Yahoo will today begin informing 2,000 of its employees that they are no longer employed at the Sunnyvale, Calif. company. Widely expected after numerous press reports, the job cuts represent 14% of Yahoo's 14,000 employees.
"Today's actions are an important next step toward a bold, new Yahoo! — smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require," Chief Executive Scott Thompson said in a statement. "Unfortunately, reaching that goal requires the tough decision to eliminate positions. We deeply value our people and all they've contributed to Yahoo!."
The company said it expects to spend $145 million in severance and related costs. Business Insider has some tips on how to negotiate to get the most money and benefits. The company didn't specify which divisions are cutting jobs; The Wall Street Journal reported that the marketing and product groups are expect to get hit hardest. Meanwhile, Bits reports that certain senior executives are slated to get the boot.
At least some Yahoo employees welcome the layoffs and hope that it's the first in a series of dramatic moves to turn around the company. One veteran product employee said last month in anticipation of the cuts: "Frankly, I welcome it. Yahoo needs a major shake-up beginning with executive management and the products division," he said.
Walk Off (FINS via WSJ)
AT&T faces a strike by 40,000 of its landline workers this Sunday. The workers' union and AT&T are at loggerheads over the company's demands of increased health-care premiums and pension cuts.
Left for Dead (WSJ)
Some companies are letting employees evaluate and reward the performance of their colleagues. That means Rick, three desks down, will be determining your stock bonus.
Good Looking Job (Co.Design)
Facebook, just like Apple, takes design very seriously. Mark Zuckerberg personally recruits design stars and promises candidates ownership over Facebook's product.
Kill Switch (Bloomberg Businessweek)
If you use your own mobile phone or tablet for work, chances are your company wants to enact some safeguards. The most prevalent is the ability to erase the entire contents of your phone should it get a virus or you quit.
Inside Scoop (The Atlantic)
Data mining. Yeah, you've heard of it, but may not know what the heck it is. This piece will give you a primer on how big data is changing the world and how it's done.
Up to the Part (The Daily)
Television actor Ashton Kutcher says the role of playing Steve Jobs "was meant for him." Kutcher is set to play Jobs in an indie biopic.
There's a debate over whether San Francisco Mayor Ed Lee's beneficial policies toward tech companies are for the good of the city or his venture capital backers.
Building Up (San Jose Mercury News)
Apple is planning to build a clean energy power plant in North Carolina. The company also has a huge data center in the state.
Striking Back (DealBook)
Facebook responded to Yahoo's patent lawsuit yesterday with a lawsuit of its own. The social networking company says that 80% of Yahoo's revenue last year was generated in violation of its own patents.
Buzz Around the Office
Somebody catch that elephant before it stomps on a car!
List of the Day: Distinguish Yourself
It's a tough market out there. Here are some tips to help you become an attractive job candidate.
1. Learn about the most cutting-edge technology in your field.
2. Consider becoming a contractor.
3. Find a niche where fewer people can add value and make yourself an expert.
(Source: Harvard Business Review)