I haven’t heard any impact to employees in Europe just yet. I’m assuming this is to do with differing employment laws (Germany make is particularly difficult to get rid of staff without due reason).
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Workers council in Germany and FR tends to be tough and is good in negotiating solid severance packages. That said, if O wants to let people go they will also do that in Europe. It just takes longer and comes at higher cost for O.
France is almost impossible at times to fire anyone. They are very well protected and will have good runway to find their next thing. Other EU countries; it’ll happen but focus feels mostly US right now.
For most European countries, they have to go through employee forums (but they don’t have any teeth - just a consultant role), except Germany, where they have a workers council (which has some authority)