Disney’s Q1 FY23 Earnings Results Webcast - Wednesday, Feb 8, 2023

[Disney Glimpses]

What is the honorable and professional way to layoff 7,000 people?

Not forcing them to work through the notice period (California law). Productivity and morale are going to be a zero. Dragging this on is going to be traumatic for many people. And for what it is worth, no one lays people off like this; it's not like this is normal.

 

[GhostHost1000]

Not forcing them to work through the notice period (California law). Productivity and morale are going to be a zero. Dragging this on is going to be traumatic for many people. And for what it is worth, no one lays people off like this; it's not like this is normal.

Agreed. I’ve experienced this multiple ways where I work as well. When people know it’s coming or happening but isn’t over, moral and motivation is 0

 

[Disney Glimpses]

Agreed. I’ve experienced this multiple ways where I work as well. When people know it’s coming or happening but isn’t over, moral and motivation is 0

Not to mention the desperation that will ensue over the weeks as people try to compete for a spot.

 

[CaptainAmerica]

Not forcing them to work through the notice period (California law). Productivity and morale are going to be a zero. Dragging this on is going to be traumatic for many people. And for what it is worth, no one lays people off like this; it's not like this is normal.

What the hell are you talking about?

You make it sound like there's a list somewhere with 7,000 names on it and executives just aren't bothering to tell anyone for some reason.

 

[Disney Glimpses]

What the hell are you talking about?

You make it sound like there's a list somewhere with 7,000 names on it and executives just aren't bothering to tell anyone for some reason.

I think what I am saying is quite clear, thanks.

That is literally the entire point. There is no list. It announced to be another feather in Iger's cap in yesterday's report. No one does this. Everyone else announces layoffs and then lays off; not force people through a mess for 3 weeks. Disney is not special.

If they aren't ready to perform the layoff: don't announce it. Not rocket science.

 

[CaptainAmerica]

No one does this.

Everyone does this.

Microsoft announces big layoffs that will affect 10,000 employees

The job cuts will affect engineering, human resources, and other roles.

www.theverge.com

Zoom reducing headcount by 1,300

Zoom is reducing its headcount by 15%, CEO Eric Yuan said in a blog post published on Tuesday on the video communication company's website.

www.foxbusiness.com

Amazon Layoffs to Hit Over 18,000 Workers, the Most in Recent Tech Wave

The cuts focused on the company’s corporate staff exceed an earlier projection and represent about 5% of the company’s corporate workforce.

www.wsj.com

Ebay plans to lay off 500 employees, about 4% of its workforce

Ebay CEO Jamie Iannone said the company decided to do layoffs after examining the global macroeconomic environment over the past several months.

www.cnbc.com

Bloomberg - Are you a robot?

www.bloomberg.com

 

[CaptainAmerica]

These are the sorts of content cuts we'll be seeing.

‘Reboot’ Officially Dead Following Search For New Home

It’s final – there will be no second season for Hollywood-centric comedy Reboot, created and executive produced by Modern Family co-creator Steve Levitan. Following the recent cancellat…

deadline.com

 

[Disney Glimpses]

Everyone does this.

Microsoft announces big layoffs that will affect 10,000 employees

The job cuts will affect engineering, human resources, and other roles.

www.theverge.com

Zoom reducing headcount by 1,300

Zoom is reducing its headcount by 15%, CEO Eric Yuan said in a blog post published on Tuesday on the video communication company's website.

www.foxbusiness.com

Amazon Layoffs to Hit Over 18,000 Workers, the Most in Recent Tech Wave

The cuts focused on the company’s corporate staff exceed an earlier projection and represent about 5% of the company’s corporate workforce.

www.wsj.com

Ebay plans to lay off 500 employees, about 4% of its workforce

Ebay CEO Jamie Iannone said the company decided to do layoffs after examining the global macroeconomic environment over the past several months.

www.cnbc.com

Bloomberg - Are you a robot?

www.bloomberg.com

Huh? These companies all announced and laid people off the same day:

Example: "He said affected employees will be informed over the next 24 hours."

 

[CaptainAmerica]

Huh? These companies all announced and laid people off the same day:

Example: "He said affected employees will be informed over the next 24 hours."

Amazon: "The Seattle-based company in November said that it was beginning layoffs... The rest of the cuts will bring the total number of layoffs to more than 18,000 and will be made over the coming weeks."

That article was published January 5. So from November through mid-January.

Microsoft: "More than 800 employees have been notified today, but the entire 10,000 layoffs should be completed by the end of March."

That article was published in early January, so January through March.

I'm bored of this game, but of the 5 articles I shared from a 30 second google search, only one of the companies was notifying everyone affected within 24 hours.

 

[Disney Glimpses]

Amazon:

"The Seattle-based company in November said that it was beginning layoffs... The rest of the cuts will bring the total number of layoffs to more than 18,000 and will be made over the coming weeks."

That article was published January 5. So from November through mid-January.

The only reason that layoffs sometimes take a while is due to labor laws overseas. Every single one of the companies you posted laid off their US workers the same day and paid out their notice period. Not forced them to work through it. The others require notice and other due diligence.

