Thread regarding Qorvo layoffs

@tz+1jr6sp56p

Thank you <3

Question: "Can someone explain how unlimited PTO works for operators at the Hillsboro site?"

To qualify for unlimited PTO, you need to be an exempt employee. In this case, the company is not required to pay out PTO if you leave or are laid off because you don't accrue and carry over time. It’s misleading to call it unlimited. I remember a COO or CFO (it was some useless piece of wood) presenting this concept as unlimited time off, while employees with significant accrued PTO had it taken away without any compensation.

The following week, during a group meeting, my manager ( who is a vegetable not a piece of wood) clarified that “Flexible Time Off (FTO) is not truly unlimited; we will be tracking your time, and you will have the same amount you had previously.” This feels like a bait-and-switch. In reality, there’s no such thing as unlimited PTO; FTO was introduced to prevent employees from accumulating time off that they can be compensated for during layoffs. With the company's stock declining and difficulties in market growth and sales, it seems convenient that they won't have to pay out accrued PTO to those affected by layoffs. So we all got the royal shaft. Accrued time off comes in useful when there are layoffs...but the Q, well the Q has really found a way to slap slap a layed off worker in the face with a stiff Man O War member. Good Job Q. Well done

Can someone explained how unlimited PTO works for an operator at Hillsboro site.

Bring in a hardnose consultant to get rid of the waste and effect personnel reduction. Even better, let the employees do a blind survey on their managers. That would be amazing."
I agree with that! Survey cant go to HR. It would have to be an outside company. If its not, the nose pickers get to keep their jobs.

Leadership incompetence has dragged this sick puppy down. Unless their engineers build a time machine and the company big wigs go back andshort the stock two years ago, Its not looking like its gonna get much better soon.

"Long-Term Revenue Growth Disappoints
Examining a company’s long-term performance can provide clues about its quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Unfortunately, Qorvo’s 3.9% annualized revenue growth over the last five years was sluggish. This fell short of our benchmark for the semiconductor sector. Semiconductors are a cyclical industry, and long-term investors should be prepared for periods of high growth followed by periods of revenue contractions.
Shrinking Operating Margin
SHRINKING OPERATING MARGIN
Operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses – everything from the cost of goods sold to advertising and wages. It’s also useful for comparing profitability across companies with different levels of debt and tax rates because it excludes interest and taxes.

Analyzing the trend in its profitability, Qorvo’s operating margin decreased by 16.6 percentage points over the last five years. This raises questions about the company’s expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. Qorvo’s performance was poor no matter how you look at it - it shows that costs were rising and it couldn’t pass them onto its customers. Its operating margin for the trailing 12 months was 2.6%.

If you’ve followed StockStory for a while, you know we emphasize free cash flow. Why, you ask? We believe that in the end, cash is king, and you can’t use accounting profits to pay the bills.
FREE CASH FLOW
As you can see below, Qorvo’s margin dropped by 13.2 percentage points over the last five years. This along with its unexciting margin put the company in a tough spot, and shareholders are likely hoping it can reverse course. If the trend continues, it could signal it’s in the middle of a big investment cycle. Qorvo’s free cash flow margin for the trailing 12 months was 12.8%." cited from 3 Reasons To Sell Qorvo and One Stock To Bu Instead Stockstory April 10, 4:13 am

"Already happening. I strongly suspect we'll see some negative activity in the next few months and over the next year."

Layoffs will be a political decision...They never layoff people that need to be let go.
Selective Retention, Unjustified Promotions, reorgs....all the while the board members and upper level management get their money for pi-s poor performance.
I say 15% non biased cut in personnel to start. Look at management, everyone knows there is more management than needed. Its a waste of money. Middle aged useless people pretending to contribute. That's what happens when two companies merge.

Bring in a hardnose consultant to get rid of the waste and effect personnel reduction. Even better, let the employees do a blind survey on their managers. That would be amazing. Then bring in a consultant that knows how to run a semiconductor business. Present leadership clearly su-ks at it. I am sure all shareholders agree with me on this!

"Watch for the usual closed door meetings and tight lipped managers."

