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☆ Forcing workers back to the office is 'dinosaur management' — and companies risk losing out, expert says
▼ + stars: | 2024-02-11 | by ( Polly Thompson | ) www.businessinsider.com time to read: +6 min

After the first rounds of return-to-office mandates in 2023, many companies are now introducing more punitive measures to make their employees come to the office — actively tracking attendance, micromanaging employees' time, and blocking remote workers from bonuses and career progression. AdvertisementThis week, Dell informed staff that most of its workers will have to come into the office an average of three days a week. Mike Blake/ReutersIn November, Amazon also added a no-promotions policy for perennial remote workers. For example, women — who tend to take on more responsibility for the family and therefore benefit more from flexible remote work policies — will take a bigger hit from punitive policies, Cooper said. The Equal Employment Opportunity Commission recorded a 16% increase in mental health disability complaints between 2021 and 2022 from employees who want remote work allowances, The Hill reported.

Persons: —, weren't, Dell, Andy Jassy, Mike Blake, Young, Cary Cooper, Cooper, Justin Garrison Organizations: Service, Forbes, Business, Citibank, BI, Amazon, Reuters, Google, Ernst, University of Manchester, Dell, Amazon Web Services, Tata Consultancy Services, Gallup, Employment, Commission Locations: London, United States

☆ Cisco to cut thousands of jobs as it seeks to focus on high growth areas: Reuters
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +1 min

A logo sits illuminated outside the Cisco booth at ISE 2024 on January 30, 2024 in Barcelona, Spain. Network giant Cisco is planning to restructure its business which will include laying off thousands of employees, as it seeks to focus on high-growth areas, according to three sources familiar with the matter. The San Jose, California-based company has a total employee count of 84,900 as of fiscal 2023, according to its website. The company is still deciding on the total number of employees to be affected by the layoffs, one person said. The move would come at a time when tech companies, including telecom makers Nokia and Ericsson, cut thousands of jobs last year in a bid to lower costs.

Organizations: Cisco, Network, Nokia, Ericsson, Microsoft Locations: Barcelona, Spain, San Jose , California

☆ After Its $20 Billion Windfall Evaporated, a Start-Up Picks Up the Pieces
▼ + stars: | 2024-02-08 | by ( Erin Griffith | ) www.nytimes.com time to read: +1 min

On Dec. 18, a $20 billion deal by Adobe, the software giant, to buy Figma, a San Francisco start-up darling, fell apart after more than a year of regulatory scrutiny. In a blog post that day, Dylan Field, Figma’s chief executive and co-founder, painted an optimistic picture of what would come next. Behind the scenes, the start-up, a design platform, is picking up the pieces. In recent weeks, Figma said it had reset its internal valuation to $10 billion — half of what Adobe planned to pay for it. Figma is also grappling with a tech industry that has been changed by a frenzy over artificial intelligence.

Persons: Dylan, “, ”, Figma, Michael Amodeo Organizations: Adobe Locations: San Francisco

☆ Warner Music to cut 600 jobs, or 10% of staff
▼ + stars: | 2024-02-07 | by ( Laya Neelakandan | ) www.cnbc.com time to read: 1 min

Warner Music is laying off 600 employees, or about 10% of its workforce, according to a Wednesday filing. The company said the layoffs are part of a broader restructuring plan aimed at saving costs to invest in more music and "accelerate the company's growth for the next decade." The layoffs are expected to save the company $200 million by the end of fiscal 2025. The majority of the savings will be allocated toward increasing investment in Warner Music's core music units and new technologies. The company expects to complete its $85 million in severance payments by the end of 2026.

Organizations: Warner Music, Warner, CNBC PRO

☆ How can you prevent being laid off? You can’t. Here’s why
▼ + stars: | 2024-02-06 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

No matter how great your performance reviews, how popular or prominent you are, how innovative or loyal you’ve been, you, too, can be laid off. They just weren’t yoursA mass layoff is often a failure of management. Plus, in deciding who to cut and who to keep, leaders have to consider what the business will need after a mass layoff in terms of skills and other capacities. Companies try to keep the number of people in the know about a pending mass layoff as small as possible for as long as possible, Williams noted.) If you survive the purge, there are steps you can take right away to protect yourself financially from a future layoff.

