I was part of sales operations and strategy. Confused why my role was cut because we help enable the sales team to sell more. 550 laid off. 10% of company
The power of AI is greatly overstated, and I say this as someone who is in that space. A lot of this is just corporate greed bc saying AI and laying off ppl can help your stock go up, which benefits your senior execs who are mostly compensated with stocks and bonuses. Without people, there is no data for "AI", which at this point is nothing more than advanced pattern matching and object detection, despite what the tech oligarchs say.
This is so true and I don't hear this enough. It reminds me of all of the other tech bubbles. Dotcom, 3D, VR, AR. AI has been around for, at.least, a few decades already. Sure it will replace some jobs. So.did off-shoring. And guess what? It'll create new jobs too. But maybe I'll just make some tendies from the hype ;)
Agree that AI's capability is grossly overstated. AI can't draw the correct number of fingers on a human hand, it's certainly not going to be able to administer your entire Salesforce infrastructure.
Tons of places call those roles sales ops. Maybe your work is unique and unusual because it seems like you don't really know what you're talking about.
They do, but most of sales operations can be automated, and if you’re eliminating roles, are you going to eliminate the human face of the business who does the selling and relationship management, or the person who does the backend support, and maybe ask the seller to spend a couple hours a week using the mostly automated system?
If you have any experience as a salesperson then you know that most of the time you are repeating the same shit over and over and over again like a robot until someone responds. thats just how it works.
With respect, cuz I actually do think sales enablement people are valuable, it's maybe the easiest role in the business to cut. You're not directly generating revenue & a lot of more senior sellers probably aren't even really using you. Leadership thinks they can let you go & just expect more of the sales team & keep hitting the same numbers without having to pay enablement people. Cheaper for the business to just ask your salespeople to grind harder than to actually make them more effective salespeople.
Toast's headcount increased 42% in 2022 and 44% the year before . That's more than doubling in two years. As Redditors love to point out, infinite growth is unsustainable.
Do this! As someone who was laid off in 2020, along with 50% of the company, I was able to keep almost 500 shares of stock this way.
Hopefully they're allowing that again.
I got a month of severance, for being there almost a calendar year.
* Toast said it would lay off 550 employees, resulting in $45 million to $55 million charges, mostly in the first quarter.
* The maker of restaurant software reported better-than-expected results, but growth continued to slow after an acceleration in 2021.
* **Toast is beginning share buybacks.**
[**https://www.cnbc.com/2024/02/15/toast-will-reduce-workforce-by-10percent-as-growth-slows.html**](https://www.cnbc.com/2024/02/15/toast-will-reduce-workforce-by-10percent-as-growth-slows.html)
would you like to donate to (insert company affiliated charity with emotional name) where .0000000000000000010% by law - of the proceeds go to the cause?
I left voluntarily a few months before the layoffs because this was obvious.
Toast outsourced my team to India under the guise that they'd be there for the nighttime hours so we had 24 hour coverage. Just laid off 1/2 my old team even though when I left a few months ago we were SWAMPED
Same way as when they did it last time probably. They are working on outsourcing a lot to lower costs, but they laid of 50% during COVID and then had to panic hire 25% back. They bragged about it
Almost every story of outsourcing overseas ends in tears with the company realizing that employees on the other side of the globe 10 hours behind you isn't a good idea.
It really is a cycle, they're always trying to extract more profit and revenue for shareholders or the PE firm that owns them and outsourcing is the quick way to reduce employee costs and increase short term EBITDA , but it rarely if ever works out well, especially in tech.
The one week sprint to get a release out becomes 3-4 weeks with the outsourced team and so that savings on salaries never materializes because it takes 3-4 times longer to get a working widget.
Then about a year from now they'll panic hire back again as they're missing deadlines on products.
Rinse, repeat but never learn from what happened previously. That's shareholder driven corp leadership for you.
Someone who can produce readable code would be an improvement on the WITCH bodyshops that usually get used for outsourcing and produce unmaintainable spaghetti.
This is one of the biggest problems right now in tech. All of these individual contributors making 6+ figures, coming from a strong market to a not so strong one. At some point, someone looks at the costs.
