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
#2If your company so as mentions layoffs, even (especially?) if they deny it, they are coming. Just like a Pip, if it gets mentioned, start looking for another job
Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff
#3Related:
Crypto firm Bitpanda lays off around 20% of its people - https://news.ycombinator.com/item?id=31867839 - June 2022 (117 comments)
Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff
#4For anyone like me wondering how many 1/3 is, they apparently reduced their workforce to 730 people, meaning they laid off 365 (or thereabouts).
That feels to me like a pretty big layoff, not just a headline trying to make a number sound big.
Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff
#5If your company so as mentions layoffs, even (especially?) if they deny it, they are coming. Just like a Pip, if it gets mentioned, start looking for another job
Counterpoint: depending on the company stay around if you’re somewhat risk tolerant. It might not be in a death spiral and you’ll learn a lot of the company needs to hard pivot in new directions. You’ll have a bigger say in the smaller company trying to find that direction.
Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff
#6If your company so as mentions layoffs, even (especially?) if they deny it, they are coming. Just like a Pip, if it gets mentioned, start looking for another job
As much as I want to agree with you, and as much as I usually go by that rule myself... The place I work at now said, in March 2020, that they weren't going to do any layoffs. And, they haven't. And are now making more money than they were in 2019, and actively looking for more people, so, I doubt any are coming.
There have been times in my life when that advice was 100% true, but, not every time.
Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff
#7If your company so as mentions layoffs, even (especially?) if they deny it, they are coming. Just like a Pip, if it gets mentioned, start looking for another job
That doesn't make much sense to me. If there is market turmoil, are you saying the best strategy for a company is to not communicate anything no matter the company and industry?
Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff
#8If your company so as mentions layoffs, even (especially?) if they deny it, they are coming. Just like a Pip, if it gets mentioned, start looking for another job
I don't think one signal alone is sufficient to make that determination. Lots of companies try to comfort employees during downturns.
In my experience before you see mass layoffs you'll also see some of the following: hiring freezes, benefit cutbacks, travel bans, infrastructure cost cutting, office closures, revamps to employee evaluation processes, etc. Without at least some other factors I wouldn't assume a company is considering layoffs just because they use the word.
Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff
#9> Bitpanda’s chief product officer, Lukas Enzersdorfer-Konrad, told employees via a Slack message there would be no mass layoffs, weeks before the company cut its workforce by a third.
If they knew of the layoffs and lied Bitpanda must be punished for it. Many employees may have made decisions based on that lie.
Re: Bitpanda said no mass layoffs, three weeks before axing one-third of staff
#10What 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 companies say in order to be truthful and to help keep the company from falling apart?
Relatedly, how does a company credibly promise not to do layoffs, to put people's minds at ease?