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At least he said directly what everyone knew and what every CEO hid behind "I take the full responsibility": the current layoffs are a maneuvre to lower the com
by lp4vn 4y ago
At least he said directly what everyone knew and what every CEO hid behind "I take the full responsibility": the current layoffs are a maneuvre to lower the compensation of the employees. These companies know they can rehire these people at any point in the future, so they are doing this to keep the wages in check.
I find it funny that there are economists who still use the argument of class warfare for wealth taxation, indeed we're living a class warfare, but now we know that it's the working class that's being assaulted.
- hiyer 4y agoWhy not just lower the wages then? Those who are content with the lower pay will stay, and others can quit and try their luck elsewhere.
- millennialmind 4y agoEmployment contracts are often written for periods of 4 years and include vesting schedules. It wouldn't be possible to lower a base salary of an employee without termination their employment contract by laying them off. Google pays up to 24 months of compensation in the form of a severance package includes salary, vacation pay, bonuses and accelerated GSU vesting to laid off employees. The minimum compensation for a laid off employee at Google in the US: "We’ll pay employees during the full notification period (minimum 60 days). We’ll also offer a severance package starting at 16 weeks salary plus two weeks for every additional year at Google, and accelerate at least 16 weeks of GSU vesting. We’ll pay 2022 bonuses and remaining vacation time. We’ll be offering 6 months of healthcare, job placement services, and immigration support for those affected. Outside the US, we’ll support employees in line with local practices. " After layoffs, it's hard to get comparable high compensation offers at other companies.
- foverzar 4y agoIs it legal to lower wages for current employees? In my country it isn't.