I think Zillow would be more efficient without a certain CEO. He earns 14M per year. https://www.erieri.com/executive/salary/jeremy-wacksman-apxd Meaning the company would probably reduce more expense just getting rid of him.
CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
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Re: CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
#12From sources, its not surprising cause lot of people within the company knew about it already: 1. Managers were asked to provide mid year rating for their reports, this is not something that happens otherwise 2. Managers were asked to mark the reports which are not regrettable attrition 3. The biggest downside of all this is that it makes people to invest a lot more efforts on being in managers good list instead of f…
But the fine article said that it was a surprise! The author was appalled that no one was warned beforehand privately...
Re: CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
#13I feel there's something in this article, but the meandering really ruins it. Either way, it's obvious that no earnings call would explain the metrics or decisions behind a layoff. But at 7% this is well within "Eh, we want to try a performance layoff and hope we get a better 7% of new hires".
It is too bad that people aren't more direct about this. But if folks remember Meta/FB's attempt at saying they did performance-based cuts, people ripped into them for labeling all the fired personnel as un-hireable. Earnings calls are heavy lawyered and regulated, so there's no reason to say anything.
Re: CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
#14The article says it's around 7% of their workforce. It seems that it could be realistic that this is a performance-based cut?
7% is an easy, healthy layoff.
10% of the workforce is in the wrong job (and thus not cost effective), burnt out and with an attitude problem, looking for another job full time, or hating the company for some slight (real or perceived).
If you are a manager, it is easy to drop 2 of your 20. And it will probably improve the rest.
The only problem is you can't keep chopping 10% off.... maybe every 5 years is OK.
Re: CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
#15I got too distracted by the AI generated image at the top to read the AI generated article.
Maybe they were constrained on token budget and so the image model got the shaft. I did like that apparently you walk in off the street directly into a conference room. And that one guy carrying a picture of himself.
Re: CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
#16I think Zillow would be more efficient without a certain CEO. He earns 14M per year. https://www.erieri.com/executive/salary/jeremy-wacksman-apxd Meaning the company would probably reduce more expense just getting rid of him.
This is one of the meandering arguments in the post. The whole executive team, in fact. But it doesn't compare how much other executives are making, etc.
Re: CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
#17For additional context, the CEO's blog post can be found at the following address:
https://www.zillow.com/news/the-housing-market-has-stood-sti...
Re: CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
#18I have a friend that worked there and got laid off. I's not a great situation, but hope he lands on his feet. That CEO seems way overpaid.
Re: CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
#19I think Zillow would be more efficient without a certain CEO. He earns 14M per year. https://www.erieri.com/executive/salary/jeremy-wacksman-apxd Meaning the company would probably reduce more expense just getting rid of him.
This is one of the meandering arguments in the post. The whole executive team, in fact. But it doesn't compare how much other executives are making, etc.
I made a single, coherent argument. If you're seeking cost savings, he's a 14M liability, and easily replaced at lower cost.
Re: CEO Just Fired 500 People Because He Says Zillow Is More Efficient Without Them
#20From sources, its not surprising cause lot of people within the company knew about it already: 1. Managers were asked to provide mid year rating for their reports, this is not something that happens otherwise 2. Managers were asked to mark the reports which are not regrettable attrition 3. The biggest downside of all this is that it makes people to invest a lot more efforts on being in managers good list instead of f…
But the fine article said that it was a surprise! The author was appalled that no one was warned beforehand privately...
May be surprise for Author and the people that the Author reached out.