So the official strategy for staff retention is to decimate the compensation package as we all stay because of our colleagues.
Which they keep laying off.
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The story of $ILMN will become a necessary case study in every business school.
So pathetic. It’s been downhill for 5-8 years. No vision. No leadership. Complete failure on every level due to rampant success theatre.
It’s been so very apparent for some time. The great exodus of 2020-2021 was the death blow.
Anyone notice how Illumina management is also getting whiter and maler with each round of layoffs?
Jacob, masquerading as a high performing CEO, got bi--h slapped on the investor call. Since then the company has been downgraded multiple times and the stock is now in free fall. Roche is coming for Illumina with a sword. Illumina is throwing stones.
Not sure why that go down voted. The point was they have taken 263m away from mostly ordinary staff. Feels fu--ing sh-t and has destroyed the last thread of the culture
Guys this is a huge saving equivalent to 2x the 2023 RIF. "If Illumina were to reduce its stock-based compensation expenses from 8.6% to 2.5% of its annual revenue, the annual savings would be approximately $262.3 million. This calculation is based on Illumina's reported revenue of $4.3 billion for fiscal year 2024."
It all started when new management team came onboard, brought along their BFs to enjoy the already well established business and culture; then they kicked out those legacy teams that were there from the very beginning along with JF. Even HR was unprofessional by checking the box that an employee quit instead of being layoff on a termination letter! Really?! How low can you go? It’s ok, those laid off talents ended up joining other companies doing big things!
What does Rock Bottom look like, well, 2025 Illumina is on their way to run 90 miles an hour off the cliff into the Canyon they dug for themselves, so unfortunately this sad story will continue....poor leadership for the last decade...
Wow, how far ILMN has fallen since I was there. The slide started with DeSouza and is not slowing down at all under the new regime...
The audacity to tell us to "sleep on it"
Absolute disgusting decision due to incompetence of ELT decisions ie Grail and the tepid R&D success.
Great way to show we are all in it together while the below ADs take a significant remuneration cut and the decision makers are rewarded.
As above, a tool to not paying out severence payments. I’d imagine the employees first to go will be those in most demand.
My fav part was that only "unique contributors" below ADs will get AEG :)
Well they are correct when they said they have made mistakes, millions upon millions of capital spent only to get thrown in the trash. That sounds like a failure at the top... They are the ones who caused this and they retain AEG? Then they have the audacity to freeze travel, spending and find sources while asking below AD role to save money... While they retain AEG? Then there is the blatantly unfair practice of comparing salaries with competing companies, which is BS, all the while that leadership of goons stairs right in the face and tells you that it's DEI that stands up the company? The hypocritical actions of HR telling us to push the "total compensation package" when they knew that they underpay, then flip the script and remove AEG which was part of the TCP... BS. They want to remove you without paying severance, or else they all would have taken a cut... 30% AEG vs 4% salary was a bait and switch... iPulse will be fun...
It so short sighted. Just shows Jacob and the rest of the ELT are scrambling to CYA. I predict they won’t last another year
donated all my illumina merch to goodwill, I am no longer illumina proud
Jacob needs to go. He has done nothing good for this company. His lack of vision, charisma, and incompetence is shining bright.
Praise be
I love Jacob.
AEG remains for associate director/principal engineer and scientist and above. No AEG for those below, except those deemed as “unique” during annual review process (approx. 10%).
Former employee here who left a year ago, what's going on with the AEG's? No AEG's for the rank and file anymore? How about top performers?
It's extremely tone deaf and concerning. How is it okay to say that people will stay because of other people. Are they supposed to pay rent and feed themselves with the people in the company?
This guy is on his way out. It’s clear he doesn’t have a winning strategy. Disappointed in his ELT as well.
The upper managements give up salary raise this year (maybe 4-5%) but get to keep the AEG (30+%), while other gets the pay raise but losing all stock grant forever... Unique is meaningless and a moving goal post, god knows how many of employees are actually getting that (and the amount). He just implemented that to promote employees leaving on our own term, even saving layoff packages
The audacity of the answers were beyond 🤦♂️
It’s disgusting behavior. All of them.
Love how Jacob is making jokes about it all