Feeds

Nortel redundancies provoke mirth

From ex-employees, that is

  • alert
  • submit to reddit

Gartner critical capabilities for enterprise endpoint backup

Nortel 're-aligns' 10,000 employees

Nortel's announcment that it will lay off 10,000 workers provoked wicked laughter from Robert Lesieur:

I took so much shit last year when I left that armpit to come to a "risky" startup instead of staying there and doubly from my brother in law who worked for Cisco, whom I declined a job from. "Are you a moron?", got this from my family and a few friends. Same friends are getting laid off, brother-in-law's division is in the shitter. I'm still getting bonuses. hahahahahaha. Too funny.

Simon Turvey is also able to contribute a story about an ex-Nortel employee:

A close friend of mine was employed by Nortel as an embedded systems programmer in one of their many IP access divisions. He was receiving a salary of approximately GBP35K. After the initial shock of the loss of his job the situation began to sink in: he was told in late May, they laid off his department (i.e. he no longer had to go into work) but they won't receive official notice until end of June (so on full pay until then). After receiving official notice of redundancy he will be paid at full rate until the end of September. He will receive payment for all outstanding holiday time owing this year plus the first six months holiday of next. Oh, and a GBP14K redundancy payoff.

Gutted? Hardly, he's already received several offers of employment in the £35-40K range and has substantially increased his deposit for his impending mortgage. Not bad going for a 24 year old, heh?

Indeed. But what about that offer of stock options to retain staff. A contradiction, surely? Not so, says Dan Moyer:

The Stock Options Exchange is intended to retain the engineers and other techoids that generate the IP that will keep Nortel at the leading edge of communications technology.

The 10 kilopersons who are getting pink-slips are the factory workers building commodity bits and pieces. They probably don't have stock options.

Personally, I think Nortel is still a good company and if I had some money, this would probably be the time to buy. They're a leader in a market that will continue to grow (with a few dips like the current one). When this dip is over, either Nortel will bounce back and move on, or will be acquired. Either way, it'll be good for those who bought at the bottom, and I suspect we're getting pretty close to that now.

Oh good - as long as it's only the people on the production line getting the push, then it's business as usual.

Next gen security for virtualised datacentres

More from The Register

next story
Drunkards warned: If you can't walk in a straight line, don't shop online, you fool!
Put it away boys. Cover them up ladies. Your credit cards, we mean
Yes, but what are your plans if a DRAGON attacks?
Local UK gov outs most ridiculous FoI requests...
Cops baffled by riddle of CHICKEN who crossed ROAD
'Officers were unable to determine Chicken's intent'
Murder accused DIDN'T ask Siri 'how to hide my roommate'
US court hears of cached browser image - not actual request
Why your mum was WRONG about whiffy tattooed people
They're a future source of RENEWABLE ENERGY
Chomp that sausage: Brits just LOVE scoffing a Full Monty
Sales of traditional brekkie foods soar as hungry folk get their mitts greasy
Nuts to your poncey hipster coffees, I want a TESLA ELECTRO-CAFE
Examining the frothy disconnect in indie cafe culture
Ex-Apple man Sam Sung - for it is he - sticks namebadge on eBay
Stump up via tat bazaar, do a good thing for ill kids
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.