 

[CaptainAmerica]

The only reason that layoffs sometimes take a while is due to labor laws overseas. Every single one of the companies you posted laid off their US workers the same day and paid out their notice period. Not forced them to work through it. The others require notice and other due diligence.

I'm sorry, but this is just bullcrap. When you announce an enterprise-wide restructuring, you need to give the leadership team time to digest their new organizations before laying off random people willy-nilly. Disney isn't making a blanket X% cut across the board, they're making targeting reductions. It's not as simple as "let go of the lowest performing 3% of people in each department."

 

[flynnibus]

Disney is apparently dragging out the layoffs for weeks. More amateur hour out of Burbank. Sleazy, frankly. They could've delayed this announcement until all of the plans in place but Bobby Iger felt it prudent to announce it at earnings to soften the not so stellar DTC numbers.

Dude.. this includes a restructure.. which will take time to map out to all the right people. Know who lays off thousands of people instantaneously? People panic'd or exiting businesses entirely. That's not the situation here.

Anyone who has actual seat time large companies are familiar with how this rolls out... this is unwarranted angst.

Anyone in actual management who go through the actual process of deciding this, then knowing, and then having to decide the impacted people are really laughing at these complaints because awareness of restructuring like this is something that happens over months. That's what you actually want... it's the ones pulling the eject handle who simply say "everyone in that division.. gone" that you DON'T want to be part of.

 

[MisterPenguin]

The only reason that layoffs sometimes take a while is due to labor laws overseas. Every single one of the companies you posted laid off their US workers the same day and paid out their notice period. Not forced them to work through it. The others require notice and other due diligence.

So then, it's labor laws that don't allow a company to be honorable and professional in large scale layoffs, then?

 

[CaptainAmerica]

Dude.. this includes a restructure.. which will take time to map out to all the right people. Know who lays off thousands of people instantaneously? People panic'd or exiting businesses entirely. That's not the situation here.

Anyone who has actual seat time large companies are familiar with how this rolls out... this is unwarranted angst.

Anyone in actual management who go through the actual process of deciding this, then knowing, and then having to decide the impacted people are really laughing at these complaints because awareness of restructuring like this is something that happens over months. That's what you actually want... it's the ones pulling the eject handle who simply say "everyone in that division.. gone"

YOLO!

- Massive corporate restructuring by @Disney Glimpses

 

[Disney Glimpses]

So then, it's labor laws that don't allow a company to be honorable and professional in large scale layoffs, then?

No, it's to prove that they have to be laid off in the first place and that other reductions can't be made to prevent them. I wish we had them here. But the point is it is inevitable here.

 

[Disney Glimpses]

Dude.. this includes a restructure.. which will take time to map out to all the right people. Know who lays off thousands of people instantaneously? People panic'd or exiting businesses entirely. That's not the situation here.

Anyone who has actual seat time large companies are familiar with how this rolls out... this is unwarranted angst.

Anyone in actual management who go through the actual process of deciding this, then knowing, and then having to decide the impacted people are really laughing at these complaints because awareness of restructuring like this is something that happens over months. That's what you actually want... it's the ones pulling the eject handle who simply say "everyone in that division.. gone"

Yeah, because Disney is the only one to recently layoff amidst a restructure.

 

[CaptainAmerica]

Yeah, because Disney is the only one to recently layoff amidst a restructure.

There are people with "Executive Vice President" and "Chief" in their titles at Disney who didn't know who their new boss would be until today.

 

[flynnibus]

The only reason that layoffs sometimes take a while is due to labor laws overseas. Every single one of the companies you posted laid off their US workers the same day and paid out their notice period. Not forced them to work through it. The others require notice and other due diligence.

Non-sense.

Even in the US WARN act is usually respected by most big enterprise even if not specifically bound by it's scope. The notice requirements are all real.... the difference is most companies skirt the definition by simply paying the people during the period and say 'don't work' instead of starting the actual separation right away. Basically notified now, paid to do nothing, and actual separation being something 60 days out.

No employees like the uncertainty of knowing a layoff is announced but not knowing who is impacted - but having a blind instant cut is NOT better. It usually is everyone getting axed entirely instead of trying to identify which employees you are trying to rebalance or shift elsewhere. And in Disney's case, this is also part of a restructure - not an exiting of a business or segment.

 

[flynnibus]

Yeah, because Disney is the only one to recently layoff amidst a restructure.

Try complete thoughts...

 

[Disney Glimpses]

Non-sense.

Even in the US WARN act is usually respected by most big enterprise even if not specifically bound by it's scope. The notice requirements are all real.... the difference is most companies skirt the definition by simply paying the people during the period and say 'don't work' instead of starting the actual separation right away. Basically notified now, paid to do nothing, and actual separation being something 60 days out.

No employees like the uncertainty of knowing a layoff is announced but not knowing who is impacted - but having a blind instant cut is NOT better. It usually is everyone getting axed entirely instead of trying to identify which employees you are trying to rebalance or shift elsewhere. And in Disney's case, this is also part of a restructure - not an exiting of a business or segment.

I am fully aware of how companies layoff and handle payment during the notice period. It is semantics.