As the troubled deal is finally culminated, it’s time for cuts.
According to sources, layoffs are expected to take place across AOL and Yahoo that could number up to 1,000 jobs. That is less than 20 percent of the combined company, according to sources.
This action is not unexpected, given that both companies have a lot of redundancies, including in human resources, finance, marketing and general administration.
The merger between the two companies — after Verizon bought both in succession to add tech and content to its mobile services — is expected to be completed in the next week. The shareholder meeting to approve the deal takes place tomorrow.
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This is not a new phenomena but few people remember those of the past. I was once an employee of Digital Equipment Corporation (as were many others). We were nearly king of the hill back in the 70's and 80's until the industry began to consolidate. Some of the larger players in the industry were Sun Microsystems, Data General, and Compaq. Compaq bought Digital, HP bought Compaq, etc. Lots of overlap employees. I personally got 6 months FULL PAY (severance) while looking for a new job and I didn't even belong to a Union. Those days are gone.Basically, an individual can no longer assume their job is forever and nobody gives severance pay anymore.
ReplyDeleteSo, Comey of the FBI this morning talked about his firing. He had a 10 year job that he was out of after 4. I guess that means that he did not really have a 10 year job. When you go back to work, smile widely at your manager(s). It is they who decides who stays and goes when there are more people doing a job than what is needed. It's a new world and one that even Hillary did not expect. Her managers (voters) simply did not want her anymore.
To close, I have found that it is so much easier to find a new job while you already have one. That's partially due to others assuming you aren't worth much if the last guy laid you off. To the Yahoo and AOL people facing the axe, best of luck to you but I certainly hope you have already looking for a new job.
Maybe some of the people in India can get these jobs too?
ReplyDelete