Only posts related to Jan 2024 layoffs
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I got to work at 6:30am 1-16-24 and was laid off at 10am without any idea it was happening. Layoff was immediate, kept on the books until the 19th. Nothing was prepared for discussion. In addition, mgmt did not know how to answer simple questions when asked during the meeting.
It’s not over yet.
More coming this week 1/22/2024
Is the big layoff done, or is there more coming?
Prayers
WFR employees were notified Tuesday 1/16 with effective date of 1/19. Unclear as to the total number. The reason is a strategic change in direction, engineering, delivery & sales were impacted. Apparently the account and sector leads are going to be more responsible for sales/growth. Interesting approach considering that the company is struggling to deliver on existing projects & SLAs. It is obvious that the leadership is managing to their bonus and not the health of the company. It is clear that Veritas is in a panick mode. Loans due at higher interest rates. Credit lines cut off. Unable to even get bonds required for proposals and projects which is a direct indication of lack of credit and cash. The ship is sinking and they are rearranging the deck chairs.
I am quite nervous about this upcoming layoff. Not nervous, scared. I thought October was going to be the last of this. Well good luck to my fellow employees!
Re: ‘ What are the benefits/strategy of laying off just under 20%’
- Possibly to avoid WARN Act violations: https://www.dol.gov/agencies/eta/layoffs/warn
What are the benefits/strategy of laying off just under 20%?
This would appear to be a strategic move. Whoever is estimating that it is 1 out of every 3 or 4 is way over estimating. We have approximately 11,000 employees. So 2000 people laid off would be about 18% layoff. It would appear to be strategically just below 20%.
This isn’t new information.
We have known this was coming for a few months now.
It is an organization wide initiative. No areas are safe.
I wouldn’t be wondering how the company will function with less people. I am making sure I have a plan in case I am affected. I don’t care about the company. They certainly don’t care about me.
wow - 1 out of every 3/4? - incredible!
How can they lose 2000 people and still function? What areas are the focus?
The next big round of layoffs will be the third or fourth week of January.
They are still getting their ducks in a row.
This will be a significant layoff. Somewhere around 2000 people.
Good luck to all.
Are people still expecting that the next round will be ~ the 3rd week in January??
The 401k match is for those employed here on 12/31/23.
That Jan 20th is intriguing as the 401K match is around that time unless of course the CEO pulls out his veto card and moves the match to Feb..
I'm perplexed as to why people keep throwing out the "January 20th" date ... since that falls on a SATURDAY. That makes no sense.
That seems to line up with Zen’s info so far.
It sounds as if January will be a ki-ler for layoffs.
Wishing everyone good luck.
I don't claim to have the level of insight that Zen seems to have, but I do know a few things.
I can confirm that my particular Org is planning to do another big round in January, which is going to be almost the same size as the one that took place in October. When the names for the October Layoffs were confirmed, a few days later, leaders were called again to provide a second list of names for a January WFR. The number of people was almost the same.
if what happened in my team is representative of what seems is going to happen in January, then we are talking about a significant number of people.
As for the actual date, I can't confirm if the 20th is a firm date or not as I don't have that kind of information, but, the January WFR has been in the works since October, so everything indicates it will happen.
The January list its currently being ratified, at least in my team, to either confirm the names in it or make last minute changes. Other teams might be doing the exact same thing.
At this point I can say that nobody is safe from a WFR. Don't make the mistake of thinking that you are safe because your name is in the account's contract, or any other reason for that matter. Prepare for it, make some sound financial decisions should the unthinkable happen. All of us are At Will employees, the company doesn't really need a reason to take away your job and make no mistake, they will take away your job if it serves their interests.
Take care and good luck to us all.