Now that we had a good quarter and the stock has finally gone up, watch out! GF loves to layoff when things are good.
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@ Fire the SLT. Oh yay. Another Qtr of waiting and stressing for GF employees.
There will be no resource action in 2024. Attrition is still high enough to not need it. The plan is to push to q2 2025, letting attrition continue to reduce labor costs.
Raises were budgeted and should be moved closer to March instead of July, which is still 3 months later than ratings, but it's a start I suppose.
As usual GF is reactionary and will not start to hire until it is absolutely necessary and even then our team is "worldwide now" so your teams will continued to be short staffed and overworked creating pocketed burnout.
How is GFES working out in your area?
You'll feel safe until you get a text 30 minutes before your shift starts to stop by your managers office before you head into the cleanroom. When you get there, they will have you follow your manager and the security manager down to lobby (if you're in Malta). From there you'll go into one of the small side offices near the main badge readers. There will be 1 or 2 people from HR and your manager's manager and most likely the security manager. They will run you through the paperwork, explain the benefits and severance package. Takes about 20 mins. After which they will conclude the meeting and then security will follow you out of the building. At this moment you will be free. Free from the dread of wondering. Free from the stress and disappointment that we've all felt at GF at some point. Life will blossom and you will find a better work life outside of GF. You'll come to these boards periodically to remind yourself that you are in a better place now. You will shake your head at the people still stuck at GF. You will realize that time stands still for some people and that they are keeping themselves in a bad situation. They have only their self to blame.
*pre-school cement = Pre-announcement
stupid autocorrect
Globalfoundries follows the IBM layoff model, no pre-school cement and it's called a resource action.
You won't know about layoffs until you get a weird required meeting invite and walked out the door after.
Don't let globalfoundries dictate your future, that's your job.
A lot of other companies are announcing layoffs. Global would have announced by now if they were doing something. I feel safe now.
This is scary!! What does this mean about the future of GF?
So far one from my department tonight. No back fills. This is ridiculous. They're running as ragged, almost like it's on purpose.
People are nervous. What is going on?
They quit, not lay off
Sorry for all that are laid off! It will be a blessing though
What department?
started tonight:-(
Hopefully they will ask if anyone wants to volunteer for the layoff
Def get ready for lots of lies and misinformation and misdirection. So much butt fu--ing. Greasy an-l gaping butt fuvcking. Why do we let them get away with it over and over again
Be compassionate over the next few weeks. There will be people let go that will make you scratch your head? These won’t be based in logic.
When layoffs begin, please update all here.
Yea these “good” results were just spin. Quick bump for a day or two and the drop again
TC is the master at turning sh*t into gold .... what is positive about these results??
GF 3rd QTR 2024 Financial Highlights:
Revenue: US$1.74b (Revenue: US$1.74b (down 6.1% from 3Q 2023).
Net income: US$177.0m (down 29% from 3Q 2023).
Profit margin: 10% (down from 13% in 3Q 2023). The decrease in margin was driven by lower revenue.
EPS: US$0.32 (down from US$0.45 in 3Q 2023). from 3Q 2023).