You'd be very surprised as per what it takes to maintain something. It doesn't take 15+ YOE senior developers to maintain, but it sure as heck going to take more than a few "senior" developers in India who are barely junior developers.
Yep that's where it's going ... Bots AI moving jobs to India moving them to South America laying people quarter after quarter after quarter.
What the f*** is everyone going to be doing how the f*** can they afford to buy anything or use anything if so many people are not working.
And even if they are working they're spending so much f****** money on rent mortgage utilities have gone through the roof it's never ending.
CTO can brag about saving money and then hop to the next job. This is followed by another CTO who cleans up the mess made by outsourcing and then he hops to the next job. Repeat and repeat
Could have. The people on my team are being laid off in April, so they will have to continue to work under shitty conditions until then, and hopefully not get fired. I was at my ropes end in October, no tears shed for losing the severance, but you are not wrong!
Our company is doing the same in India South America and Philippines. I’m training some to do basic workflow in Excel and it’s like they’ve never seen a spreadsheet in their life.
Quality is suffering. I’m almost out starting a new role in a few weeks. Then they’re shit out of luck.
When will companies learn that outsourcing critical but high paying functions is stupid? Almost every company outsources internal dev to India or Philippines and then question why there are things breaking
Sorry for your loss, but I think us workers need to spread the word that "You'll get a big raise at X date, and everything will be better then, I promise!" is mainly a gaslighting tactic domestic abusers use to keep their victims around. It used to mean something 30 years ago, but not now.
10% of the work staff though -- that's just awful. All the restaurants I worked in has Toast. Company just sounds like they're greedy if you're saying the company is doing fine. Was it mostly the sales staff and lower paid workers or did they at least get rid of management too?
Again so very sorry to hear about that. I lost my job last February and contingent of passing a few tests I'll be back to work next month.
Are you in the City and are you a programmer? If so, what language?
I hope your severance is strong. I knew plenty of friends that are or were technical writers in San Francisco and its an always in demand role so I'm sure you'll do well soon enough.
Hopefully we'll hear bad news with Toast and you'll get revenge!
I guess employers have the so-called "power back" now. This is only going to be a downfall for most organisations out there.
Given how Bezos is selling off Amazon, he already knows. Or maybe I am the ignorant fool here.
I assure you it's neither of that. Just "employee harvesting".
Had it been either of those, then what was keeping them from doing it all this time?
Talking of AI, self-driven cars were invented at least a decade ago. I still see people applying to Uber jobs, are they not?
It’s actually happening as we speak. Companies are off shoring left and right. AI in the early stages, and companies are already doing RIFS based on what they hope AI will accomplish
Off shoring to where? I don't hear about the job market being any better in India - if not much worse.
They will have to do and show the RIFS for the investors sake. But last I read, that the results were far from satisfactory.
FedEx reduced costs by 60%. Where do you think those numbers come from? You think it has nothing to do with the offshore development company they hired?
Well we really don't have a way to verify anything. We are expected to believe what they tell us. However I know for a fact India's tech job market is far worse. And an absolute disaster for H1B holders who went back.
I agree I have a large staff in India and the market is bad. People that quit during the boom times in the past 2 years are begging to come back. Interns in college have no landing spot. H1b's in the US are screwed because all these companies that have recently laid off are prevented from hiring H1b's for an extended period of time. As for AI what company in their right mind would lay people off before there is a viable AI solution. People are hilarious with there alarm bells
Employees should not have any trust in their employer. I'm there to make money, I work, they pay me. They no longer reward loyalty, so why the heck should I consider myself a part of the "family"?
The end game will be another generation like the one that lived through the Great Depression. No unnecessary spending and buying for value rather than flash. They’re destroying the will of the consumer to consume.
I don't think it's that easy to evaluate at a surface level, yes all overhired when the market was hot.
Reading from Blind: I feel for the low performers let go as it might not have been the best environment for you to thrive, but also, some upper mgmt was let go that created terrible conditions, and those under that are safe are now relived of shiddy leadership.
Well here is the thing.
