Do we know what's going on with the rumored October layoffs? I haven't heard anything yet and I'm not sure if I should take it as a good thing or if I should be worried that it's just the calm before the storm. Is there any chance somebody knows what's going on?
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On the earnings call, Jay Brown said that they’re not seeing any of our biggest customers scaling back their 5G spend in 2023. So those of you using the layoff pages of our customers as the litmus test for Crown layoffs are way off base. We like to say the EMT is clueless but after reading some of the junk on this forum, I can’t really say the little people at Crown are any better based on the unsubstantiated rumors and predictions that never come true.
Since almost every publicly traded company is purposely shooting low on their EPS and FFO forecasts, it wouldn’t surprise me if Crown came in above expectations. Reading the tea leaves, I wouldn’t worry about the crash just yet. But give it a year……..
My manager told me that Crown is set to report strong earnings for Q3. We have nothing to worry about regarding layoffs. At least not in 2022 anyway. My boss has been correct in the past so I tend to believe him now. Just reporting what I was told. Not trying to convince anybody that they’re wrong.
Maybe they'll do it as a Thanksgiving present, just like in 2020!
Elliot Management made Jim Young retire overnight. LOL
Bad take. The October person said IF, also October isn't over and someone else said Nov 1st. 1 day isn't huge if it happens.
Levendos, you don't make a COO retire overnight. If his team misses the node requirement two years in a row I'd be worried of I were him.
We aren't too big to fail, we're extremely debt heavy in a market with extreme inflation and relatively high interest rates.
If read the motley fool and seeking alpha posts and they're mostly either paid or written by an investor. Typically their reasoning isn't very good.
The people mentioning the valueless team are right as can be though. We could lose 60% of our staff and not miss a beat if they did it right.
Somebody in another thread said that layoffs would be coming in October and also mentioned a rumor that Levendos was on the way out. Neither has come true so far which is par for the course because 90% of the posts on this site are BS.
While the comments about how poorly run Crown is are generally true, I believe we’ve gotten to the point of being too big to fail. We can afford to keep posting jobs and keep useless national staff people as long as we keep fooling investors that our small cell plan is bulletproof. If you read the Motley Fool or Seeking Alpha, it would seem we at Crown have succeeded in doing just that.
Amen to last comment, so true. Don't forget the lack of accountability!
@2dlt+1jbZzcoE the zero value teams must be extremely influential. It makes no sense that 3/4 of the employees are in redundant / ineffective departments.
We've had so many reorgs, one round of layoffs, and yet we still have these huge groups of people at corporate this, national that, innovation, digital transformation, that don't seem to ever require restructuring or reevaluation.
It’s more than people leaving. Fiber sales are down and churn is up. We have fat inflated zero value teams like supply chain, PD, process improvement etc. Deals we sign are for a fraction of what they once were. Small cell volume is way down. Leadership won’t admit mistakes with supply chain etc. so they will go after the people actually doing the work. Crown is at a turning point. Stock down 40% from 12 month high. It’s not good. Layoffs and business consolidation coming.
They keep posting because people keep leaving. Have you ever known turnover this high at Crown?
Why don't they just stop posting jobs? Keep bringing on new people and planning to layoff more?
Layoffs likely coming in November. I was asked to start stack racking employees and identifying who we could move forward wothout. I’m on the fiber side.
TMO had already laid off most of who they were targeting. AT&T is waiting until 2023 to announce layoffs because they’re hoping that natural attrition will solve the headcount problem and a layoff won’t be needed. They don’t want to pay severance. Based on AT&Ts pension calculation changes, they expect a lot of people to leave before the end of the year.
That brings us to Crown. I’m not sure that Crown is waiting for the big carriers to lay off. I don’t know that Crown layoffs are inevitable. But I will say that Crown does need to do some soul searching because the fiber organization headcount growth is outpacing the growth of fiber revenue. I don’t see how that is a winning combination.
There will shortly be (or already was) an all-hands meeting in Houston for the Business Support group.
Crown has a very high debt ratio and interest rates are going through the roof….
It’s a game of chicken. Nobody wants to be the first with big layoffs. Real estate is being decimated. Crown is real estate, but is lucky to have gigantic customers.
However, if you look at the layoff pages of our customers, you will find the info you are looking for. If crown’s customers are laying people off, it’s only a matter of time before Crown has to lay people off as well.
Since the EMT at crown is composed of managers and no leaders, you can expect a very reactive response to the ATT and TMO layoffs.
Look at this post for the links to the other telecom companies to hear about their layoffs. https://www.thelayoff.com/post/@ylz+1iXvtDc8