Yet another company hurting massively for their bad bets in physical office space.
Silly boomers, it’s 2023.
it’s 2024
Cite your sources
The Gregorian Calendar
deleted by creator
google it, I’m not doing your homework for you!
Despite reporting profit of $1.3 billion last quarter, which it described as “another quarter of solid results,” eBay today suggests that there is a “Need for Change.”
It sounds like they aren’t even hurting, they just are ritualistically cutting off a pound of flesh for Wall Street.
Line must go up!
Yeah, I think it’s pretty weird to say “no working from home except for lay-off day.”
We need laws around layoffs, stat. It shouldn’t be legal for execs to layoff a thousand people and still keep their own jobs. It’s their failure that caused the issue in the first place - they’ve been safe for too long.
Lmao they’re closer to criminalizing lunch breaks than that.
In the US there already are some, they just need to be stiffer and with dedicated enforcement. This is the federal law; there are similar state laws also listed:
https://en.wikipedia.org/wiki/Worker_Adjustment_and_Retraining_Notification_Act_of_1988
The only issue they’re having is number not go up.
And what would that law be?
Honestly I am curious what the logistics of a ratio cap between lowest and highest paid employee would result in, say 1:10.
Now there’s a lot more to consider but I think restricting the impact onto the managements possible pay by layoffs (while also capping their pay) would encourage upper management who cares about their workers and company alike, and also kill the layoff cycle thats used to boost end of year reports
I mean, I’m not a lawmaker, but ideally if execs do layoffs they should either have to also layoff a certain percentage of upper level execs dependent on the # of people laid off, and/or the company or execs should have to pay fees dependent on the # of people laid off.
No C suite bonuses if layoff happened within the year and no share buybacks for companies who initiated layoffs in that year either.
You’re suggesting the government should be be involved in a private business hiring / firing decisions? And pay fee’s also? So if a business is having a down time, they don’t have funds for payroll, you want to fine them? A large project concludes, they lay off those people, they need a fine? So they’ll need to calculate fines into the price they charge for projects?
Maybe look at this another way:
The government should represent the interests of the people. If the people have shown interest in curbing these layoff behaviors, where thousands of people lose their jobs while management remains in place with no apparent cuts to the top billing, then why would lawmakers not want to translate these interests into legislation?
I get a reasonable wariness of keeping the government out of private business, but if you have a town of 10 people, all employed by local business owner, and that business owner lays off two people, you have a large percentage of the population affected. If the townspeople enact a local ordinance to prevent this kind of behavior in the future, would they be in the wrong?
To prevent … what kind of behavior exactly? Firing people? I’m for the government protecting peoples interest, but also a business needs the freedom to hire and fire as they see fit, without beuaracy involved. Maybe you’re more referring to a union?
how do you know management is not also being fired? Should the ‘people’ be given a list of potential fires and they vote on who the business can fire?
This breaks down as a business grows. When your business employs a significant portion of the local economy, it accumulates soft power that can rival that of local governments, all while having little to none of the accountability or representation that one would otherwise expect.
Management is likely being fired to an extent, but one used to expect those with the authority and responsibility to be in such a position of power to be held accountable. We’re long gone from the days where a leader would personally take accountability and step down while making unpopular or harmful decisions.
I don’t have a perfect solution to this but I clearly think something needs to change.
It’s easy to screech “nuh uh” at ideas people toss around, where are YOUR solutions that aren’t “Shouldn’t have been part of the 10% laid off, fucking losers! ALL HAIL CORPORATE PROFITS!”
Yep, that sounds great to me! At least for large corporations. Obviously shouldn’t apply to contractors, but that sounds great.
you are forgetting that businesses already pay unemployment. That is their ‘fee’ basically. Your unemployment funds come from the payments a business makes during their monthly or quarterly taxes they pay to the state. When they fire anyone , their unemployment payments they have to make increase the following years. Each year the state looks at how many people a company hired / fired and adjusts their payments for the year. And that calculation takes account the last 3 or so years where I am.
Unemployment isn’t enough, I’m not forgetting that at all.
First let’s let them do the layoffs there will be time to figure out what happened later.
The C in C-suite stands for Cunt
Yikes. That is a brutal number of layoffs.