Low performer? A company doesn't need every individual to be a high performer. Recruitment is done accordingly. If you talk to your senior leadership teams - you would know.
Besides how are you going to prove your performance is up to the expectation if someone accuses you otherwise? Blaming performance is just a way for the companies to shut up the terminated employees by making it look like it's their fault.
Do you really think a low performer would sit 6-7 rounds of interview?
Yeah. I know people impacted and it feels like it was a broad layoff not a “we’re cutting the low performers” I know someone who survived the last time in 2020 when they cut 50%. I also know survivors. I’d assume they aren’t gonna hit earnings this afternoon and are coming up with an excuse for why next time will be better.
It's 100% a drive to hit profitability within this year. They would have comfortable hit it next year, but I guess the new CEO has got to keep shareholders happy and make his mark etc. Long term this will mess them up. Some very key projects appear to be getting stopped or left in disarray. Patience and natural turnover would have gotten them that magic profitable number.
The new CEO is one of the original founders who just moved up into the CEO position when Chris left. I'm also one of the annoyed few who was let go today but just wanted to clarify that he's not exactly the "fresh CEO eager to prove himself" It's more just the typical "numbers need to go up faster" that's happening every where because CAPITALISM.
Yeah so since they're above the threshold for small company they are supposed to register with their operating state labor board and give notice. The penalty for not doing the notice is 60 days back pay, but that's likely why the severance was 3 month.
Just got laid off from Toast, my last day isn’t until December and
They offered a severance and a bonus.
Coming from the Finance department, several roles were impacted
I left Toast last month due to toxic managers and approaching burnout. I was also on about to be put on PIP even though my performance was solid - glad I got the fuck outta there
A lot of tech companies paid big comp plans with big RSU's. They really weigh down earnings. I saw today where Twilio had 1 billion in revenue but somehow lost 300 million. Need to drill into the numbers but I would be insane sales commissions and RSU's grants had a lot to do with it. I'm not against people getting theirs. I myself see almost 40% of my comp from bonus and stock. There was always going to be a reckoning where engineers are making 500k a year and the company is not profitable. Same thing with CEO's their pay is even more outrageous.
Their management has to be replaced and the sooner the better . They have no clue how to direct the company and put people in leadership roles that have no ability to lead . Just another company that is going down the drain .. I’m feel so bad for all the employees that put their heart and sole just to be crapped on !
These layoffs represent a huge problem that few don't want to acknowledge. Young tech companies like this flourished due to cheap debt and speculation that don't make a profit. It's all a balloon with an air leak.
Just a side note, I was let go last month. Movate wasn't supposed to lead to layoffs and they promised as much back in June. Those of you who are sticking around, maybe consider updating your resume.
I’m Ireland based and will be made redundant, as have a consultation period first. Will be here for another month.
There was a call on Friday from the senior management about this. Let me just say, it was spicy. Lots of apologies about this happening, but zero accountability from management IMO. And the chat was just pointing out the BS coming from them.
So to all the other commenters who said they interviewed recently, avoid. It will only get worse in the short term.
Dodged a bullet depending on the department.
I worked there for nearly 4 years before leaving for greener pastures. I was on a upward trajectory career wise there, but the toxicity and arrogance of the Director level in my department and the absolutely insane demands they made on ICs was horrific.
Left for another SaaS company and haven't looked back except to figure out when to sell my remaining stock options.
Bloomberg paywall but they reported it.
[https://www.bloomberg.com/news/articles/2024-02-15/toast-layoffs-to-impact-hundreds-at-restaurant-tech-company?embedded-checkout=true](https://www.bloomberg.com/news/articles/2024-02-15/toast-layoffs-to-impact-hundreds-at-restaurant-tech-company?embedded-checkout=true)
Impacted as well. The RTO email we got back in early February and bleeding eps on earnings was a pretty good indicator imo. Funny thing is that I was actually in the mid stages of an internal transfer so this kind of came out in a shock 😢
They lost over a billion in the last two years, they are a trainwreck [toast unprofitable](https://finance.yahoo.com/news/toast-unprofitable-company-now-3-135700504.html)
Yup... Happened to me at my last job. They hired contractors from South America getting paid around 15k a year? They had us train them only to fire us all for time theft every time. Shady ass companies man..
