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Citing revenue declines, Airbnb cuts 25% of workforce

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Re: Citing revenue declines, Airbnb cuts 25% of workforce

#781

Post by avemuri »

jklein11 wrote: post #513
verst wrote: post #459

Earlier quoted context omitted.

I am not sure why you are being downvoted. It seems that much of HN has very little knowledge of (and interest in) business operations and employment law in other countries. I see your question as genuinely inquiring about this stark difference from what is common in Europe and other countries.

I didn't downvote the OP but I am picking up a tone of indignation that I don't quite understand. I find this pretty interesting. Here is my take on the situation: Let's say I own a widget factory and you are highly skilled at turning paper clips into widgets. We agree on a price for your time and I hire you to start making widgets. Things are going gangbusters, you produce a ton of widgets and I pay you for the time…

You own a widget factory and I buy widgets from you. All of a sudden I don't need widgets, and I no longer need your products and stop paying for them.

You may have bought raw materials, hired people, set up a warehouse and stocked it with products anticipating my orders, but I don't understand why I should be obligated to pay for your products if I no longer need them.

All contracts generally include terms for termination of the contract. The tone of indignation is in the US, employers determine them unilaterally and employees don't have the bargaining power to do anything about it.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#782

Post by bildung »

11thEarlOfMar wrote: post #629
pingec wrote: post #612

Earlier quoted context omitted.

Can you provide some references for your claims? Don't know much about Germany but that sounds totally made up as limitation of liability is the key concept behind the invention of companies. https://en.wikipedia.org/wiki/Gesellschaft_mit_beschr%C3%A4n... I would imagine if a director breaks the law, only then he could be personally liable. And in that case I would imagine Germany does have higher standards than US.

https://www.mondaq.com/germany/CorporateCommercial-Law/64529... "If the company is in crisis special obligations arise for a managing director the breach of which may lead to a personal liability of the managing director."

For breaking the veil of limited liability in German law, the managing director has to act in negligence/ gross negligence.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#783

Post by thatsenough »

mdamore wrote: post #403
duxup wrote: post #213

Earlier quoted context omitted.

I think if any employees were relying on that paper wealth... that's the problem. IMO People need to understand what that really is (usually not much) rather than blame the company.

We're talking about a decade-old company with billions in revenue. If your job at AirBnb was your first chance to build any wealth, you never had the option to diversify. I don't think it's fair in that case to blame the employee. I don't necessarily blame the management either. I do hope this reminds employees of private companies that their equity is only on paper until they are able to sell, and they should pressu…

Or, don’t get lured in by a company offering you huge compensation that you can’t actually touch (without realizing it’s a gamble).

To be fair, even the cash compensation at Airbnb was supposedly pretty high. But I’m not sure whether that’s much consolation now, after they’ve been dangling a golden carrot in front of employees for years.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#784

Post by manigandham »

concerned_user wrote: post #735
eanzenberg wrote: post #715

Earlier quoted context omitted.

It’s worth making 4x in the states and paying less taxes to boot. Forget cost of living, only rent is more expensive so tack on an extra $2k a month if you don’t want to live with roommates.

While you are young and healthy sure, but if something happens to you or when you get older, not so much.

Why not? Can't you purchase the same insurance, protections and care with 4x earnings and lower taxes?

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#785

Post by disgruntledphd2 »

technicaldonut wrote: post #780
thesimon wrote: post #766

Earlier quoted context omitted.

How could Europeans move to the US? Apply to a position and hope to be moved over with a L1 visa?

Few options. Find an employer who is willing to hire you and go through H1B visa lottery, which is the normal work visa. Enroll in a US university, ideally a STEM degree, and use the OPT visa extension to get a foothold in the US. Marry an American? Probably plenty more options, but I'm not an expert in US immigration.

Join a company based in the US (like many tech companies), and do a really good job. They will then start trying to get you to move to the US, under an L1/L2 (if you can handle management, L2 tends to be better as your partner/spouse can work).

Immediately apply for a green card.

Preferably be born in a small European country, so the green card comes in your lifetime.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#786

Post by asdff »

taurath wrote: post #280
nojito wrote: post #263

Earlier quoted context omitted.

airbnb has devastated large swaths of America.

Devastated housing costs which were on a decade long uptrend before AirBNB existed you mean? Or because its capitalized rentals to a higher extent than the normal purchase/rental market could do?

In the face of a housing crisis, the last thing you want to do is turn perfectly good housing stock into a de facto hotel. There are whole apartment buildings that have been turned into Airbnbs. The only work done in converting them was installing the cheapest flat screen TV possible, some futons and coffee tables from walmart, and a microwave. This maneuver can net a landlord twice as much money a month, and removes housing supply from the market in the process.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#787

Post by bluecmd »

andruby wrote: post #734
fourmyle wrote: post #701

Earlier quoted context omitted.

Health care is about $500 a month for someone in their 30s in the USA who is healthy. That doesn’t make up $125k.

Sending your kids to school all the way up including university costs about ~€10K per kid in Europe. How much would it cost in the US? ~$150K? I think that would make up another large chunk of price difference. And: it’s available for every parent. Not just those in nice tech jobs.

That Europe cost seems high, tbh. In the Nordics for example I'm pretty sure everything is paid for.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#788

Post by danieldisu »

RhodesianHunter wrote: post #665
hkmurakami wrote: post #611

Earlier quoted context omitted.

Iirc a German friend got more than 12 months severance for a lay-off in SAP. It’s interesting to Compare differences in norms around the world.

From what I've seen 12 months pay in Germany is probably equivalent to 3.5 months pay in the US.

If you compare SF to any german city it may be that way, but the median salary (not only IT) is not that different(56k$ to 46k€ according to google).

Remember that there are people outside IT/SV!

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#789

Post by vishnugupta »

keiferski wrote: post #10

Separated employees will receive 14 weeks of pay, and one more week for each year served at the company (rounding partial years up). The firm is also dropping its one-year equity cliff so that employees who are laid off with under 12 months of tenure can buy their vested options; Airbnb will also provide 12 months of health insurance through COBRA in the United States, and health care coverage through 2020 in the res…

Free Apple laptop to boot. This must be an industry first.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#790

Post by asdff »

ifeedmartians wrote: post #246
asdff wrote: post #125

Good. The faster Airbnb pulls out of my local housing market, the better for everyone else who lives here.

seriously wtf. 1900 people lost their jobs and you think that's "Good". Check yourself

These 1900 people were well paid SV employees, being well paid by working for a company operating in a zoning grey area that profits off of the removal of housing stock from the market. Only 45% of my city holds a job right now, and only 25% can afford the median house. I weep for these people struggling in my city, not the comparative handful of people who chose to work for a fundamentally degenerate company whose existence contributes to the housing crisis.
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