Forget watching! Abandon ship. Just switching employers will give you a 23 -37 % cost of living raise within itself. That's' if you are a contributing member. Dead wood and long term employees who found a hiding place aren't included in the second sentence. qorvo didn't keep up. Now the lackluster stock performance, poor return on investment, low sales forecast for the foreseeable future and fears of layoffs will drive some talent out. qorvo will have to hire replacements at going rates to replace them. And when the employees who didnt bail, find out what the new hires are making, well that's the rub in the ointment.

While it may be tempting to assert that Qorvo will not replicate the impressive 26% growth rates promised by other semiconductor companies, this viewpoint may overlook several critical factors that could influence Qorvo's performance moving forward.

Firstly, the semiconductor market is highly dynamic and often cyclical. Just because Apple and Samsung, two of Qorvo's significant customers, are not purchasing at the same rates as they did four years ago does not inherently indicate a long-term decline for Qorvo. Market fluctuations are not uncommon, and demand can rebound as consumer preferences shift, new products are introduced, or as broader economic conditions improve. Additionally, both companies are investing heavily in innovations, and as they release new products—especially in emerging technologies—Qorvo may see renewed demand for its products.

Secondly, the assertion regarding underpaid staffing and mid-level management bloat could imply inefficiencies, yet it might also be an opportunity. Qorvo has the chance to reassess its organizational structure and optimize its operations for better productivity. Streamlining management levels can enhance decision-making and execution speed, allowing for agility in response to market changes, which is essential in the competitive semiconductor landscape.

Like all companies heavily exposed to the Chinese tariffs expect Qorvo to utilize FTAs and Foreign Trade Zones to reduce tariff costs and gain preferential market access. It will be more cost effective to move production closer to home markets to avoid tariffs and strengthen supply chain resilience.

New supply chain programs may take years to mature, potentially delaying operational benefits and exposing Qorvo to short-term inefficiencies

Coordination, resources, and oversight, which can complicate operations and increase administrative burdens.

Additional expenses such as transportation, warehousing, inspections, and investments in new systems or technologies to integrate suppliers.

Inconsistent quality standards, affecting product reliability.

"Watch for the usual closed door meetings and tight lipped managers."

Already happening. I strongly suspect we'll see some negative activity in the next few months and over the next year.

Past three years....forced people to use PTO days by end of year....then announced a new "FTO" plan. Basically sold it as unlimited PTO days, while stiffing people with large amounts of accrued time off. Manager quickly stepped in to let us know, its really just the same amount of time off! Insulting raises! Capital equipment purchases discussed and then never mentioned again. Freeware software to do your work with?? Decades old equipment with the temperament of an 80 dementia ridden spinster! United Healthcare?? What more be said. Massive Employee Data Breach . Our info is on the dark web. No mention from QORVO. The credit protection service I pay for privately; informed me. Quiet layoffs, The Majority of us were stunned last round at Christmas 2024....I mean really????? Christmas?? It couldn't wait a couple of weeks????? Morale is wonderful.....I mean at least the titanic had a band. If I could redo my interview when they asked me why I wanted this job I would say "I’m looking for a position where I can slowly lose my sense of self…with low pay, low cost of living raises and insulting benefits.” I wouldn't expect to see higher ups in closed door meetings. They will probably have their fat trimming parties off site.

For anyone seeking employment be mindful of of the "Ghost Job" postings.

Employers post “ghost” jobs for several strategic reasons.

Talent Pooling: Some businesses maintain job listings to continuously collect resumes, building a talent pipeline for potential future hiring.
Scouting: Others use job postings to perform market research, assessing the competitiveness of salaries or the availability of talent.
Legal Reasons: Certain companies may also post these listings to fulfill compliance requirements, such as proving they advertised positions externally before promoting internally or hiring candidates on work visas.
Company Image: Additionally, some organizations use postings to portray a prosperous, expanding business to competitors, investors, and existing company personnel.
Employee Morale: Others may hope that the prospect of new hires on the way would help encourage existing workers to falsely believe that their work loads would be eased in the near future.

the three industry sectors with the highest rate of ghost job postings are:

Construction: 38%
Art: 34%
Legal: 29%

40% of responding companies posted a ghost job in the previous year, and three in 10 responding companies had a current active fake job listing. More recent studies show that anywhere between 18% and 36% of all current job openings are not genuine."

Fisher & Phillips LLP Weekly