from https://www.wework.com/locations), ~14 people per location, assuming that they are included in that 12,500 number.

Re: WeWork lays off 2,400 employees

#4

Post by pwinnski » Thu, Nov 21, 2019, 5:03 PM UTC

Surprising absolutely nobody.

Meanwhile, Adam Neumann is still collecting a $1.7 Billion payout.

Re: WeWork lays off 2,400 employees

#5

Post by wyldfire » Thu, Nov 21, 2019, 5:05 PM UTC

More context: many employees of WeWork wrote a letter to management, covered also in NYT: "‘We Are Not the Adam Neumanns of This World’: What WeWork Employees Told Their Bosses" [1]

[1] http://archive.is/8bVvY

Re: WeWork lays off 2,400 employees

#6

Post by ericmay » Thu, Nov 21, 2019, 5:06 PM UTC

This will become quite the case study in the business world. There's so much to learn from this mess.

Re: WeWork lays off 2,400 employees

#7

Post by rchaud » Thu, Nov 21, 2019, 5:06 PM UTC

pwinnski wrote: post #4

Surprising absolutely nobody. Meanwhile, Adam Neumann is still collecting a $1.7 Billion payout.

Just think of the shareholder value that's been unlocked now that 2400 people are out of a job!

Re: WeWork lays off 2,400 employees

#8

Post by FussyZeus » Thu, Nov 21, 2019, 5:08 PM UTC

What on Earth is WeWork doing that requires TWELVE THOUSAND PEOPLE!? Holy fucking shit

Re: WeWork lays off 2,400 employees

#9

Post by codegeek » Thu, Nov 21, 2019, 5:11 PM UTC

Even if average Employee cost was $20,000/year, that is a whopping $48,0000,000 (Million) profit added to the shareholders. What is their actual revenue ?

Re: WeWork lays off 2,400 employees

#10

Post by swozey » Thu, Nov 21, 2019, 5:12 PM UTC

I can't fathom the morale at this place. I really hope things get better for these poor people caught in the middle of this shit show.