The original rumors were wrong. (See my original blog post). Yahoo is cutting 1,50o people (10% of their workforce) instead of 3,500.
But I feel Yahoo is wrong - they should clean house a bit more, get rid of the people who no longer want to be there. And then hire new high performers - they will be among a smaller set of companies hiring in this economy.
Per a Valleywag tipster, Yahoo is about to cut 3.5K jobs in early December. The job cuts have long been rumored, but the number sounds higher than earlier guesses.
What seems a bad move - the layoffs are going to be announced within a week of an over-the-top holiday party. And, of course, there are rumors that the severance packages will be pathetic.
Not I'm normally ok with holiday parties - layoffs are exactly when you need to put something else up to boost up the morale of remaining employees. LifeScan, a Johnson & Johnson company, did this while I was there, after their first layoff in almost a decade. But the timing isn't good. And, of course, if severance packages are bad, this reflects poorly indeed on the judgement of the executive team.
Most of the layoffs are rumored to be in Finance and Sales/ GA.
Yahooooooooo
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