Cut the middle managers.
Manager with one reporting? Manager with 2-3 reporting? Why need these managers?
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I interviewed and was selected for a role, and it is also being pulled. My department continues to ship more roles to India, too.
At previous companies I've worked cost-cutting was serious- no free lunches, no happy hours, no meaningless travel, nothing extra. Every dollar needed to be accounted for. ILMN stresses the urgent need to save money but then a few months later, revert back to the same ole practices of unnecessary travel and such..
Recently made it through multiple rounds of interviews with Illumina. Nailed the final round and thought I was set - then got an email that they pulled the job at the last minute due to financial restraints. Seems the cost savings are across the board!
Perhaps we should not have given 100s of millions in stock to the same board members who are driving us into the ground? Just a thought. But I’m not smart enough for stock grants so what do I know.
Illumina only stands to lose talent with such treatment . It is possible this is the main intention .
A company can’t get back on the road to profit and productivity with understaffed and unmotivated people though. Treat your people better.
“ I want my AEGs, part of the total compensation package that was agreed upon hire.”
Check your offer letter. Unless your title starts with “Chief” or maybe “Head of”, there is nothing in the actual letter guaranteeing an annual AEG award.
Happy hunger games and may the odds be ever in your favor...
At what point do we organize a company wide walkout ? I want my AEGs, part of the total compensation package that was agreed upon hire. :(
Selling previously repurchased shares solves nothing. The company needs earnings (aka accounting profit), not cash, and putting more shares into circulation will erode the existing stock price further.
Lemme check behind my cushions
Maybe they could sell some of the $250M in share repurchases they did over the last 6 months.
- 000.000 $ / 8000 employees = 12500 $ per employee.
Since 2022 employees are under continuous cost reduction, it’s more and more economical pressure on the employees in a stressful work environment.
How many remarkable workers will change company because of another “compensation adjustment” ?
Jacob is often using sailor words but is he really a good captain ? There is doubt that he can stay the course.
Seems that Illumina doesn’t care anymore about their people, don’t be surprised if downtime and complains of the installed base is increasing due to lack of Field Engineers.
layoffs based on some sort of performance metrics?
Salaries+ Bonuses+ Commissions ;)