Thread regarding GlobalFoundries layoffs

Succeed or failure

Over the years I have always wanted the company to succeed that I work for.
But for the first time ever there is a part of me that wants GFS to tank miserably even though I doubt that will happen.
However, for all the false narratives and the chaotic work environment at GFS the tanking of GFS will just get the SLTs arrogance down. I also believe that within a year or two there will be lot of resignation of SLTs due to family/personal issues (they are in there purely because they were there for free stock). In fact one SLT even mentioned that he actually took a pay cut to come to GF from a better company. Based on his work life balance I do not see how that could have improved and all he does at GF is adds multiple layers of confusion flip flopping between his own decisions.

Your thoughts??

by Anonymous
| 1633 views | | 5 replies (last October 27, 2021) | Reply
Post ID: @OP+1dvUQzqz
Comment! It's anonymous!

5 replies (most recent on top)

To @1chs:
Problems with attrition at GloFo -

  1. it's not the underperformers who're leaving, rather the opposite
  2. attrition is higher than 10% and unsustainable,
  3. replacements new-hired aren't necessarily better performers,
  4. Top dogs don't care about attrition - only to survive and grab their IPO grants of $ Millions - $10's Millions size - 'After me, the flood' strategy, and employees are collateral damage
  5. they keep talking about "equity and diversity", but would not offer "equity" to retain employees.
by Anonymous
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Post ID: @1uyl+1dvUQzqz

Company has to show profit. If you see last three years revenue is falling but same time loss reduced due to reduce of expense with multiple layoff and offshore to India.

Definitely many department in GF can be automated or offshore.

We automated/offshore many work in recent times still many are in line to be automated.

We offshore our IT to Infosys and payroll to TCS.

We are not hiring replacement immediately and most of cases hiring in India.

How many noticed with term like 24/7 management cleverly setup team in India.

My opinion is GF will continue to save cost to show profit. Every quarter they need to show earning and provide next earning estimate.

If they miss earning estimate or reduce estimate stock will tank.

It doesn't matter for them attrition. Many public company like Amazon have rating system in which 10% low performance need to layoff to improve performance bar of company.

We will see all once it is public. Game just started and now part of salary in annual incentive will be replaced by share.

They will make sure share grows

by Anonymous
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Post ID: @1chs+1dvUQzqz

@siz+1dvUQzqz With the high rate of attrition why would there be layoffs? However I see your point of layoffs for SLT

by Anonymous
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Post ID: @zkw+1dvUQzqz

If GF IPO success then they may sell more shares to reduce debt and change pay to shares to reduce operating expenses.

If IPO fails then people will leave as there will be reduced as annual incentive will be changed to shares. More layoff as they need to show profit to increase price

by Anonymous
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Post ID: @siz+1dvUQzqz

There are good, hard-working people in the lower ranks at GF, so I will never hope for it to fail. If it fails these people are hurt the most.

Unfortunately, I think GF will wane, and Mubadala will come to terms and sell out to another company. In that situation the lower ranks would keep their jobs, upper ranks would be wiped out and some mid-rank non-fab/support people will lose their jobs. Most people affected in that case wouldn't have trouble finding some job elsewhere.

by Anonymous
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Post ID: @hrp+1dvUQzqz

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