Author Topic: Fortune 500 Layoffs  (Read 5198 times)

Cyaphas

  • Bristles
  • ***
  • Posts: 495
  • Age: 36
  • Location: DFW, TX
Fortune 500 Layoffs
« on: June 04, 2016, 04:34:41 PM »
My company, a fortune 500, recently (last 3 months) has been doing some pretty extreme down sizing over 15%. It does make sense, it's a transportation company and some of the commodity markets recently have been on quite a roller coaster, a few ended at the bottom. I've been impressed with how well our HR department has done at keeping it out of the news... almost completely. I'm curious if anyone else has seen any major layoffs recently on a local basis that have gone down quietly.

G-dog

  • Senior Mustachian
  • ********
  • Posts: 14083
Re: Fortune 500 Layoffs
« Reply #1 on: June 04, 2016, 05:29:43 PM »
DuPont and DuPont Pioneer. Expected MAJOR freak out locally, especially since they (DD) plan to merge with Dow and THEN split into three new entities.

85-90% of employees were laid off in some DuPont departments. Ouch!

Lots of layoffs in several ag companies - Monsanto, for example. Likely also Dow, and Syngenta as well.

MDM

  • Walrus Stache
  • *******
  • Posts: 9600
Re: Fortune 500 Layoffs
« Reply #2 on: June 04, 2016, 05:48:35 PM »
Fortune 500 CEOs will say they are downsizing "to stay competitive for the shareholders" - conveniently neglecting to mention that a CEO is often one of the largest individual shareholders due to various stock awards and incentives.

LaineyAZ

  • Bristles
  • ***
  • Posts: 252
Re: Fortune 500 Layoffs
« Reply #3 on: June 04, 2016, 06:12:13 PM »
The MegaCorp I work for has been losing people by attrition and by "targeted" layoffs (a few here and there) so headcount is going steadily downward, but quietly, as you say.

If they get a whiff of another recession coming, though, I expect layoffs by year end.

wapiti

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: Fortune 500 Layoffs
« Reply #4 on: June 05, 2016, 08:13:41 AM »
It's really interesting how big companies are using a lot of tricks to show good numbers on report:
For exemple, layoff internal staff but outsourcing to an external company which cost a lot more. The trick is the cost is moving from personal budget to an other budget and the company can show good personal number for shareholders.

More and more companies are focus on short term.

maizeman

  • Magnum Stache
  • ******
  • Posts: 3682
Re: Fortune 500 Layoffs
« Reply #5 on: June 05, 2016, 08:23:10 AM »
DuPont and DuPont Pioneer. Expected MAJOR freak out locally, especially since they (DD) plan to merge with Dow and THEN split into three new entities.

85-90% of employees were laid off in some DuPont departments. Ouch!

Lots of layoffs in several ag companies - Monsanto, for example. Likely also Dow, and Syngenta as well.

It is a hard time to be in the seed business. In addition to all the ones you mentioned, BASF is laying off 15% of all their people at RTP focusing specifically on their plant scientists. If Bayer's acquisition of Monsanto goes through, expect a lot more layoffs from both those companies as well.

G-dog

  • Senior Mustachian
  • ********
  • Posts: 14083
Re: Fortune 500 Layoffs
« Reply #6 on: June 05, 2016, 12:30:43 PM »
I wasn't sure about BASF. Seems all the big seed companies layoff in concert. Some Chinese company looking to buy Syngenta - expect large layoffs in the U.S., maybe other countries.

Also companies going out of business - Sports Authority, and Joann Fabrics. These are not necessarily getting a lot of media coverage.

Rezdent

  • Pencil Stache
  • ****
  • Posts: 813
  • Location: Central Texas
Re: Fortune 500 Layoffs
« Reply #7 on: June 05, 2016, 01:01:33 PM »
I wasn't sure about BASF. Seems all the big seed companies layoff in concert. Some Chinese company looking to buy Syngenta - expect large layoffs in the U.S., maybe other countries.

Also companies going out of business - Sports Authority, and Joann Fabrics. These are not necessarily getting a lot of media coverage.
I've heard about Sports Authority.  I hadn't heard about Joann Fabrics - and a search didn't turn up this news?  I did see where they closed some stores, but not out of business?

G-dog

  • Senior Mustachian
  • ********
  • Posts: 14083
Re: Fortune 500 Layoffs
« Reply #8 on: June 05, 2016, 01:23:18 PM »
Re: Joann Fabrics I saw someone holding a sign for one store near me. Either way - still big layoffs (some more local than others)

Apocalyptica602

  • Bristles
  • ***
  • Posts: 271
Re: Fortune 500 Layoffs
« Reply #9 on: June 07, 2016, 03:14:19 PM »
My Fortune 500 company has an annual 'culling of the herd' as well. Usually falls the pay period before the fiscal year ends.

Everyone starts to get antsy around that time of the year, never really bothers me though.