Persons: New York CNN —, you’ve, …, ”, Andrew Challenger, Chris Williams, ” Williams, Williams, you’re Organizations: New, New York CNN, Los Angeles Times, Wall Street Journal, Washington Post, Wayfair, Microsoft, Companies, “, ” Challenger Locations: New York

☆ Snap Becomes Latest Tech Company to Cut Jobs
▼ + stars: | 2024-02-05 | by ( Yiwen Lu | More About Yiwen Lu | ) www.nytimes.com time to read: 1 min

Snap, the parent of messaging app Snapchat, on Monday said it would lay off more than 500 employees, joining other tech companies in a wave of new cost-cutting measures. The layoffs amount to 10 percent of its global work force; the majority will occur in the first quarter of 2024. “We have made the difficult decision to restructure our team,” the company said in a securities filing, adding that it would take pretax charges of $55 million to $75 million, primarily for severance and related costs. Amazon, Google and Microsoft have announced layoffs this year, following tens of thousands across the sector last year.

Persons: “ Organizations: Google, Microsoft

☆ Early retiree who earned $380,000 in passive income last year: Your 'best option' for making money while you sleep
▼ + stars: | 2024-02-05 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Sam Dogen is the author of "Buy This, Not That"Sam Dogen knows a thing or two about passive income. By reinvesting his passive income along with money he made through his website and book sales, Dogen was able to boost the family's income over the years as well. In 2023, Dogen's passive income portfolio, which includes stock, bond and real estate investments, among others, generated about $380,000. According to Dogen, the best way to begin earning passive income is through your brokerage account. "If you want passive income right now, I think the best option is Treasury bonds at 5%," he says.

Persons: Sam Dogen, Dogen, Stocks Organizations: U.S ., Treasury Locations: San Francisco

☆ Snap's new mass layoffs hit teams across tech, trust and safety, and an internal analytics team aiding DEI efforts
▼ + stars: | 2024-02-05 | by ( Kali Hays | ) www.businessinsider.com time to read: +3 min

Snap's new mass layoff impacted workers in a range of roles across the company. Another perceived Snap in recent months as a company in "managed decline." C-suite executives who were hired or promoted, like Jerry Hunter and Jeremi Gorman, respectively, to build up and manage Snap's business, are gone and are not being replaced, as CEO Evan Spiegel is taking on oversight of the business. Engineering leaders, too, left the company in recent months. Snap has hired some new executives, like Patrick Harris, Ronan Harris, Darshan Kantak and Eric Young, but none are in the c-suite.

Persons: Evan Spiegel, Snap's, Spiegel, Jerry Hunter, Jeremi Gorman, Patrick Harris, Ronan Harris, Darshan Kantak, Eric Young Organizations: Business, Workers, Monday, BI, Meta, Apple, Engineering Locations: North America, California

☆ Snap to lay off 10% of staff, cutting approximately 500 jobs
▼ + stars: | 2024-02-05 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +1 min

Snap disclosed the latest layoffs in a regulatory filing on Monday, saying the cuts will impact approximately 10% of its global full time employees. Mass layoffs have roiled the tech sector since 2022, and the job cuts emanating from Silicon Valley have continued to trickle in this year. The latest job cuts at Snap come after the company said in August 2022 that it was cutting some 20% of its global employees, equating to roughly 1,200 jobs at the time. The company also cut approximately 3% of its staff last year, after it announced it was shuttering its AR Enterprise business, per a regulatory filing. Shares for Snap dipped approximately 1.5% early Monday.

Persons: Layoffs.fyi Organizations: CNN, Inc, Enterprise Locations: Silicon

☆ 46-year-old early retiree who had $380,000 a year in passive income heads back to work—here's why
▼ + stars: | 2024-02-03 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

That's the year that Dogen quit his job as an investment banker, having spent 13 years working, saving, investing and generally burning himself out. Over the years, Dogen built his passive income streams to about $380,000 annually — $288,000 net of taxes. That was enough to cover the family budget while living in San Francisco — until now. By swapping income-producing assets for a house, "I basically have a lot more dead money now," Dogen says. That means his passive income streams no longer cover his family budget — so back to work it is.

Persons: Sam Dogen, Dogen, We've, San Francisco — Organizations: CNBC Locations: San Francisco

☆ I bought a bigger house, and the buyer's remorse hurts. My family didn't need it, but I still think it'll be worth it.
▼ + stars: | 2024-02-02 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

I didn't want to buy the house in 2024 because I think bidding wars are going to return — because mortgage rates will come down. I don't think about it as trying to make a profit anymore. You want to save as much as possible, invest as much as possible, which creates a more lean and frugal lifestyle so you can retire early. But do you really want to live a lean lifestyle — and then retire early to a very lean and frugal lifestyle? Rental properties were what gave me the courage to retire early, along with negotiating a severance package in 2012.

