STX very good company.. only one problem, most of middle management ppl (director) ( no words ) to say. As long as you are more obedient , u can stay and enjoy benefits without any problem
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When I got impacted in 2015, the rest of the folks who survived were told that they were done with layoffs. Since then there must have been a dozen more layoffs till date.
Bottom line layoffs will continue at Seagate till it disintegrates.
Agree. People can rake Seagate over the coals over just about every facet of their business acumen but they remain consistent with their decent severance. Maybe they actually have a conscience to know that most they are jettisoning are the very employees who had a hand in building the disc drive industry.
If this is severance is for those retirement send-off then it's a good golden handshake. It's not a bad way to allow for exit with cash in hand, especially for those who wants it
No, SVP of business excellence has not been whacked in RIF. She will be here until CEO is fired, company is sold, or EVP Ops takes over. In all 3 scenarios the new leadership would not waste a nickel on the value brought by her and this group.
Depending on the meaning of "done". Stx will never be done with layoffs unless they can somehow magically discover a new market area to revenue to stop decline. Until then, stx will adjust its cost to match revenue decline.
It's all business.
When will they start cutting the AMS work force? Colleagues doing nothing all day looking at youtube or facebook, Sr Directors cleaning out dishwashers and doing nothing smoking walking around.
And at our site we are being laid off?
Do the math. The lay offs are almost exclusively in the US. 1% of "global" head count is well more than 10% of payroll when you're jettisoning all those storage "industry" ventrans.
Did the SVP of business excellence get wacked yet?
Forget the 20% pay cut on directors. Lets just lay them off. It is obvious we don't need them now. Too much of the buddy system protecting each other and old empire ideas. Instead, we are laying the workers and keeping directors. I see that some of those directors are now getting pushed over to the Systems group. Like we need their help. None of them understand a RAID setup. Time for some changes.... very frustrating.
Looks at it this way. Stx bailed on SSD with this RIF, systems is a money loser and will be next for a full RIF, WD managed to sell its systems business and stx will not be so lucky.
Now, just plot the decline in HDD over time and the rate of decline will be the rate of headcount cuts. HDD is not a growth business no matter how much the CEO lies about it.
A portion of the letter from Dave: "We made the difficult decision to implement a global reduction in force that involves multiple sites and functions. Overall, these actions affected about 500 people in 12 countries, or approximately 1 percent of our global workforce." So, saving 1% of a cost that is less than 15 % of the overall budget is apparently worth celebrating by Wall Street. How about they cut the salaries of Directors and above by 20% - then you might start having an impact...Just sayin' sometimes doing nothing is better than doing something stupid.
Does a bear c-ap in the woods?
There is no such thing as "done" with this company. Most are either looking for a job to bail out or just skating along to get as close to retirement as possible.
This is a small one, if Corona issue drags, expect a major one 15% by September.
I am sure they have already planB ready.