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Klarna seems like horrible company to work for from what I have read on HN. IQ test for interviews, mass layoffs with little self awareness, and very low pay compared to the US.
A horrible company for consumers too. Take those who can least afford to purchase something and give them purchasing power that they don't have and can't get from anyone else.
What 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’?
You may only get fired if you are deemed incompetent and have a higher position or does something silly. Not working is not enough.
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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.
Klarna’s income is tied to consumer discretionary spending which is falling off a cliff.
Earlier quoted context omitted.
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 are…
Note that they are not require to negotiate notice, pay, etc. which are already specified in contracts and statutes. What they are required to do if they plan to make more than 20 people redundant is to conduct a formal 'consulation', which means that they have to discuss with the employees potentially concerned about the reasons and how to keep redundancies to a minimum. Companies may offer more than they have to fo…
I think it's sad to see a CEO who doesn't seem to care all too much about hiding the fact that it isn't just the Ukraine, inflation, and it probably isn't the recession that is demanding this. It's everything he and his team did leading up to this. A convenient way also to use points at everything around us to justify a trim and rebalance of the culture and operating cost. I always felt that good CEOs (from a culture…
No, the reason why lay-offs are happening is exactly because of inflation and the likely upcoming recession.
“ As much as we may like it to be the case, Klarna does not exist in a bubble” Klarna can only exist in a bubble.
If you’re talking about securing funding to do the lending, then sure that makes sense. Is that your concern or is it around the business model itself?
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I agree - I read the parent's comment before reading the letter, expecting to see some corporate babble. But, honestly, I didn't see that. Sure, there is euphemistic language, but the message is very clear: 1. 10% of the company is getting laid off. 2. The CEO was very explicit about how this process would unfold (e.g. stating what the email title would be), which is a lot better than most companies provide. We can a…
10% is "getting impacted". I find it ridiculous when people use language like this. Especially a CEO. Have some courage and say the thing out loud. He who must not be named has a name, it's Voldemort.
> However, unfortunately, some of you will be informed that we cannot offer you a role in the new organization What new organization? They're laying off ~10%, not restructuring the whole business, or creating a wholly owned subsidiary, or even repositioning their product. Is there some kind of legal advantage being exploited here?
Earlier quoted context omitted.
I feel it's better to use "fired" or "have to leave your job" or "layoff" or "terminate the employment contract" than "let go". Because "let go" is to "allow someone or something to escape or go free" so it implies that you are the owner of the employee and you allow him to leave, just like as an ultimate humiliation he has to have your permission to go.
"Let go" and "layoff" seem to be similar euphemisms. Why does it matter which one is used?
Klarna seems like horrible company to work for from what I have read on HN. IQ test for interviews, mass layoffs with little self awareness, and very low pay compared to the US.