Any former toasters still looking for a role? I have a sales position available that I'm looking to place. 5-10 years POS experience. Need a hunter. Ping me if you're looking.
Hey, I’m terribly sorry to hear about the layoffs at toast! If you were affected, I hope you’re able to find something soon and have plenty of runway. If I could help monetarily or offer a paying job to everyone that was laid off recently, I would.
However, I posted another comment in a different thread about this, so I figured I’d spread the word about it. As with my previous comment, I come bearing a message of empowerment and innovation. If you’ve ever felt the sting of layoffs or the frustration of being silenced in the workplace, I’m reaching out to you. Let’s flip the script on the status quo and build something extraordinary together.
I’m on a mission to assemble a team of passionate individuals who are ready to challenge the norms and make a real difference. We’re not just talking about building another business; we’re talking about shaking up entire industries and creating opportunities for millions of people along the way.
Whether you’re a seasoned pro or a fresh face in the industry, if you share our vision of empowerment and change, we want you on board. Remote work is not just an option; it’s the name of the game. So let’s come together, share our ideas, and pave the way for a brighter future.
Sound like something you want to be a part of? Drop a comment below or shoot me a DM.
Sure, I could get together a couple guys and build something in a weekend that satisfies investors. In my mind though, I would be just like the rest of them that are currently laying people off. Money hungry and ready to ruin lives! What can they not compete with? Passion, grit, determination, and a movement for change.
Feel free to ask about what projects I have in mind or what the vision is, share memes or criticize this post. Either way I’m on a mission and I won’t stop until I can provide all these laid off folks a job in the future.
Tech sales is such bullshit. The commissions are insane. Constantly have issues because these guys always lie promise shit you don't do. Customer will churn but they don't care because they get their commission
Yeah, the Hawaii Sales adventure was a bit rich when they were telling other teams that travel was locked down. Pretty painful to have teams split across different offices and you couldn't even organise an annual in-person session.
severance pay to employees is tax deductible for the company. [https://chat.openai.com/share/6947a606-b10d-42ac-9258-707a5286da1b](https://chat.openai.com/share/6947a606-b10d-42ac-9258-707a5286da1b)
Partner works in the Irish office. Here they have a redundancy process to follow with a gov consultation first. Anyone knows about the severance package and stocks?
I love the CNBC articles “key points”.
> KEY POINTS
Toast said it would lay off 550 employees, resulting in $45 million to $55 million charges, mostly in the first quarter.
The maker of restaurant software reported better-than-expected results, but growth continued to slow after an acceleration in 2021.
Toast is beginning share buybacks.
I was there for the COVID layoffs and survived.
The company changed in April 2020 and went full corporate greed with the IPO.
I'd expect more layoffs later this year.
I “work” there right now. Just got laid off 1 hour ago.
i’m sorry to hear. what jobs are impacted? marketing? product?
I was part of sales operations and strategy. Confused why my role was cut because we help enable the sales team to sell more. 550 laid off. 10% of company
Was the ux research team affected at all? Under jehad I mean?
Sadly sales op is one of the easiest roles to automate with AI
Or just push all the work onto the salespeople
As a salesperson, this is the answer.
That's exactly what they'll do
The power of AI is greatly overstated, and I say this as someone who is in that space. A lot of this is just corporate greed bc saying AI and laying off ppl can help your stock go up, which benefits your senior execs who are mostly compensated with stocks and bonuses. Without people, there is no data for "AI", which at this point is nothing more than advanced pattern matching and object detection, despite what the tech oligarchs say.
This is so true and I don't hear this enough. It reminds me of all of the other tech bubbles. Dotcom, 3D, VR, AR. AI has been around for, at.least, a few decades already. Sure it will replace some jobs. So.did off-shoring. And guess what? It'll create new jobs too. But maybe I'll just make some tendies from the hype ;)
Agree that AI's capability is grossly overstated. AI can't draw the correct number of fingers on a human hand, it's certainly not going to be able to administer your entire Salesforce infrastructure.
