Kosta's email confirmed that layoffs will begin Monday. If you are not laid off, then there will be a permanent pay reduction for 'most' employees. As many times as Fossil has completed layoffs, you would think they would learn to do the layoffs immediately instead of 5 days from now.
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What’s the ownership percentage for a vote on the board? US corporate governance rules need to be looked at for change. The ceo sits on the board, are you telling me the board is content with a reduction and it does not cross their minds to look for alternatives. Delusional, Who else wants in.
So even after years of mismanagement it’s the employees who get a 10% pay cut. How they pull these feats of deception is a thing to behold, or perhaps it’s the lack of transparency and playing employees through worn out organizational performance grading that has everyone content with just surviving. Perhaps until the next round. I’m not even sure if sweeping cuts like this can happen without some contractual breaches.
I heard 20% pay reduction and are asking employees to more work due to staff reduction
10% pay cut across the board ? Or only specific roles and people ?
Dallas Morning News article states 100 people were laid off. 10% of the corporate office, and a small pay cut. AKA 10%.
Guys, tell us what you know. What departments were affected ?
Cluster.
Why do we even have HR and ELT?
the whole depot department?
I heard Depot team was let go last week. Few from HR were also let go. Still waiting to know my fate :(
If only they would get rid of waste like DH and half the other ELT.
The big day is here. As Kosta has always said, we’re “world class.” Let’s see as we shrink our size by 50% this week if it is handled like a world class company. History tells us at Fossil - once a manager goes through the dirty deed of firing people - they very well could be next on the cut list. Management is not immune.
I haven't heard from anyone else. I will find out in a few hours. In the meantime, updating the resume.
Stay strong Fossil family.
Blue Monday is here.
I am glad I was told. At least I got some kind of warning and can plan accordingly. If they would have just come in and fired us all everyone on here would be complaining about. Let's face it there is a pandemic and the global economy is in horrible shape. How can you expect this not to happen here?
EU, APAC, Latin America family. Stay strong this pandemic will be here for awhile. Watches are the least of our worries. fOSL is trying to see if it can outlast this crisis. It's going into deep freeze mode hoping to emerge and grow in a post pandemic world.
US colleques, stay strong. In EU we will be fired just like you as soon as the governments stop paying our salaries in September.
Heard a rumor that the reduction pay cut will be 10%. Anyone heard something different?
Does anyone that has seen this org chart know what departments will be affected? Is this just for 901 or stores as well?
The email did not mention if it was corporate specific or store specific. It said all US jobs were susceptible to layoffs.
Haven't heard anything about the furloughed employees. I think both furloughed and currently working employees are all on the chopping block for layoffs. It wouldn't make sense to keep furloughed people on board while still paying a small portion of their salaries and insurance. Also heard a rumor that some furloughed would be coming back but that was a couple of weeks ago. Things may have changed.
Does anyone know next steps for furloughed staff? Why not just lay them off? How long are they going to continue to pay for there insurance and have no plans for them to return since it looks like no change in retail landscape as per email until 2022. Not sure how long this ship will survive before sinking.
Can someone share the org chart mentioned?
Are paycuts for corporate staff or is it also for store staff? Lots of nervous management at store levels
Can anyone share the email Kosta sent?
Funny thing is an org chart has been circulating the past few weeks. But is that chart before or after layoffs were decided?! The current state of the economy and the fact that companies are not hiring, I hope I stay on at Fossil until I can find something else.
Maybe Fossil will finally put out an org chart for their employees! 😂 😂 😂
Well, back to the “good old days” everyone who used to work at Greenville used to talk about. Hope those of you that are left are ready to put in a lot more extra work for literally less money.
Even if you don’t get a package next week and you get to stay on board, would you want to? Really?
Even if they have to legally warn employees of impending layoffs, employees should not have to wait 5 days to find out their fate. They could have sent the email out one day and then done the layoffs the following day. The WARN Act is at least 60 days in advance.
FYI to whoever wrote this... They alert employees of impending layoffs (in advance) b/c they have to legally do so. See WARN act.
store level or corporate?
Social distancing won’t be a problem at 901 in August.
Maybe giving staff 5 to 6 days to obsess about it is for the drama. It’s like a made for TV Movie. Fossil, not the brand, but the fate. That might be a long title. IDK.
This leadership is a complete joke. Send an email out on a Wednesday and wait until Monday to find out if you are laid off or not. 'Fossil thanks you for all your hard work. You are all talented." LOL too bad Fossil leadership has zero talent.
Yeah I'm not sure why they would send it today and make us wait all week/weekend. I guess that gives people the change to copy all their files over.
No mention of furloughed employees specifically in the email. Both furloughed and current employees are all susceptible to layoffs it would seem.
Any idea if furloughed people are all getting laid off??
Email said US jobs would take a hit. There was no mention of global jobs.
What regions are concerned?
Anyone heard any rumors on how much percentage of pay cuts?
Makes you wonder if Senior Leadership is getting a permanent pay reduction too......
I am going to do absolutely no work until I know my fate with this sinking company.