"Visa holders get one 30-minute paid consultation with an immigration attorney" wow
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Carta lays off 10% of the workforce
41–50 of 90 posts
Re: Carta lays off 10% of the workforce
#42I always wondered how American companies lay off European employees (when the companies have branches in European countries). Usually, in Europe, you cannot just fire someone without a justified reason (and no, saving costs is not a justified reason). Such reason are usually: the employee did something illegal (data leaks, sell internal information, etc.) or something related to harassing other employees. Even with b…
How is saving costs not a justifiable reason? Maybe all of this is why European employees have such a hard time finding US salaries.
>How is saving costs not a justifiable reason?
Most likely because you could justify any firing to be "cost savings" and thus defeat the whole purpose of job stability.
Think about a tech company.. they could increase their staff by 25% for a year, using that team to advance products, meanwhile the new employees think they have a stable career on their hands.. but then the tech company is just like "nope, you are all fired". And they benefit into perpetuity for what the employees did while the employees are getting nothing more from that company and don't have a job.
Yes I'm oversimplifying, but that is part of what these laws are trying to avoid. It's unfair to the employees to have these mass hirings and mass firings with mass information asymmetry. In theory it would create more of a culture of "we hired you for the long term".
Re: Carta lays off 10% of the workforce
#43I always wondered how American companies lay off European employees (when the companies have branches in European countries). Usually, in Europe, you cannot just fire someone without a justified reason (and no, saving costs is not a justified reason). Such reason are usually: the employee did something illegal (data leaks, sell internal information, etc.) or something related to harassing other employees. Even with b…
According to this, there can be economic justifications for layoffs in France. But it looks like there is a mandatory severance of 12 months.
https://www.safeguardglobal.com/resources/blog/terminating-a...
Re: Carta lays off 10% of the workforce
#44Earlier quoted context omitted.
better than nothing, in my opinion. At least they were considered.
this is worth, like $500. would have looked better if they didn't even have this at all.
Let's say there's 15 people with visas, they're probably going to have very similar conditions. The company pays a lawyer for two days of work, one full-time work day to look carefully into what options people with visa have, and another day to spend 30 minutes with each person individually to explain the situation and answer any question they might have.
If each individual goes to a lawyer and they want the same treatment, it's not going to cost them $500, it will cost them significantly more.
Re: Carta lays off 10% of the workforce
#45Re: Carta lays off 10% of the workforce
#46For the RSUs. Is there a buy-back program for shares? Taxes on these far out weigh the benefit. Carta with $150m of revenue is not worth over $1B and is closer to $500m if it went public right now. Use other fintechs that went public for comparison like Robinhood, Coinbase, Toast etc.
where are you getting the rev figure?
Re: Carta lays off 10% of the workforce
#47One of the founder's listed is Manu Kumar who has one of the longest Linkedin profile I've come across: https://www.linkedin.com/in/sneaker
Is there a way to view linkedin profiles without logging in?
Re: Carta lays off 10% of the workforce
#48As an immigrant who got laid off this year, I am hating on every company that doesn't offer to keep you on payroll with the severance money
If you are still on the payroll, the company is committed to paying you, which means they don't get to recognize (accounting-wise) the cost savings of letting you go. They could convert you to a temporary FTE, but that doesn't help your visa. Severance and other costs of letting people go are recognized as soon as the employee walks out the door.
Re: Carta lays off 10% of the workforce
#49Another day, another downsizing. The warning signs were right in front of you: [0]
And now everyone and including their cats and dogs are all talking about a 'recession'. You're too late, it has already happened and it is lagging behind and taking effect. Should have prepared for that in November 2021.
You were warned.
Re: Carta lays off 10% of the workforce
#50I always wondered how American companies lay off European employees (when the companies have branches in European countries). Usually, in Europe, you cannot just fire someone without a justified reason (and no, saving costs is not a justified reason). Such reason are usually: the employee did something illegal (data leaks, sell internal information, etc.) or something related to harassing other employees. Even with b…
I don’t know about the rest of Europe, but here’s how it usually plays out in Sweden: 1. Company needs to save money. 2. Company decides to shut branch office X and cancel project Y. 3. Company now has more employees than it has positions. 4. Employees get reshuffled across remaining positions according to complex rules (but basically last-in-first-out). 5. Employees that end up being "left over" are laid off. So the official reason is not "lack of money", but "lack of work". I’ve seen it happen several times, and ended up on both sides of the rope, so to speak. It’s a matter of Following The Procedures, but that’s all there is to it.