I think the endless surgical layoffs and toxic environment are designed to make people quit. Don't fall for it. Make them pay you to leave if that's what they want.
21 replies (most recent on top)
@pz The creditors might not, if payments come after the filing. They can, and do, fight this type of comp plan in the bankruptcy court proceedings.
@q1 Yes, and the scary thing is that kind of filing usually happens at the end. Mitch McConnell might hold out longer than XRX.
It's a pre Ch11 move, usually done at the last minute.
The SLT is just getting the bonuses in place for when the stock gets delisted, and then bankruptcy. Shareholders will have a rock in there trick or treat bag.
You really got to hand it to these leaders, to have the nerve to say the he-l with everyone else when the ship is sinking to give themselves big bonuses as the company goes into default. You would think this would be illegal in every way. To say F the stock holders and regular employees. How are the creditors even allowing this? Stock going to zero, no problem, we will just rewrite the rules. Where the he-l is the SEC with all this.
In the U.S. 12 weeks MAX, whether you worked at X for 12 years or 45 years. Pretty bad. EMEA, Canada, etc. are completely different. How is JEG getting away with forcing people in the U.S. to log into Salesforce to record customer activity while they are on vacation, when in most EMEA countries, they can barely check email afterhours without violating 20 laws? I heard there is already a labor inquiry about this in California and Maine. Is this legal, Louie?
https://investors.xerox.com/static-files/ff58d8b4-4a6a-4793-ae29-dc065725434b
12 weeks. That’s Blood money.
Just leave with what dignity you have left.
@kg
12 weeks, no insurance.
How much will Xerox actually pay employees to leave in the US?
@ay someone is leaking it to toner news.
Unusual behavior detected my a-s
If you're unhappy and have options to go elsewhere, go elsewhere. Waiting for a payoff is pointless in the US because it's so little compared to what it used to be.
@fq lmao
Do any of you nitwits know how to read financial statements? You will get a new set in about 3 weeks. Try reading them.
Xerox Blows. It blew 30 years ago and blows now.
Nothing ever changes. Until you run out of money and employees that care. Welcome to reality…
😂😂🤣🤣🤣😂😂😂😂🤣🤣🤣🤣
@b1 I read Xrx has 9 billion in liabilities. I know this is different then debt but surely 9 billion is not sustainable based on the fact cash reserve are low and essentially they are not pulling in a profit??
https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3524238
S&P Global are modeling them to default sometime in 2027. This is a few months old, and things have not gotten better since this was published.
@b0
Is there anything out there in the finance sector that shows X will not make it to '27?
I am getting mixed messages across the board.
Also, is Xerox's intellectual property collateral on some loans?
Any information out there that shows a "hint" of survival, please share.
@az For senior SLT with stock plans, it will replace their current bonus when the stock goes to zero. We aren't going to make it to 2027 w/o a CH11 filing.
This is the kind of move they pull at the last minute. If they really thought they could go 6 more months before filing CH11, they would have waited 4-5 months to pull this.
@av
How can the SLT get a "retention bonus" when they are partially responsible for this mess? Talk about not making sense of any of this.
Is the "retention bonus" just a bigger life vest?
@av interesting where have they published the SLT getting a retention bonus
Shadow redundancy. Thats what they are doing and will continue to do. If they can find something to pin on you they will.
Surgical layoffs, singling out of mid level managers who call out the incompetence of so-called “leaders.” This company is hanging on by a thread. Make them pay you. Half the SLT just got a retention bonus. I hope it goes down in flames.
@ae
I heard that the VRIFs are complete. The rest will just be the old chopping block.
If there are employees like me, then I would be eager to hear if they had the similar experience- put your name in for VRIF and not hear a word.
@OP If you're ready to go, volunteer when they offer a voluntary, don't resign or retire. At least then you have the option to get paid to leave.
And if you're not ready to go, well, that's a you problem.