Fab8 managers have an emergency meeting today at 14:00 to finalize layoff plans. The hammer will drop starting tomorrow.
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Troll who does not work at GF has corrupted this chat.
GF is the first "real" or best job for a lot of people. It's OK for them to not want to rock the boat. I don't think working conditions are that bad, but it probably varies by team or even shift. Benefits and perks are competitive enough too.
2tik+1jDwkG8N
I'd wager the people who are whining for a union are townies with no marketable skill who were brought in at a low salary. Now they want to stick it to the man by unionizing and think they'll get paid what they're not worth. Take me back to the time when we had a skilled and intelligent workforce.
Go take your unionization effort to Amazon and Starbucks. Cry fairness, but then again, it is probably priority #1 when you should be in the fab, but instead, spend 5 hours a shift, vaping, in the smoke shack, to passion fruit-flavored oils, and then need to take an additional 3 hours because one can’t go into the clean room within 30 minutes after smoking.
@1dgt+1jDwkG8N What's there to "understand" about unions? Laziness, incompetence, greed? Since you're the expert on unions, why aren't you already in one? Don't poison GF with that corruption.
Unions are for people who aren't capable of thinking for themselves. Fab8 used to be staffed by intelligent people who turned the unions away every year. A union at GF would be the final nail in its coffin.
@1uyv+1jDwkG8N either has absolutely no understanding of what unions are or how they work. At best they knew someone in a union with a bad rep and just regurgitates HR and business propoganda and talking points to defend that position or at worst he/she is a corporate bootlicker that likes to stir the pot. Ignore that comment as spam and move on. There's a reason every for profit business is against unionization.
@1uyv+1jDwkG8N
So you're saying police, firemen, airline pilots, etc. are d-mb for being in unions ?
No thanks. I’ll keep my money, rather than pay union bosses to get rich, negotiate contracts with near-zero raises, give my money to a certain political party, all while ending with the same result of layoffs.
Facts.
If only there was a way to come together to collectively bargain for workers rights. Some sort of group that formed into a coalition or unified front to represent the little guy...... who knows
Every meeting Fab 8 Managers have is an emergency..
More reading material
https://vtdigger.org/2022/11/10/globalfoundries-cuts-costs-in-anticipation-of-declining-demand-for-semiconductors/
Nowhere to run. Layoffs all across semi industry
https://time.com/6222411/intel-layoffs-chips-act/
@1stu+1jDwkG8N
Funny one of my buddies in the know said Cramer is not going to let another Meta like situation develop on his show and and to avoid it ..TC is not going to be allowed on again in future…. persona non grata
GF is gonna make Jim Cramer cry just like META did
https://www.vice.com/en/article/n7zkj8/jim-cramer-tears-up-apologizes-on-tv-for-trusting-mark-zuckerberg-as-meta-stock-plummets
Jim Cramer Tears Up, Apologizes on TV for Trusting Mark Zuckerberg as Meta Stock Plummets
Cramer has boosted Meta during its downturn and emphasized his belief in Zuckerberg's vision, but on Thursday he struck a very different tone.
I know of 3 subject matter experts (SMEs) who left because of GFs policies… also they are SMEs so they can get much higher salaries elsewhere. They leave and then leave us scrambling. more will surely go after this . Globalfoundries is dying a slow death.
Offered my name to lay-off but my manager just said there's a waiting list, I'm 10th in line :+(
Honestly would anyone really be that upset? Severance, unemployment and finally the motivation to look elsewhere. Good luck to all my coworkers, I hope it works out for us, one way or another😊
Offered my name up as a candidate, does anyone have any knowledge of increasing the chances on getting an offer.
@1nqr that's why you're not a CEO
IT is already gutted. Most (75%) of the people that actually remain as GF employees in IT are experts on subject matter you can't just hire off the street. If you think the past year has been bad with IT issues (look at one fab this week), brace yourself if there's more outsourcing.
Also, they're not even saving money from outsourcing. Several "whoopsies" made during that process. Wouldn't surprise me if their partner is trying to reneg.
I would lay-off about 30 VPs / senior directors right from the start. Reevaluate the bodies in the auxiliary teams (sales, marketing, business units, hr, outsource more IT)
HR will actually have to do some work now. What's this world coming to?
Zero surprise here to be honest, look at the other tech companies. Hopefully the severance is good and they let us keep unvested stock
It was clearly stated in the earnings report that tough times were ahead it's not Globalfoundries fault that you folks only read the headline and didn't read deeper.
I don’t get it? I thought we just reported amazing earnings - beat expectations and silenced all the GF Haters - 3 days larger layoffs??? Wtf?? Maybe everyone on here is right. I always took everything on here with a pinch of salt but it’s more and more winning me over that Globalfoundries is not a good company to work for
Did everyone get this email?????? Only authorized people can view this video
I got the video message
When do we get the confidential meeting invite
@qlu Onward, team!
11/08/2022, 02:16 PM ET - Dow Jones
Investors Cheer Globalfoundries Results, Cost-Cutting -- Market Talk
14:16 ET - Globalfoundries jumps after it reported a 22% jump in 3Q sales and a profit figure that beat Wall Street estimates. Like many chipmakers facing a drop in demand for electronics this year, however, Globalfoundries says it's seeing downward revisions to orders for next year and was planning to reduce costs by $200M a year to cope with economic uncertainty. The contract chipmaker's shares rise 7% to $60.21. (asa.fitch@wsj.com)
(END) Dow Jones Newswires
November 08, 2022 14:16 ET (19:16 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Don't forget to bring in an unwrapped toy for the Toys for tots Charity drivie so GlobalFoundries can show how generous they are during the holidays to the local community.
Are the emails sent out to targeted employees only?
Can anyone share more details about the email as it is making me uneasy?
Terrifying news. Guess it's time for people to start applying to Wolfspeed or to leave NYS
Who can they even layoff when we are critically short staffed????
GG
They're firing everyone ON THANKSGIVING DAY!!
good thing we helped those shareholders! 🥴
Mass hire, then mass fire..
just saw Tom’s video message, it’s officially happening
So much for TC "doubling down" if times get tough. Happy holidays y'all!
Caulfields email just hit my inbowx. I guess it's true, very sad.