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Klarna – Company announcement from CEO regarding layoffs
11–20 of 136 posts
Re: Klarna – Company announcement from CEO regarding layoffs
#12What does it look like to fire someone in Europe? As an outsider, all I’ve heard is that it looks very different from the US. What does the author mean by ‘associated compensation’?
Depends on the legislation in the country of employment. In Sweden, the law covering this situation is LAS, Lag om Anställningsskydd, The Employment Protection Act.[1]
I'm not exactly an expert, but if you're going to lay people off you have to do it based on how long someone has been at the company. Before you can lay someone off for 'lack of work', you're also required to show that this person cannot fill another position at the company. The rules are definitely in favor of the worker in Sweden.
[1] https://www.government.se/government-policy/labour-law-and-w...
Re: Klarna – Company announcement from CEO regarding layoffs
#13What does it look like to fire someone in Europe? As an outsider, all I’ve heard is that it looks very different from the US. What does the author mean by ‘associated compensation’?
It depends on the country. In Spain it’s 22 days of full pay per year worked up to some maximum. Those 22 days are tax free as well.
Re: Klarna – Company announcement from CEO regarding layoffs
#14[flagged]
Re: Klarna – Company announcement from CEO regarding layoffs
#15What does it look like to fire someone in Europe? As an outsider, all I’ve heard is that it looks very different from the US. What does the author mean by ‘associated compensation’?
They will be offered a package which will be an x number of salaries. Probably around 4 or 5 months in this case
Re: Klarna – Company announcement from CEO regarding layoffs
#16What does it look like to fire someone in Europe? As an outsider, all I’ve heard is that it looks very different from the US. What does the author mean by ‘associated compensation’?
Depends on your contract/the country... Americans here often forget that the EU isn't a single country, but countries have vastly different employment laws, like they have vastly different education and healthcare systems.
Re: Klarna – Company announcement from CEO regarding layoffs
#17If you're being fired > The invite will be titled “Meeting regarding your role at Klarna”. lol ouch! They should make it a gamble where everyone has a meeting and you don't know what the outcome will be! But since thats even more resource intensive I would much prefer a mass pre-recorded zoom call over that. I can understand that the former thing has better PR than the latter thing. But I think employed Americans are…
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Re: Klarna – Company announcement from CEO regarding layoffs
#18What does it look like to fire someone in Europe? As an outsider, all I’ve heard is that it looks very different from the US. What does the author mean by ‘associated compensation’?
To me in the UK, "fire" generally refers to letting someone go because of incompetence, bad behaviour, or whatever - the role will still exist but the individual is let go. In which case you're entitled to whatever your contract says, which is probably "stop now and we'll pay off your notice period". Whereas layoffs and redundancies mean the roles are disappearing, the individuals being a side-effect (indeed, you aren't legally allowed to target individuals AIUI. Happy to be corrected on this, though)
I've never been fired, but I have been made redundant twice. Both times I'd not been in the role longer than 2 years which meant I was legally entitled to fuck all. First time, that's exactly what I got. Second time, the company was laying off such a significant proportion of staff that they were mandated to negotiate with those affected and come to an agreement about notice, pay, etc. They came with an OK offer; the employees requested a lot more; the company met us half way. Being entitled to nothing, I was very happy with what I ended up taking home :)
Re: Klarna – Company announcement from CEO regarding layoffs
#19What does it look like to fire someone in Europe? As an outsider, all I’ve heard is that it looks very different from the US. What does the author mean by ‘associated compensation’?
Depends on the legislation in the country of employment. In Sweden, the law covering this situation is LAS, Lag om Anställningsskydd, The Employment Protection Act.[1] I'm not exactly an expert, but if you're going to lay people off you have to do it based on how long someone has been at the company. Before you can lay someone off for 'lack of work', you're also required to show that this person cannot fill another p…
Given what I know from recent layoffs at other companies, it's not necessarily like that.
There seems to be ways that don't involve seniority
Re: Klarna – Company announcement from CEO regarding layoffs
#20Another indicator consumer spending is dropping and costs are going through the roof. This is probably the first of a bunch of layoffs sadly. I expect Finances (Banks / Mortgage providers) are going to be aggressively reducing headcounts in the near future. One side of my family is heavily in that industry and they're all extremely nervous. Sorry for anyone that lost their role, it's always tough to lose a job regard…
This is most likely not related to cash flows. This seems to be a preemptive strategic layoff to cut costs in preparation of tougher times to raise money / higher interest rates.