Persons: —, Sam Dogen, It's, Dogen, I've, I'm, it's, you've Organizations: Service, Business, San Locations: San Francisco

NEW YORK (AP) — Manhattan prosecutors are weighing a potential perjury charge against Donald Trump’s former corporate finance chief in connection with testimony he gave in October at the ex-president’s New York civil fraud trial, two people familiar with the matter told the Associated Press. It wasn't clear what part of Weisselberg's testimony drew the scrutiny of prosecutors in the office of Manhattan District Attorney Alvin Bragg. Photos You Should See View All 45 ImagesWeisselberg served 100 days in jail last year for dodging taxes on $1.7 million in off-the-books compensation from the Trump Organization and is still on probation. Under that plea deal, Weisselberg was required to testify as a prosecution witness when the Trump Organization was put on trial for helping executives evade taxes. Prosecutors suggested that might bring new charges related to his involvement in securing surety bonds and property valuations for the Trump Organization, alleged conduct that is the subject of James' civil lawsuit.

Persons: Donald Trump’s, Allen Weisselberg, Trump, Attorney Alvin Bragg, Weisselberg, Letitia James ’, Bragg, James, “, minimis, ” Weisselberg, Louis Solomon, Forbes, perjured, “ Trump’s, Susan Necheles Organizations: president’s, Associated Press, Trump Organization, Attorney, The New York Times, New York, Trump, Trump Tower, Forbes, Benz, Prosecutors Locations: Manhattan, York, Florida, New, New York

☆ Okta announces it's laying off about 7% of its workforce
▼ + stars: | 2024-02-01 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

The ID verification company told Business Insider it was a "necessary" decision to ensure profitable growth. CEO Todd McKinnon told employees in a memo sent at 5:30 PT that the company is laying off about 400 employees. If your role is impacted, your leadership will schedule a meeting today to discuss next steps. To the impacted employees, I am deeply sorry and we thank you for your many contributions. As we navigate these changes, remember that Okta is critical infrastructure for 18,800 organizations around the world.

Persons: Todd McKinnon, McKinnon, we've, Todd Organizations: Business, Okta Locations: U.S

Because anti-smoking groups aren’t just fighting the tobacco companies these days. They have fractured over tobacco harm reduction — the idea that people who cannot or will not quit smoking should be provided with alternatives, notably e-cigarettes, which deliver nicotine without burning tobacco. They argue that e-cigarettes will lead to a new generation addicted to nicotine, even if they are not smoking. It focuses largely, but not entirely, on reduced-risk nicotine products, a category that includes e-cigarettes, oral tobacco, and “heat not burn” products that warm up tobacco without burning it. There are no safe tobacco products; all fall along what’s called a continuum of risk.

Persons: Cliff Douglas, Philip Morris, Douglas, “, ” Douglas, Bloomberg Philanthropies, American Heart Association —, Michael Bloomberg, that’s, General’s, ”, Charles Gardner, Joanna Cohen, Ellen MacKenzie, Yolonda Richardson, Deborah Arnott, “ I’m, Michael Cummings, they’ve, Marc Gunther Organizations: Foundation, Philip, Philip Morris International, American Cancer Society, American Lung Association, Centers for Disease Control, Bloomberg, Tobacco, American Heart Association, Truth Initiative, Rockefeller, UBS Optimus, Bloomberg School of Public Health, Johns Hopkins University, Campaign, Reuters, FDA, Centers for Disease, Medical University of South, Associated Press, Philanthropy, AP Locations: United States, – California , Massachusetts , New Jersey , New York, Rhode, San Francisco, —, British, Medical University of South Carolina, vaping

☆ Working for Google used to be 'sexy and exciting,' with a strong sense of security. Now, not so much.
▼ + stars: | 2024-01-31 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The tech giant has been caught up in the wave of tech layoffs sweeping the industry. Unsurprisingly, the cuts have gone down badly with remaining Google employees, with some lashing out at the tech giant's "boring and glassy-eyed" leaders. "The reason they're taking it harder is that it's not a feeling of 'Google doing what Google has to do.' AdvertisementHe added: "Working for Google is just not as sexy and exciting as it used to be, especially if you are at risk of being laid off anytime."

