Thread regarding Oracle Corp. layoffs

Lay offs begin in 21 days! 236 Million set aside in layoff packages!

Taking a look at the Oracle 10Q shows the plan for the big lay off party starting in June 2022. On page 14 the plans to let go of Oracle employees are spelled out.

"The total estimated restructuring costs associated with the 2022 restructuring Plan are up to $353million and will be recorded to the restructuring expense line item within our condensed consolidated statements of operations as they are incurred. we recorded $117million of restructuring expenses in connection with the 2022 restructuring Plan in the first nine months of fiscal 2022 and we expect to incur the majority of the estimated remaining $236 million ..."

So we have 236 Million for FY 23... which starts June 1 and we all know Oracle like to clean house when the new calendar starts. Which means the lions share of 236 million will be spent on layoff packages in just a few weeks.

How many employees will be let go? Hard to say but 236 Million will buy quite a few packages. If we pick what I got a few years back and then go for a round number... lets say 5 to 10k per package thats equal to somewhere between 23,600 employees and 47,200.

Well I am guessing its closer to 23,000 than 47,000. But that's still a pretty big a big chunk of people. If you'd like to think "restructuring costs" means moving furniture around, then I applaud your sense of denial. But I will call your attention to line (1) in small print at the bottom

"(1) restructuring costs recorded for individual line items primarily related to employee severance costs."

Oracle has 132,000 employees. 23,000 is about 17% of the work force. In the good old days back in the roman empire, when the legion did something terrible they would draw from a lottery. One in 10 would be ki---d. It was called decimation. I would hazard a guess that Oracle will be decimated this summer.

It's not idle speculation as we have seen this play out before many time at Oracle. Don't worry about Oracle, as there is a young bright eyed college graduate ready to step in your shoes.

If you like to play those kind of odds with your career stick around. If you know you are on the list, stick around, you will get a nice package based on salary and years of service.

If you survive I strongly recommend looking for another job before the stock market collapses, inflation takes off and the price of basic goods and services sky rockets. Odds are we are headed into a recession so I'd skill up and find a new job asap. If you like this sort of fear hanging over your head and you are too lazy to look for a new job, fate may not be kind to you when you hit the street with your knowledge of ancient Oracle technology.

Oracle 10q with the layoff plans are here in the link below for everyone to read. You can not say you didn't see it coming its right here in black and white.

https://d18rn0p25nwr6d.cloudfront.net/CIK-0001341439/75818814-7921-44a6-bab6-8490aac1f4ed.pdf

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Post ID: @OP+1gFIQNpG

28 replies (most recent on top)

I just got offered a job at Oracle yesterday. They mentioned they have good budget starting 1st quarter (1st June). Any thoughts?

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Post ID: @Izur+1gFIQNpG

I have hope for the handcuffs, but it’s impossible to tell who is posting what on here. Time will tell I guess.

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Post ID: @8car+1gFIQNpG

wonder what will come first....layoff or handcuffs?

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Post ID: @7gae+1gFIQNpG

Looks like 15 days now. Wish this was true, but I doubt anything will actually happen.

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Post ID: @7bbw+1gFIQNpG

I orchestrated my layoff at Oracle beautifully a while back. Having been at O for a couple decades, I finally had enough and in a financial position to leave without worry of finding another job. My strategy was really subtle (maybe if you are into S&M) to call out an upper mgr in a meeting and scorn their ignorant roll playing scenario which made no sense. Worked like a charm, I was out within a month or so. Nice payout too. LOL. Suckers.

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Post ID: @4ihw+1gFIQNpG
$50MM is correct, not $25MM - that was some bad math. And you are correct, if they
front load then it will be very noticeable.

They are experts at spreading out RIFs at the Big 0 so that they fly under the radar. Afterall, must'n upset the stock price.

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Post ID: @4nxp+1gFIQNpG

You are wrong. This is not a manager that you are trying to discredit by shifting blame that only you are guilty of. BDon’t you get tired of every day having to fight to defend yourself? Putting others down does not make you look good. It does the opposite.
A good leader builds loyalty and trust with their team. A good leader encourages and supports all in their org. A good leader does not steal work from a contract employee and use their work to file a fraudulent patent. This patent business took a long time to catch-up and it’s not going away. It can’t because it is frsud committed by the filet of patent and many believe the other patents are of the same nature..
Oracle needs a good clean leader in product development that team members can trust & respect.
A corrupt leader will never be respected. Sayonara!