I’m sure those 1,000 people will have no problem finding work… Once all the other places are done with their layoffs and AI has filled in the gaps, and… Welp, maybe i have to reconsider that first statement 😬
best advice for anyone looking for work these days is to learn a trade. I’m sure the drive for unimpeded profits will eventually crater even those types of jobs through AI and automation, just not as soon.
I’m betting AI will “fill the gaps” for a while until profits start to drop due to AI not being ready for primetime in most capacities. Then they’ll start hiring back real people to fix the damage for a few years before trying it all over again.
If AI could do all the work of engineers, the engineers would be using it right now to do their job, while relaxing on the sofa and getting paid.
I’m sure some enterprise jobs could be automated though. Stuff like filling in excel sheets with the same things every day.
I’ve already seen this. If you know some programming and not a software person, you can probably automate a good chunk of your work
preferably a unionized trade, more staying power…
This should cover their asses on that big lawsuit they just lost for harassing that poor old couple. Projected profits would be down ~$300m over the period of time they intended to pay this out, I assume, not much of a mathematician. Gross.
It’s a good thing we haven’t raised their taxes or wages. I heard that as long as we don’t do that they’ll NEVER lay people off or raise prices!
And the techBro war on skilled wages continues…
This is the best summary I could come up with:
eBay is following in the footsteps of Google, Discord, Twitch, Unity, and more — by laying off loads of workers this January instead of right before the holidays.
Despite reporting profit of $1.3 billion last quarter, which it described as “another quarter of solid results,” eBay today suggests that there is a “Need for Change.” Company president and CEO Jamie Iannone writes that “there is more we can do to ensure our success,” and argues that eBay should be a “more nimble” company that “makes decisions more quickly” to position itself for “long-term, sustainable growth.”
Never mind that last quarter, eBay CFO Steve Priest already said he was “extremely proud of our teams for delivering on their quarterly financial commitments, maintaining prudent cost discipline, and executing key deliverables in support of our strategy.”
eBay also argues that it hired too quickly, an excuse tech companies have been trotting out for over a year: “While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business,” writes Iannone today.
It asks that all US employees work from home tomorrow while the company processes this news.
Incidentally, Iannone’s predecessor — former eBay CEO Devin Wenig — got a $57 million severance package after the company cyberstalked and harassed a pair of its critics, sending them live insects, a bloody pig mask, and a funeral wreath.
The original article contains 294 words, the summary contains 231 words. Saved 21%. I’m a bot and I’m open source!
Just more corporate BS to cover for poor management and greed.
And the huge lawsuit they lost because they are run by assholes.
I am more surprised that eBay has more than 11,000 employees.
Parts of that site still feel like they’re from 2000. What do these people do?
It’s probably because of AI.
So we already have Video Game apologies for publishers/developers pushing half-assed products to release - https://knowyourmeme.com/memes/video-game-apologies
Can we get a CEO apology letter? I’ve taken a stab at putting together a template:
Dear ,
We are on a path to with . We are growing resilient and more agile to with the increasing demands of our customers. We feel we can by our consistent performance with our .
Our is the right one, but to ensure we can our success, we need to be further , bring our persons together for collaboration , and push our development to reach decisions quickly.
[Optional: Depending on how Legal believes the people getting fired will respond, consider mentioning record profits.] [Now that positive paragraphs are introduced, hit them with the bad news next]
We need to change and innovate. We will be organizing our effieienctly by our by . We understand this difficult position we are in, and we know that our is a decision <‘we do not take lightly’, ‘take for granted’, etc.>. We understand the impact this has to our .
[Depending on what Legal decides, now insert verbiage about how this decision was painful or difficult for you. We recommend you reflect over this decision with a glass of wine, or on your private boat/catamaran]
I this decision is painful, and we are aware of the impact this will make on our . We unfortunately with our collaborative who we have over many years. [Optional: Insert sentence here that states you feel responsible for this, and am working hard to ‘right the ship’, ‘steer the ship’, or other corpo-speak you think is preferred to recommend to your wage slaves]
[Now add a vague paragraph about how people will be in touch with the ones being fired, just to give some kind of reassurance that they’ll at least get their final paycheck]
To of this transition, we will be notifying in . We are committed to all and will provide them with .
These changes are . We are to . We believe by, will come out of this with more . We believe will be better positioned to focus on our number one goal: maximising profit at the expensive of the humans that slave for us.
,
