A few employees were let go. Severance pkg is below industry standard
Any numbers? If it's low, then probably just a way to cleanse out the low performers (If I'm not mistaken, Cruise is pretty strict about that).
it is not perf based
Check announcement channel. Supposedly 30 ppl let go. Pretty small amount overall. Sorry to those impacted :( Edit: when I made this comment I thought this thread was in the company channel. My bad
Thought they are still hiring
me too. Obviously they have openings on their website but you know anything can happen at this time.
I wonder, is this only the beginning? In some orgs at least, Cruise is taking the GM route by relying on attrition to trim down (no backfills to those lost), but attrition is at a record low. I wonder if they'll need to do more layoffs soon.
Whats the reason behind it ?
GM isn't doing attrition they did firings and buyouts.
Headlines like this one is where I had seen the attrition comment https://www.tipranks.com/news/attrition-not-layoffs-general-motors-nysegm-trims-workforce
There is always attrition at GM, it isn't their strategy to save money. They did buyouts and firings to save money and haven't finished saving money yet.
Engineering or across the board?
My friend who is a recruiter was impacted
Only recruiters
A company relying on VC money, with huge burn rate and no profit doing layoffs in a high interest environment. No way…
Aren’t they owned by GM? They don’t need VC money anymore
You think GM has money to burn? They’re also in a low margin business and have flat revenue growth
Cruise will have more layoffs. They are keeping it under 50 so they don't have to report it to the warn act. All engineering orgs have recently been shifted and reorganized. It's just a matter of time. Not a good time to join the company.
Probably looking to cut 10% of engineering by reorg and consolidating positions in anticipation of market ramp up costs.
What was their severance?
Below industry standard (3 months)
Industry standard is not 6 months btw. A lot of companies outside of FANG did 8-12 weeks.
Wut?! No way