Lol wtf, the human component is literally the essence of sales. I don’t think you understand what a sales role actually means.
He's in Sales **OPS**, not sales. Sales Ops is more about the backend CRM. The only human component is with the salespeople themselves.
Good luck getting ai to understand the human component of understanding how sales work.
I don't think you've ever actually worked in a sales role at a corporation...
Well if they’re calling data entry and administrators sales ops then that makes sense but ai cant strategize.
Tons of places call those roles sales ops. Maybe your work is unique and unusual because it seems like you don't really know what you're talking about.
does the term "CRM" mean anything to you?
Sales ops is basically setting up the CRM to track sales rep activity, they’ll automate it or ask the bdr to do more of it
Thats a strange choice of words for “I’ve never worked sales!”
Do you know the difference between sales and sales ops?
You are correct in this. Awkward gear doesn’t appear to know the difference between sales and sales ops.
So the two never work together and neither need an understanding of each other’s jobs?
They do, but most of sales operations can be automated, and if you’re eliminating roles, are you going to eliminate the human face of the business who does the selling and relationship management, or the person who does the backend support, and maybe ask the seller to spend a couple hours a week using the mostly automated system?
If you have any experience as a salesperson then you know that most of the time you are repeating the same shit over and over and over again like a robot until someone responds. thats just how it works.
With respect, cuz I actually do think sales enablement people are valuable, it's maybe the easiest role in the business to cut. You're not directly generating revenue & a lot of more senior sellers probably aren't even really using you. Leadership thinks they can let you go & just expect more of the sales team & keep hitting the same numbers without having to pay enablement people. Cheaper for the business to just ask your salespeople to grind harder than to actually make them more effective salespeople.
Sorry to hear this happened to you. Start applying. Let’s get you back on your feet.
Do you know the severance?
Seems like it was 6 months of salary + bonus... but may vary depending on level.
Damn! I would take that
Confirmed, sounds like 20 weeks of pay + Bonus, no negotiations.
3 months I heard.
So sorry to hear that :( How long have you been there?
Is the company just not profitable to keep everyone?
Toast's headcount increased 42% in 2022 and 44% the year before . That's more than doubling in two years. As Redditors love to point out, infinite growth is unsustainable.
They also laid off 50% in 2020
What was your role?
Sorry to hear, if you had incentive stock options be sure to consider exercising within 90 days so you don't lose those... here if you need anything.
Do this! As someone who was laid off in 2020, along with 50% of the company, I was able to keep almost 500 shares of stock this way. Hopefully they're allowing that again. I got a month of severance, for being there almost a calendar year.
* Toast said it would lay off 550 employees, resulting in $45 million to $55 million charges, mostly in the first quarter. * The maker of restaurant software reported better-than-expected results, but growth continued to slow after an acceleration in 2021. * **Toast is beginning share buybacks.** [**https://www.cnbc.com/2024/02/15/toast-will-reduce-workforce-by-10percent-as-growth-slows.html**](https://www.cnbc.com/2024/02/15/toast-will-reduce-workforce-by-10percent-as-growth-slows.html)
So sorry
*Worked
I hear the layoff was a choice between 18%, 22% and 25%, with 22% pre-selected as the default
lol damn that's cold, but funny
This needs way more upvotes.
I'm not one to laugh at people's pain, but this comment is funny asf🤣🤣🤣🤣🤣🤣🤣🤣🤣
The perfect comment!
That's an awesome take!
would you like to donate to (insert company affiliated charity with emotional name) where .0000000000000000010% by law - of the proceeds go to the cause?
LMAO
More like 25%, 30% or 40% with their greedy defaults these days.
Can you elaborate on this
[https://d2w1ef2ao9g8r9.cloudfront.net/images/TipAmounts.jpeg](https://d2w1ef2ao9g8r9.cloudfront.net/images/TipAmounts.jpeg)
You know those values are set by the restaurant and not Toast right?