I'd be down to take my 5 years of severance (1 week of pay for every year of service, multiplied by 2 if you sign the 'I won't sue you and I don't think I'm fired for discriminatory reasons' release). Probably find a new job within a month or two and come out ahead.

Polish_Hammer

  • Stubble
  • **
  • Posts: 130
  • Age: 52
  • Location: Pennsylvania
Re: Fortune 500 Layoffs
« Reply #10 on: June 09, 2016, 08:09:17 PM »
My Fortune 500 company has an annual 'culling of the herd' as well. Usually falls the pay period before the fiscal year ends.

Everyone starts to get antsy around that time of the year, never really bothers me though.

I'd be down to take my 5 years of severance (1 week of pay for every year of service, multiplied by 2 if you sign the 'I won't sue you and I don't think I'm fired for discriminatory reasons' release). Probably find a new job within a month or two and come out ahead.
Five years of severance!!!  My evil crop megabank maxes at 1yr. I would think they would make you quit before paying that out. 

maizeman

  • Magnum Stache
  • ******
  • Posts: 3682
Re: Fortune 500 Layoffs
« Reply #11 on: June 09, 2016, 08:46:49 PM »
I assumed they mistyped "years" instead of "months." If severance pay accumulates at a rate of two weeks per year of service, it'd take 130 years to accumulate 5 years of severance.

ZiziPB

  • Magnum Stache
  • ******
  • Posts: 3274
  • Location: The Other Side
Re: Fortune 500 Layoffs
« Reply #12 on: June 10, 2016, 06:21:24 AM »
My company (Fortune 500) has been steadily laying off people over the last year.  Some of it got announced but most of it has been in small batches here and there that is not noticeable but adds up over time.  I wouldn't mind some major layoffs in the next couple of years - I'd be happy to take my severance and accelerate my FIRE date :-)

2Birds1Stone

  • Walrus Stache
  • *******
  • Posts: 5615
  • Age: 1
  • Location: Earth
  • K Thnx Bye
Re: Fortune 500 Layoffs
« Reply #13 on: June 10, 2016, 07:23:08 AM »
My company (Fortune 500) has been steadily laying off people over the last year.  Some of it got announced but most of it has been in small batches here and there that is not noticeable but adds up over time.  I wouldn't mind some major layoffs in the next couple of years - I'd be happy to take my severance and accelerate my FIRE date :-)

Same here, we laid off ~15% of our workforce in April.

Dan_Breakfree

  • 5 O'Clock Shadow
  • *
  • Posts: 19
    • BREAK FREE
Re: Fortune 500 Layoffs
« Reply #14 on: June 10, 2016, 08:57:20 AM »
My fortune 500 company (to be former as of Monday) has been going through this for over three years now. The company split in two and recently announced to split the new company into two! The rounds of layoffs constantly hit and they've done some more "forced attrition" through policy changes and not replacing people who leave. It's been pretty brutal and I know there will be more rounds of lay-offs coming. good luck to them.

Spitfire

  • Bristles
  • ***
  • Posts: 268
  • Location: Weston, FL
Re: Fortune 500 Layoffs
« Reply #15 on: June 10, 2016, 09:54:28 AM »
Oil and Gas transportation industry here, we've stacked a lot of our vessels resulting in all of those crew members losing their jobs. I'm not sure if they are full time employees or on contracts though, so they may or may not count as layoffs. Not much affect here at corporate so far, except for a lower bonus :(

chasesfish

  • Magnum Stache
  • ******
  • Posts: 3180
  • Age: 37
  • Location: Texas
Re: Fortune 500 Layoffs
« Reply #16 on: June 13, 2016, 05:44:30 AM »
There are layoffs, downsizing, and closing of divisions all the time.  There is also hiring in other divisions or by other companies, which result in a net employment number for the economy.  Capital will seek the highest returns, both inside a well run company and for us as investors.  This is how we all enjoy an abundance of wealth and a high quality of life in the United States

Apocalyptica602

  • Bristles
  • ***
  • Posts: 271
Re: Fortune 500 Layoffs
« Reply #17 on: June 15, 2016, 07:19:17 AM »
My Fortune 500 company has an annual 'culling of the herd' as well. Usually falls the pay period before the fiscal year ends.

Everyone starts to get antsy around that time of the year, never really bothers me though.

I'd be down to take my 5 years of severance (1 week of pay for every year of service, multiplied by 2 if you sign the 'I won't sue you and I don't think I'm fired for discriminatory reasons' release). Probably find a new job within a month or two and come out ahead.
Five years of severance!!!  My evil crop megabank maxes at 1yr. I would think they would make you quit before paying that out.

As someone below you mentioned yes this was poorly worded on my part. I meant I've been at the company 5 years so '5 years of severance' to me would equal 10 weeks of pay if I sign the 'don't sue us' release.