In some orgs, not enough people took the "career transitions" package. Despite record margins and a good business environment, discussions are under way about how to (1) pay for the promotions needed to have a viable career ladder for individual contributors (2) bring in new engineers to the industry without growing the budget (3) bring WDs opex closer to Seagate's (4) pay for depreciation on capital expenditures which are needed
Where does that come from? You can just imagine.
@3dc
BU already took a hit last week (Irvine). More coming.
@3dc sure.
@3dc seems no longer potential
Heard layoffs are coming in BUs in January. Also heard the names have already been prepared. Likely low performers/older people who don't want to leave.
@OP happening now in APAC
oh the irony wherein ppl though WD stock is going to ki-l it in the stock market while SanDisk stock will evaporate into oblivion!!!
@28j for those that haven't been around this reeks of late 90s and early 2000. The bottom fell out once companies Financials couldn't be trusted and a bunch of vendor financing was going on. Same thing is happening in AI. The problem with financial deregulation ia it always leads to a crash. This one is a tech bubble and deregulation bubble. So the drop will be precipitous.
@241 Irving sold 20,000 shares of WD
@241 if this AI train slows and the market readjusts, retirement euphoria might too
Dudeee. I got hella rich outta WD and SanDisk stocks this year. Time to retire!!!
@1wn after HAMR Qualified:)
@ah when is RIF expected?
@1rt hiring freeze and no backfills we know is a tool for cost control, but it does mean that we’ve done enough. Let’s see
What if you are in a group that isnt HDD and makes no money ? We are still around but hiring freeze in effect and we've been told attrition will not be backfilled.
good quarter and outlook, but unless one has RSUs, which seem more scarce, will trudge along for some ACR hopeful any WFR doesn’t land one thee, but hang in there bc the future looks bright with a new career ladder
@14x been down this road
the career ladder at wd is to rename same position without salary change
Senior staff eng renamed to Senior Principal Eng renamed to Technologist.
Once we were called Technologist, received lots of Technician job invitations on LinkedIn. Recruiters don't realize
where we at with stock buy backs, a reward to shareholders at an opportunity cost of other investments, including people and promotions
@OP look at the history here; rinse and repeat cost containment strategy. as for a viable career ladder, that chatter has seldom turns into anything, but may be this time.
This industry paid too much to useless management but owned to key individuals contributors who really invented. So no movement for technology innovation.
The package was generous but given how tough the job market is only people fully ready to retire will likely take it.
Targeted RIFs should be expected sooner than later. The OP is accurate on all points here.