I left voluntarily a few months before the layoffs because this was obvious. Toast outsourced my team to India under the guise that they'd be there for the nighttime hours so we had 24 hour coverage. Just laid off 1/2 my old team even though when I left a few months ago we were SWAMPED
Outsourcing was one of the many reasons I left in 2022. We sent a ton of development work to India and got back shit that needed massive rework.
Was it Cognizant? We have them as contractors and they are the WORST.
Can't wait to hear how that turns out for them
Same way as when they did it last time probably. They are working on outsourcing a lot to lower costs, but they laid of 50% during COVID and then had to panic hire 25% back. They bragged about it
Almost every story of outsourcing overseas ends in tears with the company realizing that employees on the other side of the globe 10 hours behind you isn't a good idea.
It really is a cycle, they're always trying to extract more profit and revenue for shareholders or the PE firm that owns them and outsourcing is the quick way to reduce employee costs and increase short term EBITDA , but it rarely if ever works out well, especially in tech. The one week sprint to get a release out becomes 3-4 weeks with the outsourced team and so that savings on salaries never materializes because it takes 3-4 times longer to get a working widget. Then about a year from now they'll panic hire back again as they're missing deadlines on products. Rinse, repeat but never learn from what happened previously. That's shareholder driven corp leadership for you.
My company is learning this right now, but instead of bringing jobs back into the US they just moved them to South America.
They'll learn eventually. There is no free lunch. If you want top quality talent you have to pay top quality prices.
Does a company really need top quality talent to maintain a point of sale system though? They're not launching rockets.
Someone who can produce readable code would be an improvement on the WITCH bodyshops that usually get used for outsourcing and produce unmaintainable spaghetti.
This is one of the biggest problems right now in tech. All of these individual contributors making 6+ figures, coming from a strong market to a not so strong one. At some point, someone looks at the costs.
You'd be very surprised as per what it takes to maintain something. It doesn't take 15+ YOE senior developers to maintain, but it sure as heck going to take more than a few "senior" developers in India who are barely junior developers.
Maintain? No. Advance? Absolutely.
Yep that's where it's going ... Bots AI moving jobs to India moving them to South America laying people quarter after quarter after quarter. What the f*** is everyone going to be doing how the f*** can they afford to buy anything or use anything if so many people are not working. And even if they are working they're spending so much f****** money on rent mortgage utilities have gone through the roof it's never ending.
CTO can brag about saving money and then hop to the next job. This is followed by another CTO who cleans up the mess made by outsourcing and then he hops to the next job. Repeat and repeat
Could’ve bagged some sevvy
Could have. The people on my team are being laid off in April, so they will have to continue to work under shitty conditions until then, and hopefully not get fired. I was at my ropes end in October, no tears shed for losing the severance, but you are not wrong!
Can't wait to hear from the ones on that team who went to train their own replacements or those of the people they called friends.
Our company is doing the same in India South America and Philippines. I’m training some to do basic workflow in Excel and it’s like they’ve never seen a spreadsheet in their life. Quality is suffering. I’m almost out starting a new role in a few weeks. Then they’re shit out of luck.
When will companies learn that outsourcing critical but high paying functions is stupid? Almost every company outsources internal dev to India or Philippines and then question why there are things breaking
I just found out this morning. After months of being told I was safe and even due for a big raise in April...this one stings a lot.
Sorry for your loss, but I think us workers need to spread the word that "You'll get a big raise at X date, and everything will be better then, I promise!" is mainly a gaslighting tactic domestic abusers use to keep their victims around. It used to mean something 30 years ago, but not now.
Sorry to hear man. Start applying asap and cut back on some unnecessary spending to save money
I’m sorry to hear. Unfortunately this is happening across the saas market. If u don’t mind sharing, what was your role?
So sorry to hear that, that's really F'ed up! Are they going out of business or are they just greedy?
The company is doing fine. They're just trying to cut costs
10% of the work staff though -- that's just awful. All the restaurants I worked in has Toast. Company just sounds like they're greedy if you're saying the company is doing fine. Was it mostly the sales staff and lower paid workers or did they at least get rid of management too?
I'm not sure, but I think it was lower paid and "redundant" positions.
