Slack is cutting 10% of its product and engineering org
businessinsider.comCompanies pay Slack based on the number of employees they have. Because many companies have performed layoffs, they're paying less for Slack. So, Slack's revenue has gone down, so they have to perform their own layoffs.
Oh man this made me laugh so hard. I know you're right on the money but still. Respect sir.
This is in line with the reported 10% slashing of Salesforce in general.
Given software salaries are pretty high why not cut 10% of comp?
Unless they just wanted to fire them and just using this time as an excuse.
Cutting comp means you will lose your best talent. Cutting staff means you can cut your worst.
what does "Cutting comp" means?
cutting compensation
and compensation = salary
Worse for morale of remaining members. Also a lot of comp is pledged and unvested equity, which is harder to take away.
Comp cuts will come on the rehiring
Total comp already is down 10%+ for many with large equity grants in tech.
I’m sure these companies doing layoffs will be dialing back any bonus, RSU, and option grants in the coming months as well.
Can they cut 10% of their upper management team too?
I've always wanted to ask that since a company I worked for did a widespread 10% headcount cut. I survived it, but left soon after, surmising that the company wasn't going to be around for much longer.