With the recent re org being handled and executed so poorly and with the 28B loss, it is obvious Nike will cut more people in 2025 and even 2026. How about this round Nike allows people to volunteer for layoff? I personally have not done 30 min of useful work in the past 6 months. Having no manager no direction no clear job and I am sick of it. How about Nike allows me to volunteer for layoff? I have a big fat paycheck for doing nothing.
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Not happening for a simple reason: good talent, with critical skills, will be the first to leave for a new job with a severance in the pocket if they could volunteer to leave.
In theory, this layoff should have done the opposite - Walked the low performers out.
I ll let each one of you to arrive to your conclusions on how well this was done. On my department (GT, always) they left a few good leaders and ICs go. The brown noses are obviously staying stronger than ever
MM would NEVER allow this to happen. It would be too transparent, too fair, and would give employees a say over their own destiny. That simply isn’t the culture that her or JD want to foster.
@1kly+1tgSonE9 Op here. Yes I understand income statement butvI also understand a 20% drop in stock value does not indicate a healthy company. Without this 20% drop, Nike sought to cut 2B in cost. Can't imagine they would not consider another round of layoffs considering the extra fat in the org.
A drop in market cap is a VERY SERIOUS problem.
Op never says Nike lost that money in the year operation. They clearly says “the 28B loss” which is a correct statement.
Nike is going to have MUCH more difficulty to fund its investments, and when companies face this they cut other costs so they can still invest. This might be more than the cost SLT though they needed to save so you do the math…. remember he comes from
Bain.
To simplify for the OP. Nike still had a hefty profit on the fiscal year, the share price just dropped drastically. Because the profits were not as high as expected. The $28b drop is valuation based on share price, not an actual loss.
I wonder if the OP understands and income statement.
The new role is remote, there are still some great remote roles open but there are fewer than there were a few months ago. As far as anything physically located in the PDX area I don’t find anything. HP in Vancouver has some open roles but their hiring process is slower than Nike’s.
OP, you are the problem.
@tfk+1tgSonE9 I am very happy for you! Congrats. May I ask if the new offer means you are relocating out or Portland? Asking because I have a job offer in Florida and my wife is blaming me why I can't wait and find a job in Portland and why we should re locate. I work in Tech. Trying to tell her that we should be open to relocation if we want to secure something soon. Are you re locating? Thanks for sharing
The current job market is very tough, I am not kidding when I say this. I knew I was getting whacked so I started actively applying elsewhere in April. I just accepted the first offer I got last week. Start your process now so you dont start from zero when the inevitable layoffs start again.
:that's the point:
The best workers would volunteer knowing they can get another job, leaving behind non-performers.