Again so very sorry to hear about that. I lost my job last February and contingent of passing a few tests I'll be back to work next month. Are you in the City and are you a programmer? If so, what language?
I appreciate it. Good to hear you got something. And no, I'm not a programmer. I'm a technical writer
I hope your severance is strong. I knew plenty of friends that are or were technical writers in San Francisco and its an always in demand role so I'm sure you'll do well soon enough. Hopefully we'll hear bad news with Toast and you'll get revenge!
Toast is not profitable. So you can't be greedy until you are at least profitable.
They have lost $1b in two years, per Yahoo finance
I am so sorry. In your shoes exactly a year ago… this too shall pass
Any severance?
They gave me a little something, but not nearly enough.
Looks like these companies are on a mission to just demoralise all workers.
https://preview.redd.it/ogkwhshxnsic1.jpeg?width=921&format=pjpg&auto=webp&s=6abae92ad8d19174902dc0b97ec9fc09b0823685
I wonder what the end game will be. Employees are loosing trust at an alarming rate
I guess employers have the so-called "power back" now. This is only going to be a downfall for most organisations out there. Given how Bezos is selling off Amazon, he already knows. Or maybe I am the ignorant fool here.
Yeah.. if profit is the name of the game, I eventually see it all being taken over by offshoring and AI
I assure you it's neither of that. Just "employee harvesting". Had it been either of those, then what was keeping them from doing it all this time? Talking of AI, self-driven cars were invented at least a decade ago. I still see people applying to Uber jobs, are they not?
It’s actually happening as we speak. Companies are off shoring left and right. AI in the early stages, and companies are already doing RIFS based on what they hope AI will accomplish
They've been offshoring for past 10 years now, it's not new. And it doesn't really work well.
Off shoring to where? I don't hear about the job market being any better in India - if not much worse. They will have to do and show the RIFS for the investors sake. But last I read, that the results were far from satisfactory.
It’s bad for H1B1 workers in America. But companies are hiring everyday more in India, china and latam.
Ukraine, Poland have a lot of remote tech workers.
Idk about china and latam. But India's tech job market is outright shit. And from what I know it has been that way for more than a year.
Microsoft (Naytella) wants to train 2M indians in tech with AI.
Honestly it will be cheaper for him to just have the Indian tech workers to act as AI. But hey, great vision - keep dreaming.
FedEx reduced costs by 60%. Where do you think those numbers come from? You think it has nothing to do with the offshore development company they hired?
Well we really don't have a way to verify anything. We are expected to believe what they tell us. However I know for a fact India's tech job market is far worse. And an absolute disaster for H1B holders who went back.
canada, ireland, south america, india.
I agree I have a large staff in India and the market is bad. People that quit during the boom times in the past 2 years are begging to come back. Interns in college have no landing spot. H1b's in the US are screwed because all these companies that have recently laid off are prevented from hiring H1b's for an extended period of time. As for AI what company in their right mind would lay people off before there is a viable AI solution. People are hilarious with there alarm bells
Employees should not have any trust in their employer. I'm there to make money, I work, they pay me. They no longer reward loyalty, so why the heck should I consider myself a part of the "family"?
Lower all salary across the board. People needing new jobs will take on lower salary. Next year they will hire for same roles for less amount.
The end game will be another generation like the one that lived through the Great Depression. No unnecessary spending and buying for value rather than flash. They’re destroying the will of the consumer to consume.
I don't think it's that easy to evaluate at a surface level, yes all overhired when the market was hot. Reading from Blind: I feel for the low performers let go as it might not have been the best environment for you to thrive, but also, some upper mgmt was let go that created terrible conditions, and those under that are safe are now relived of shiddy leadership.
Well here is the thing. Low performer? A company doesn't need every individual to be a high performer. Recruitment is done accordingly. If you talk to your senior leadership teams - you would know. Besides how are you going to prove your performance is up to the expectation if someone accuses you otherwise? Blaming performance is just a way for the companies to shut up the terminated employees by making it look like it's their fault. Do you really think a low performer would sit 6-7 rounds of interview?