Persons: —, Sundar Pichai, Severance, Ben Hardy, Hardy, Thomas Roulet, it's, Roulet, They're, Google's Organizations: Service, Google, Business, London Business School, Workers Locations: Cambridge

☆ Google's layoffs already impacted its culture. Now they're affecting its bottom line.
▼ + stars: | 2024-01-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at highlights from two of the world's biggest tech companies' earnings reports, including how much layoffs cost for one of them. Tech: Tech CEOs will testify before Congress today for a hearing on child safety. Mateusz Wlodarczyk/Getty ImagesThere's been plenty of speculation about what Google's mass layoffs last year meant for its famous culture. Jerod Harris/Getty ImagesCongress is set to grill some of the biggest names in tech today. Leaders from Meta, X, TikTok, and other tech companies will face questions over their platforms' efforts to protect children from sexual exploitation online.

Persons: It's, Sundar Pichai, Mateusz Wlodarczyk, Sarah Jackson, Satya Nadella Stephen Brashear, Hisham Ibrahim, Jerome Powell's, Claudia Sahm, Powell, Linda Yaccarino, Jerod Harris, Linda Yaccarino's, Jack Dorsey's Block, Dorsey, Brooks Kraft, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Business, Tech, Google, Microsoft, Getty, Bloomberg, JPMorgan, Meta, Elon Musk's, Brooks Kraft LLC, Los Angeles Times, UPS, Bureau of Labor Statistics, Amazon, Boeing, Mastercard Locations: Chipotle, New York, London

☆ Google will spend $700 million on severance this quarter
▼ + stars: | 2024-01-30 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +1 min

Google expects to incur $700 million in severance costs this quarter. The costs were revealed in Alphabet's Q4 earnings report, released Tuesday. Severance and related costs were $2.1 billion for 2023, following mass layoffs that year. AdvertisementGoogle spent billions on employee severance following the company's mass layoffs last year, its latest earnings report showed. Alphabet's earnings for the fourth quarter and fiscal year of 2023, released Tuesday, showed that the company also expects to incur $700 million in severance costs for this quarter.

Persons: Severance, — Organizations: Google, Service, Business

LAS VEGAS (AP) — The Tropicana Las Vegas, a Sin City landmark for more than six decades, is shutting its doors in the spring to make room for a $1.5 billion Major League Baseball stadium that will be home to the relocating Oakland Athletics. All 30 MLB owners in November gave their approval for the A's to move to Las Vegas. The company's announcement came just a month after the Tropicana and the Culinary Workers Union, which represents about 500 workers there, reached an agreement for a new five-year contract. For veteran workers at the Tropicana, Pappageorge said, that totals tens of thousands of dollars. “In Las Vegas, hotels are bought and sold on a regular basis," Pappageorge said.

Persons: Tiffany, ”, George Papanier, Bally's, Ted Pappageorge, Pappageorge Organizations: LAS VEGAS, Tropicana, Major League Baseball, Oakland Athletics, Bally's Corp, Las, NFL’s Vegas Raiders, Golden Knights, Culinary Workers Union Locations: Vegas, Sin, Las Vegas, Oakland, Rhode

BUENOS AIRES, Argentina (AP) — An Argentine court on Tuesday overturned labor rules proposed by President Javier Milei that would make it easier to fire workers, in a new blow to the leader's efforts to shake up regulations that he says have hampered the country's struggling economy. The appeals court already temporarily suspended the incoming president's new regulations in early January after a legal challenge brought by the main union group, the General Labor Confederation. Milei's administration did not immediately say whether it would do so. Milei in December announced a decree that would make several changes to labor rules, like increasing job probation from three to eight months, reducing severance compensation and allowing the dismissal of workers who take part in blockades during protests. Last week, the president faced a one-day general strike, organized by the biggest union, but some government officials downplayed the effects of the protest.

Persons: —, Javier Milei, Milei Organizations: General Labor Confederation, Congress Locations: BUENOS AIRES, Argentina, Argentine, Buenos Aires

☆ Microsoft lays off 1,900 workers, nearly 9% of gaming division, after Activision Blizzard acquisition
▼ + stars: | 2024-01-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Former Blizzard president Mike Ybarra said Thursday on social media platform X he would be leaving Microsoft and Blizzard. Activision Blizzard is the publisher and developer of several massive gaming franchises, including Call of Duty and Diablo. Microsoft's $69 billion acquisition of Activision Blizzard was the company's largest ever acquisition, more than double the size of its 2016 purchase of LinkedIn. Unlike the Microsoft layoffs, eBay and SAP saw a significant bump in their share prices following their announcements. Read the full memo below:It's been a little over three months since the Activision, Blizzard, and King teams joined Microsoft.