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Post ID: @4zby+1gFIQNpG

Manwhile, layoffs in tech are accelerating:

https://news.crunchbase.com/news/layoffs-hiring-freezes-cameo-uber-facebook-thrasio
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Post ID: @3xmk+1gFIQNpG

$50MM is correct, not $25MM - that was some bad math. And you are correct, if they front load then it will be very noticeable.

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Post ID: @3ubd+1gFIQNpG

No one knows the inner workings of the $236M in layoff packages to be assigned. It may be evenly distributed which would be $59 per quarter. But that is not my experience. June is the start of the fiscal year and typically in the past when the majority of layoffs occurred in the past.

Additionally we have some new things at play... the Oracle relocation of HQ to Texas and the fact the the California warn notice has been suspended. This summer is a great time to clean house and close down offices in California and fly under the radar.

My guess is it will be noticeable layoff this Summer.

https://edd.ca.gov/en/Jobs_and_Training/Layoff_Services_WARN

COVID-19 Update
The California WARN Act requires covered employers to provide advance notice to employees affected by plant closings and mass layoffs. Covered employers should continue to file a WARN even if you cannot meet the 60-day timeframe due to COVID-19.
The suspension of the 60-day notice requirement ended July 1, 2021, per Executive Order N-08-21.
For questions regarding the California WARN law, contact the Department of Industrial Relations.
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Post ID: @3bse+1gFIQNpG

Fy22 restructure plan had 353MM allocated to it in Q1 22.
In Q1 $55MM was accrued.
In Q2, $37MM was accrued to bring the total to $92MM.
In Q3, $25MM was accrued to bring the total to $117MM

We can guess that in Q4, which ends May 31, they will accrue say $30MM, which will bring the total to an estimate of $147MM, leaving $206MM of the original $353MM.

That means they will have an average of ~$25MM per quarter for FY23 which starts Jun 1st.

If you work at Oracle and haven't noticed any layoffs over the past year, you probably won't notice any layoffs in the next year as the overall rate of execution will remain the same.

That won't be of any comfort if you get RIF'd, but the OPs prediction of massive exits and cattle call RIFs doesn't add up.

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Post ID: @2qut+1gFIQNpG
start with PD VP, most corrupt Oracle employee

It save Oracle much embarrassment to remove him, immediately.

This guy is trying to blame the VP above him for what he was doing. He is one of those in the management running scams on decent employees. Don't listen to this guy. He is lying his a-s off on here. All of the stuff about atlanta vps/investors/get-the-PD-VP is all cr-p posted by this liar.

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Post ID: @2whj+1gFIQNpG

start with PD VP, most corrupt Oracle employee
It save Oracle much embarrassment to remove him, immediately.

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Post ID: @2ige+1gFIQNpG

If there are no handcuffs involved then nothing of interest has happened.

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Post ID: @2kpt+1gFIQNpG

There were posts like this a few years back. The money will be spent over the coming year. The layoffs seemed to be barely noticeable.

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Post ID: @2cwy+1gFIQNpG

Layoffs are not interesting. They will all just come back in the revolving door. The rats will be here to turn the lights off. This is not of any importance.

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Post ID: @2nxu+1gFIQNpG

Senior Directors, Directors, CMTS and Senior Managers of internal projects get ready.

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Post ID: @1zfm+1gFIQNpG

Good lord I hope this is true. Wish they would just close up shop entirely.

Oracle blows. No other way to put it.

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Post ID: @1wox+1gFIQNpG

Good bye hardware org!! Nice knowing ya, except that it wasn't!

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Post ID: @1gjw+1gFIQNpG

Pray that a younger creative capable trained smart product development leader will come out of this.

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Post ID: @1zec+1gFIQNpG

Unemployment benefits can include paid training through WOIA program. You get your UI, you are excused from job hunting so you can go to school.

Still have to take all the resume writing, job search, LinkedIn courses but those aren’t horrible and you get some tips.

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Post ID: @1zyd+1gFIQNpG

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