I heard from a higher up today that the wave 1 deadline to declare your intention to move (or lack there of) has come and gone. According to this person, 1/3 said they were moving, 1/3 said they were not, and 1/3 did not answer. Did anyone hear anything similar?
26 replies (most recent on top)
If T was serious about relocation they would offer a relocation package
Age discrimination is real and high salaries a detriment to the bottom line, doesn’t matter if you earned it with merit. They don’t care, only $ matters, Greed!
Few were asked to move in Legal (my group). The whole purpose of RTO was to fire older employees.
why wouldnt you move - f-ck them be the worst employee ever and make the fire you.
They are a bunch of incompetent mo--ns from stankey down.....
You can stay with the T forever and do nothing ---- its all just pretend
non-reply equals not moving. They all just quit.
My home is paid for in 16 months.
If your home is almost paid off you're in a really good position to make decisions to move or not. It sound like most people on this board isn't in that position.
*"To get a comparable home in my designated RTO location would cost me north of 250K "
Oh, I hope you're not talking Dallas ... unless you're looking at 40+ yo, 625 sq. ft., 1st story condos with street parking only.*
@1zwi+1o9oCMNL, if you read subsequent responses, you'd see that he added clarification since some people didn't understand what he meant. It would cost him 250k more than just rolling his equity in an even trade for something comparable. (If he could get a comparable house for what he paid/has in his current house without increasing what he owed or the length of the mortgage, then it wouldn't cost him anything. Someone said, oh, but you can get a 500k house using the $250k+ equity you have and your mortgage payments would likely be close to what you're paying now. No--because then he'd still have the same size house, but now have a brand new mortgage adding 15-30 years instead of nearly done and free and clear.
"To get a comparable home in my designated RTO location would cost me north of 250K "
Oh, I hope you're not talking Dallas ... unless you're looking at 40+ yo, 625 sq. ft., 1st story condos with street parking only.
Pretty d-mb move financially to relo in this instance. Real estate prices are through the roof and so are interest rates.
It depends on the shithole state they're moving from. For instance a Californian can escape that shithole while real estate is high and buy cash in the state they're moving to.
someone told me the "default" if you didn't answer was "I'm not moving". So it's 2/3 who are giving the finger.
From @dza+1o9oCMNL
*Meant Karma to the company!
according to the st. louis fed, which tracks these things, there aren't many homes for sale out there:
homes for sale in the US
Jul 2023: 646,698
May 2023: 582,032
Apr 2023: 563,025
Mar 2023: 562,041
people are not selling and are staying put because they don't want to give up their low interest rate mortgages, so inventory is low and declining. hundreds of people trying to move to these hub cities, all at the same time, are going to have a helluva time finding something to buy, and if they do find something they're gonna pay top dollar for it. i don't guess the psycho-in-chief and the bobbleheads and crash dummies he's surrounded himself with thought about this before pushing this disaster on employees, but it's clear they wouldn't give a sh-t even if they had.
*You misunderstand. (250K + 6% selling price of current home) OVER my current equity. *
I wondered how many people didn't catch that.
250K
Are we talking about a studio apartment?
You misunderstand. (250K + 6% selling price of current home) OVER my current equity. 250000 + (X*.06) + X + moving expenses financed at highest interest rates in 20 years. All for the privilege of losing equity when housing market corrects and risking being laid off 6 months later.
Will be interesting to see what the fallout will actually be from ALL those that are (understandably) saying they are going to move and then don’t! LOL
Karma
250K
Are we talking about a studio apartment?
All the real estate arguments aside, there is one thing that everyone considering relocating should keep in mind:
"A relocation will NOT protect you from future layoffs."
Not think about it very carefully. Are you willing to take this risk? How much are you going to sacrifice just to lose it all anyway?
Pretty d-mb move financially to relo in this instance. Real estate prices are through the roof and so are interest rates. You’ll pay double for a similar priced house that you live in now AND your mortgage payment will be way more. It makes no sense financially. Even if you found another job and took a significant pay cut, you’d come out better than relocating. Do the math folks.
Post from TheLayoff.com
Even more than the interest rate is the cost of housing. My home is paid for in 16 months. To get a comparable home in my designated RTO location would cost me north of 250K +6% real estate fees on the sales price of my current home on top of moving expenses.
Not true. I am in wave 1 and don't have to respond until the 25th
At least half of the ones that say they are moving won't. Once they see the real estate market and interest rates, they will discover being unemployed with a 3% mortgage is actually a better deal. This will be a disaster.
the rules are all different per each a-s holes division or bus unit
Shocked that, at minimum, 1/3 would uproot their lives and pay to move themselves and their families cross-country
You'd be shocked how many people would be willing to move out of some s-hole states if they had a job waiting for them in a desired location.
"Shocked that, at minimum, 1/3 would uproot their lives and pay to move themselves and their families cross-country for this clueless, lost company with zero leadership, declining market share, no ability to innovate, and, of course, no $$ to invest in anything other than debt reduction. "
I know someone who is moving and to be honest, they are not the smartest employee and they know it.
As it has been said before here, those that remain will not be the top notch employees but the desperate ones that can't get a job elsewhere and they know it.
In Choy org, letters have gone out already and all answers need to be in by 8/31.
No info yet on how many will move or go.
Shocked that, at minimum, 1/3 would uproot their lives and pay to move themselves and their families cross-country for this clueless, lost company with zero leadership, declining market share, no ability to innovate, and, of course, no $$ to invest in anything other than debt reduction.
Good luck.
What are you talking about? VP groups did it all differently. What is wave 1? I know one group where all said they would move by August 2024 but have no intentions of doing so. They are taking the 12 months of insurance .