FFS. I think at this point we need an AI bot here just to just translate all this corporate speak back into normal human language.
simplejack@lemmy.world
on 27 Feb 2024 17:59
nextcollapse
Sony is laying off 900 people from the part of the company that makes PlayStation games, and layoffs are continuing to happen across the broader gaming / tech industry. It’s not just a Sony thing.
Myrbolg@lemmy.world
on 27 Feb 2024 20:30
nextcollapse
I’m worried that after years of layoffs, they have become a custom. It feels like companies were deliberating laying off people for longer before that, avoiding bad news. Nowadays, ‘everyone’ is doing it. And nothing prevents them from over hiring and firing in large amounts over and over again.
You needn’t worry, it won’t help. They are absolutely a standard shareholder and executive communication tool. Traditionally they were announced ahead of weak earnings to soften the blow to investors with the promise of savings. Then geniuses thought, why not both, and started announcing them with good earnings too. Who doesn’t like to juice the stock a bit as an exec when your compensation is largely in grants and/or vesting options in that same stock?
Major layoffs are done now to hit targets every quarter if needed until morale improves stock price targets are hit or exec’s jobs are safe for another quarter of obscene wealth redistribution.
This is not limited to gaming, or even tech, it’s just catching the employees and the economy by surprise here given how well many of these companies are doing when there is no clear reason other than obvious, unfettered greed.
threaded - newest
FFS. I think at this point we need an AI bot here just to just translate all this corporate speak back into normal human language.
Sony is laying off 900 people from the part of the company that makes PlayStation games, and layoffs are continuing to happen across the broader gaming / tech industry. It’s not just a Sony thing.
They’re just aligning their synergies!
Connectitude
AND they’ll be right back at half the price in about 2 months! What a deal!
.
Following the news that they have no major releases planned until April, 2025:
ign.com/…/sony-will-not-release-any-new-major-exi…
I’m worried that after years of layoffs, they have become a custom. It feels like companies were deliberating laying off people for longer before that, avoiding bad news. Nowadays, ‘everyone’ is doing it. And nothing prevents them from over hiring and firing in large amounts over and over again.
You needn’t worry, it won’t help. They are absolutely a standard shareholder and executive communication tool. Traditionally they were announced ahead of weak earnings to soften the blow to investors with the promise of savings. Then geniuses thought, why not both, and started announcing them with good earnings too. Who doesn’t like to juice the stock a bit as an exec when your compensation is largely in grants and/or vesting options in that same stock?
Major layoffs are done now to hit targets every quarter if needed until
morale improvesstock price targets are hit or exec’s jobs are safe for another quarter of obscene wealth redistribution.This is not limited to gaming, or even tech, it’s just catching the employees and the economy by surprise here given how well many of these companies are doing when there is no clear reason other than obvious, unfettered greed.
It’s a good thing we haven’t raised their Taxes! Otherwise people might be losing their JOBS!