Budget cuts everywhere that are unattainable? Want to know why? We're not doing layoffs "right now" (cough), but this is how Nike gathers the money for future package layoffs. It's coming! I've been through this enough times where this is the only thing that makes sense of flat budgets and giving more money back to the biz. Make it happen regardless. They're planning for another Tech layoff. God help us as we have nothing else to give or people to lose. I hope I'm wrong.
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@6afn, you are 100% correct. While I support the 15% minimum tax the fact is it will likely impact in a negative manner hiring and retention. Nike is very disciplined about delivering steady earnings growth regardless of what the larger macroeconomic economy is doing. Nike has several levers it can pull to smooth out these earnings numbers but at a certain point it has to pull the more extreme “lower your labor costs” lever. This results in less hiring and, in more dire situations, lowering current headcount. I would not be shocked to see Nike attempt to reduce headcount by 2-3% over the coming year or two. Keep your eyes on the Oregon WARN website.
Just in the last few days Facebook and Google announced they are trying to lower costs by 10%. They’ve tried to avoid using the “L” word but it has been strongly implied that jobs will be eliminated.
Nike averaged 7 percent federal taxes over the last 10 years. With the new law saying all large companies have a minimum tax of 15%, my guess is you should see a reduction in staff to make up that 7 percent they will now lose from the books. Every large company is doing this right now, Facebook, google, Microsoft… any company not currently at that 15% tax point. Supplies , shipping, everything cost more right now, staff is the only quick fix, sadly.
It’s not just tech, it’s taking forever to backfill all over. Some roles have been pending release so long you have to wonder why, and if it will ever happen.
No backfill and a squeeze to get people to leave on their own in GT and NDP.
The stock price should be a huge indicator of leadership not giving two sh--s about what is going on in the company.
However thank goodness we paid a ton of $$$ for Travis Scott to come to campus and act like a child.
how the he-l has the 🐀 held on this long?
@3rem+1iLOyhpi: Spot on dude, you must work in NT
Given that a reorg in Tech takes about 5 years to complete as the so called leadership team needs to make sure everyone gets their puppets so they are safe from elimination, add another year for the global vs regional power politics, you should be safe for the time being. You might need to start worrying somewhere in 2026 or so.
Yep, hiring paused, no mention of budgets yet, but I still see people having their last days, we have been asked(read:forced) to be in office for 3 days/week!! we will(i hope?) come to know more about this who reorg bs in October/early Jan. But, I will say interview prep and GTFO wherever you can.
@2jyj Totally see this regarding backfills.. it definitely feels like we aren’t getting the real story here and it’s making some anxious
I’m not in tech but something is in the air in product creation. Backfills aren’t happening, there are small “unannounced” reorgs that are essentially downsizing businesses, reducing leadership headcount. I have an alarmingly small load of work right now, trying to use the downtime wisely and do some self disco and look for other opportunities.