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Bitpanda said no mass layoffs, three weeks before axing one-third of staff

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Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff

#51

Post by bb88 »

capableweb wrote: post #38
gnicholas wrote: post #10

What are the appropriate or possible responses to being publicly asked if you're going to do a layoff, in the case that: (1) you are definitely going to do a layoff (2) you have not yet decided but are considering it (3) you are definitely not doing a layoff In the past, HNers have mentioned that if you admit you're going to lay people off, then your best performers will leave. Is that true? If so, what should compan…

If you know you're gonna do layoffs, say that it's being considered, and then do the layoffs. If it's possible you'll do layoffs, says it's possible that you'll do layoffs, figure out what you wanna do, then do that. If you know you're not gonna do layoffs, say you know you're not gonna do layoffs, and then don't do layoffs. If people will leave because you say there will be layoffs, they would leave even faster if y…

It's one thing to say, you're struggling, but you think you can make it without layoffs. Or another thing to say your financial models say for the next 90 days you're okay at the moment. Or you're trying to shift money around, or trying to increase revenue, or to say you're looking for funding...

If people invest their lives in your company (relocating, working overtime, etc), they deserve the honest truth about what's happening. Particularly in a world where there's a high demand for tech workers.

Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff

#52

Post by danaris »

Xylakant wrote: post #30
danaris wrote: post #20

Earlier quoted context omitted.

If you're doing layoffs, then generally one of three things is true: 1) The company is in bad shape, and the layoff is a Hail Mary play to try and delay the inevitable long enough for a miracle to happen 2) The company is in fine shape, but for whatever reason, has done an honest self-assessment and determined that they've got more people working there than are necessary to continue operating (and, if they're really…

There’s also 4) the company is overall not in a good shape, but some parts are and others not. Closing down the loss-generating chunks and shrinking to concentrate on the actual profitable sectors can be a successful way out.

That's fair; I think it's similar enough to my #2 that my points related to that still largely apply.

Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff

#53

Post by 999900000999 »

Every single company is guaranteed to try and assure employees the company's doing okay.

Think about it for a second, regardless of if your employer intends to do layoffs or not, the moment people fear for their jobs, they'll spend more time looking for work.

I prefer the quick rip the Band-Aid off lay off, give me a bit of severance, let me shake the hands of upper management and we can all move on for our lives

Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff

#54

Post by capableweb »

999900000999 wrote: post #53

Every single company is guaranteed to try and assure employees the company's doing okay. Think about it for a second, regardless of if your employer intends to do layoffs or not, the moment people fear for their jobs, they'll spend more time looking for work. I prefer the quick rip the Band-Aid off lay off, give me a bit of severance, let me shake the hands of upper management and we can all move on for our lives

It's cool that you can just survive on getting fired, with zero repercussions in other parts of your life and all that. But that's not the situation for many others, who have to plan a good chunk of their (at least immediate) future based around other people in their life outside of work.

So if a company says "Just so everyone know, the entire market is experience a tough time, and so are we, so right now we're evaluating our options, don't do anything drastic", people can plan around that. But if the company says "Don't worry about what's happening around you, we're super fine and would never do layoffs", people start to plan around that.

It's a bit silly, and people probably shouldn't trust management/the company to have their best interest at heart, but as humans we do trust others (probably more than we should).

Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff

#57

Post by dymk »

capableweb wrote: post #54
999900000999 wrote: post #53

Every single company is guaranteed to try and assure employees the company's doing okay. Think about it for a second, regardless of if your employer intends to do layoffs or not, the moment people fear for their jobs, they'll spend more time looking for work. I prefer the quick rip the Band-Aid off lay off, give me a bit of severance, let me shake the hands of upper management and we can all move on for our lives

It's cool that you can just survive on getting fired, with zero repercussions in other parts of your life and all that. But that's not the situation for many others, who have to plan a good chunk of their (at least immediate) future based around other people in their life outside of work. So if a company says "Just so everyone know, the entire market is experience a tough time, and so are we, so right now we're evalu…

OP said he prefers the quick band aid method, not that he doesn’t care.

Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff

#58

Post by gralx »

duxup wrote: post #56

I have worked at a place where the HR manager sent out an email “Why it’s a great time to be working at X Part 1”. We laid off 20% of the staff and a few days later came “Why it’s a great time to be working at X Part 2”.

The darkest Sesame Street skit I ever saw had a muppet jumping up and down on a manhole cover, gleefully repeating "99! 99! 99! ...". A second muppet shows up wondering what it's all about, and the first muppet concedes his spot. The second jumps up once, saying "Ninety---", the manhole cover slips out of place, and the muppet falls to its doom. The first resumes his jumping: "100! 100! 100!"

Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff

#59

Post by cwilkes »

duxup wrote: post #56

I have worked at a place where the HR manager sent out an email “Why it’s a great time to be working at X Part 1”. We laid off 20% of the staff and a few days later came “Why it’s a great time to be working at X Part 2”.

Part2: the empire strikes back?

Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff

#60

Post by Lerc »

gnicholas wrote: post #10

What are the appropriate or possible responses to being publicly asked if you're going to do a layoff, in the case that: (1) you are definitely going to do a layoff (2) you have not yet decided but are considering it (3) you are definitely not doing a layoff In the past, HNers have mentioned that if you admit you're going to lay people off, then your best performers will leave. Is that true? If so, what should compan…

> if you admit you're going to lay people off, then your best performers will leave

You are not simply entitled to your best performers. You are in a relationship where they provide their services for money. Staff are not property.

Restricting information to influence their decision making is poisoning that relationship.

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