Company layoffs thread 2020/coronavirus recession layoffs

[soodhilodaaram]

48 minutes ago, BeerBob123 said:

c o x lo kooda may 31 varake ani vinna 

contractors ki April end ani vinna

then call this guy

[LazyRohit]

55 minutes ago, BeerBob123 said:

c o x lo kooda may 31 varake ani vinna 

contractors ki April end ani vinna

Location?

[BeerBob123]

3 minutes ago, LazyRohit said:

Location?

atl

[snoww]

Schlumberger executives are taking pay cuts while the oil-field services company lays off and furloughs workers in the U.S. and elsewhere in North America.

Citing an "extraordinary business environment" as the coronavirus pandemic and record-low oil prices ravage the industry, Schlumberger said Tuesday that executives and senior managers are voluntarily taking a 20 percent pay cut beginning Wednesday.

[snoww]

 Thumbtack  CEO Marco Zappacosta announced in a blog post today that the company has laid off 250 employees.

Much has been written about the impact that COVID-19 and the resulting social distancing/shelter in place measures are having on small businesses (and the steps that internet platforms like Facebook and Yelp — which, after all, make money from small businesses advertising — are taking to help).

Similarly, Zappacosta said the local services that Thumbtack showcases in its marketplace are also seeing anything from a “dramatic decline” to an “outright collapse.” Apparently the company’s business has fallen 61% in San Francisco, 55% in Detroit and 50% in New York City.

Thumbtack raised a $150 million round of funding last year, but Zappacosta said, “No business operates with enough of a buffer to sustain prolonged revenue declines of 40%+ without making radical changes.”

Those changes include reduced marketing, a hiring freeze and 25% salary reductions for executives. (Zappacosta said he will not take any salary at all, starting today.) And it also includes big layoffs.

[AasaDosa]

Fake news no recession coming

[LazyRohit]

@nenesuperni

[snoww]

Providing an update on the actions taken in response to the impact of coronavirus (COVID-19), Cummins Inc. (CMI) announced Friday it is taking temporary actions to lower costs in response to lower demand and customer shutdowns in several countries.

The actions include a reduction of 50 percent in the salary of the CEO, a reduction of 25 percent in Director compensation and a reduction in salary for all other employees in the U.S. of between 10 and 25 percent and a reduction in working hours.

The company will also take similar actions outside the U.S. based on local regulations and collective bargaining obligations. These reductions in pay are intended to be a temporary measure. It will reassess the program at the end of the second quarter.

[snoww]

23 minutes ago, snoww said:

Providing an update on the actions taken in response to the impact of coronavirus (COVID-19), Cummins Inc. (CMI) announced Friday it is taking temporary actions to lower costs in response to lower demand and customer shutdowns in several countries.

The actions include a reduction of 50 percent in the salary of the CEO, a reduction of 25 percent in Director compensation and a reduction in salary for all other employees in the U.S. of between 10 and 25 percent and a reduction in working hours.

The company will also take similar actions outside the U.S. based on local regulations and collective bargaining obligations. These reductions in pay are intended to be a temporary measure. It will reassess the program at the end of the second quarter.

Huge desis adda

[snoww]

Automotive retailers are cutting executive pay and laying off or furloughing thousands of workers as U.S. auto sales plummet amid the coronavirus pandemic.

AutoNation, the nation’s largest U.S. auto dealership chain, is furloughing 7,000 employees, slashing executive pay and postponing more than $50 million of capital spending as its year-over-year sales declined by about 50% last month, according to a Friday filing with the U.S. Securities and Exchange Commission.

[acuman]

TESLA laidoff  all contractors just with one email

[snoww]

SAN FRANCISCO (CBS SF) — San Francisco-based online review platform Yelp announced early Thursday morning that it will be laying off or furloughing at least 2,000 employees.

The news was shared on the company’s blog and via an internal email to employees from company co-founder and CEO Jeremy Stoppelman.

“Today we will let 1,000 of our colleagues go and furlough approximately 1,100 more, while reducing hours for others,” said Stoppelman in the email. “Your department leaders will be in touch this morning to discuss how this affects you individually, and letters with more details and FAQs will follow this afternoon.”

Stoppelman said the shelter-in-place orders have led to a critical slowdown in the businesses essential to Yelp’s review platform.

“The impact we’ve seen on consumer behavior is staggering: interest in restaurants, our most popular category, has dropped 64 percent since March 10, and the nightlife category is down 81 percent. Gyms are down 73 percent, and salons and other beauty businesses are down 83 percent,” he wrote.

The job cuts were a “last resort”, according to the company-wide email.

“We have reduced server costs, deprioritized dozens of projects, and redone our budget based on ensuring company survival (instead of growth). We have implemented cost savings at the top, including 20-30 percent pay cuts for all execs. Beyond not taking a salary, I also will not vest any of my 2020 stock awards for the remainder of the year,” the email said.

Yelp was founded in July 2004. It reached a net revenue of $1 billion in 2019 and at one point had nearly 6,000 employees around the world.

[snoww]

On 4/4/2020 at 7:59 AM, acuman said:

TESLA laidoff  all contractors just with one email

IT contractors aa ?

[snoww]

Sporting goods retailer Dick's is furloughing a "significant number" of its roughly 40,000 employees beginning Sunday.

Affected employees will still continue to receive their benefits, according to a report from CNN.

Dick's said in a regulatory filing that because of the coronavirus, it's "increasingly evident" that its more than 800 stores aren't going to reopen anytime soon.

It will keep on a small number of employees to fulfill online orders and curbside pickups.

[snoww]

 Nissan temporarily lays off 10,000 workers, Honda putting thousands more on leave

Largely affect folks who worked at plants in Tennessee and Mississippi, according to a report by Nikkei. 

As of now, Nissan has announced plant shutdowns lasting through late April. Nissan told us that all the employees that are being temporarily laid off will be brought back on when Nissan begins production again. In the meantime, those employees will keep their benefits (including healthcare) that they had while they were working. A Nissan spokesperson sent us the following statement.

"Nissan manufacturing facilities in the U.S. are closed through late April due to the impact of the COVID-19 coronavirus. The company is implementing temporary layoffs to help manage the business where activity is reduced. Affected employees will be eligible to apply for government support such as enhanced unemployment benefits."

We've also learned that some employees that are deemed essential will continue to work. Nissan made it clear that it currently intends to bring 100 percent of the workers back that were temporarily laid off.

Meanwhile, the report also says that Honda will be putting half of its U.S. staff (over 10,000 employees) on temporary leave. The move affects factory workers in Ohio and Alabama factories, but it will reportedly extend to other states, as well. This temporary leave will be up at the end of April, according to the report. A Honda spokesperson says that salaries will be guaranteed through Sunday.

Both Nissan and Honda workers will be instructed to pursue unemployment benefits in the meantime. Honda also announced plans to restart production at the beginning of May, along with FCA today. Just like most announcements pertaining to the coronavirus these days, that date is fluid and will change with current events.