Persons: Phil Spencer, Mike Ybarra, Spencer, Activision Blizzard, Candy, It's, we'll, I'm, Phil CNBC's Steve Kovach Organizations: Microsoft, CNBC, Activision Blizzard, Former, Blizzard, Activision, LinkedIn, Tech, Games, eBay, SAP, King, Microsoft Gaming, Leadership Team, Xbox

☆ Layoffs from major companies to start the year have impacted thousands of workers. What to know if you're offered a buyout
▼ + stars: | 2024-01-25 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Microsoft joined a list of big tech companies that announced major layoffs at the start of 2024. The technology company plans to cut about 9% its Gaming Unit headcount, amounting to 1,900 laid off workers, according to a memo obtained by CNBC. Earlier this week, EBay said it plans to let go 1,000 employees, or 9% of the company's staff. These announcements join a flurry of layoffs from tech behemoths like Amazon and Google . For example, explore options to work fewer hours or find ways to boost your buyout deal, they advise.

Persons: Suzy Welch, Julia Pollak Organizations: Microsoft, CNBC, EBay, Google, Finance, SAP Locations: German

☆ In-N-Out is the latest company to blame store closure on crime
▼ + stars: | 2024-01-24 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

In-N-Out announced this week that it will close its Oakland location in March. The company cited increased and ongoing crime affecting its customers and employees. AdvertisementIn-N-Out said several of its stores have relocated in the company's 75 years, but the Oakland store will be its first ever closure. All employees at the Oakland In-N-Out will have the opportunity to transfer to a nearby location or receive a severance package, the company said. In-N-Out is the latest company to blame crime for store closures.

Persons: —, Burger, Denny Warnick, Warnick, Brian Cornell Organizations: Service, Associates, Business, ABC, Oakland, Target Locations: Oakland, California

If you’re worried you could be laid off — or if you’ve lost your job — personal finance professionals and career advisers have recommendations for how to cope. You can do this by leaving space in your resume to include keywords that are specific to the job you are applying for. IF YOU HAVE BEEN LAID OFFPRIORITIZE YOUR MENTAL HEALTHYour mental health can be heavily affected after a job loss. SHARE YOUR EXPERIENCEIt can be hard to talk about losing your job, and you should only share if you feel comfortable. “It shows that you have grit, that you’re willing to work hard and take care of your responsibilities,” she said.

Persons: you’re, you’ve, Jesse Mecham, Mecham, It’s, Scott Dobroski, “, ”, Marlo Lyons, Lyons, Dobroski, “ I’ve, ” Lyons, “ Don’t, Charles Schwab Organizations: eBay, Riot Games, Los Angeles Times, YOU, Jobs, LinkedIn, “, Labor Department, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Lafayette , Colorado, U.S

☆ More than 400 Condé Nast staffers stage one-day walkout to protest layoffs
▼ + stars: | 2024-01-23 | by ( Liam Reilly | ) edition.cnn.com time to read: +3 min

The company then revised the plan, announcing it would lay off 94 unionized members, or some 20% of the Condé Nast Union. It is time to start bargaining in good faith with us.”The NewsGuild of New York has filed an unfair labor practice charge on behalf of Condé Nast Union, citing regressive bargaining. “Media workers at Condé Nast are key to the company’s success and reputation for excellence. “Guild members in Condé Nast Union walked off the job today to remind management of their worth and urge company reps to bargain in good faith. We demand nothing less.”A Condé Nast spokesperson dd not immediately respond to a request for comment.

Persons: Condé Nast, Prada, “, ” Ben Dewey, Condé Nast, Susan DeCarava, Condé Organizations: CNN, Condé, Vogue, GQ, New, New York City, Condé Nast Union, CNE, Condé, Condé Nast Union, “ Media, Los Angeles Times, Washington Post Locations: New York, Condé Nast, Condé Nast

☆ In-N-Out has never closed a location, until now. It cites crime as the problem
▼ + stars: | 2024-01-23 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —In-N-Out is permanently closing one of its restaurants for the first time ever, announcing that its Oakland location will soon shutter because of rampant crime in the California city. In-N-Out said in a statement that while “several” of its locations have relocated in its 75-year history, the Oakland closure is the first restaurant it has closed. A diner told CNN affiliate KPIX-TV that someone broke into their car recently while they were eating inside the In-N-Out location. An In-N-Out employee also told the station they’ve seen armed robberies at the restaurant’s parking lot. In-N-Out is a privately held company with roughly 400 locations around the United States, mostly on the west coast.

Persons: ”, Denny Warnick, Warnick, Councilwoman Treva Reid, she’s, Oakland’s, hasn’t, “, KPIX Organizations: New, New York CNN, Oakland Police Department, CNN, KGO, Contra Costa county Locations: New York, Oakland, California, San Francisco, United States, Contra Costa

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