Feeds

Nortel redundancies provoke mirth

From ex-employees, that is

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

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.

Secure remote control for conventional and virtual desktops

More from The Register

next story
Win a year’s supply of chocolate (no tech knowledge required)
Over £200 worth of the good stuff up for grabs
Facebook's Zuckerberg in EBOLA VIRUS FIGHT: Billionaire battles bug
US Centers for Disease Control and Prevention contacted as site supremo coughs up
Space exploration is just so lame. NEW APPS are mankind's future
We feel obliged to point out the headline statement is total, utter cobblers
Red Bull does NOT give you wings, $13.5m lawsuit says so
Website letting consumers claim $10 cash back crashes after stampede
Down-under record: Australian gets $140k for pussy
'Tiffany' closes deal - 'it's more common to offer your wife', says agent
Internet finally ready to replace answering machine cassette tape
It's a simple message and I'm leaving out the whistles and bells
Swiss wildlife park serves up furry residents to visitors
'It's ecological' says spokesman, now how would you like your Bambi done?
The iPAD launch BEFORE it happened: SPECULATIVE GUFF ahead of actual event
Nerve-shattering run-up to the pre-planned known event
STONER SHEEP get the MUNCHIES after feasting on £4k worth of cannabis plants
Baaaaaa! Fanny's Farm's woolly flock is high, maaaaaan
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.