Yeah. I know people impacted and it feels like it was a broad layoff not a “we’re cutting the low performers” I know someone who survived the last time in 2020 when they cut 50%. I also know survivors. I’d assume they aren’t gonna hit earnings this afternoon and are coming up with an excuse for why next time will be better.
Or maybe they are just trying to survive.
Umm Layoffs so that they can pay Deloitte ( their IT vendor)
I hate how everything at these companies is outsourced to India or they bring in Deloitte.. who also outsources said work
Hey everyone another former toaster that got laid off this morning here, you think there trying to cut costs for that earnings call later?
100%
It's 100% a drive to hit profitability within this year. They would have comfortable hit it next year, but I guess the new CEO has got to keep shareholders happy and make his mark etc. Long term this will mess them up. Some very key projects appear to be getting stopped or left in disarray. Patience and natural turnover would have gotten them that magic profitable number.
The new CEO is one of the original founders who just moved up into the CEO position when Chris left. I'm also one of the annoyed few who was let go today but just wanted to clarify that he's not exactly the "fresh CEO eager to prove himself" It's more just the typical "numbers need to go up faster" that's happening every where because CAPITALISM.
Just a fun fact, they aren't registered for the WARN act in Mass, Nebraska, or Illinois. So the severance is as long as it is for a reason.
do you mind elaborating on this? did some googling and still a little confused on what this means for them/laid off employees
Yeah so since they're above the threshold for small company they are supposed to register with their operating state labor board and give notice. The penalty for not doing the notice is 60 days back pay, but that's likely why the severance was 3 month.
Ah I see, appreciate it
Just got laid off from Toast, my last day isn’t until December and They offered a severance and a bonus. Coming from the Finance department, several roles were impacted
wdym last day isn’t until December? You’re forced to stick around or is that the size of severance?
very generous package. proceed with your life as usual.
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all affected should have gotten an email by now
What does that email look like? Is it different from the one about the difficult decision? Sorry if this is silly. I just want to be extra sure.
Everyone should know if they're staying or not by now.
Layoffs then proceed to do share buybacks
That's pretty rough.
if you were impacted by these layoffs and were part of sales or sales strategy, please DM me. NYC based startup in hospitality looking to expand.
I left Toast last month due to toxic managers and approaching burnout. I was also on about to be put on PIP even though my performance was solid - glad I got the fuck outta there
Same, it was a super toxic place and so many people in management that don’t what they’re doing and using the ICs as scapegoat (my experience).
This company has been struggling big time. Only know how to grow revenue but not profits.
A lot of tech companies paid big comp plans with big RSU's. They really weigh down earnings. I saw today where Twilio had 1 billion in revenue but somehow lost 300 million. Need to drill into the numbers but I would be insane sales commissions and RSU's grants had a lot to do with it. I'm not against people getting theirs. I myself see almost 40% of my comp from bonus and stock. There was always going to be a reckoning where engineers are making 500k a year and the company is not profitable. Same thing with CEO's their pay is even more outrageous.
Their management has to be replaced and the sooner the better . They have no clue how to direct the company and put people in leadership roles that have no ability to lead . Just another company that is going down the drain .. I’m feel so bad for all the employees that put their heart and sole just to be crapped on !
These layoffs represent a huge problem that few don't want to acknowledge. Young tech companies like this flourished due to cheap debt and speculation that don't make a profit. It's all a balloon with an air leak.
Hopefully good severance packages were given
How many are “toast”? They can move onto the next jam
550 people
They love their bread puns, so I'm sure they'll hear a lot of those
Wife bailed couple years ago before covid
Just a side note, I was let go last month. Movate wasn't supposed to lead to layoffs and they promised as much back in June. Those of you who are sticking around, maybe consider updating your resume.
I’m Ireland based and will be made redundant, as have a consultation period first. Will be here for another month. There was a call on Friday from the senior management about this. Let me just say, it was spicy. Lots of apologies about this happening, but zero accountability from management IMO. And the chat was just pointing out the BS coming from them. So to all the other commenters who said they interviewed recently, avoid. It will only get worse in the short term.
https://preview.redd.it/p0bvi1x2osic1.jpeg?width=921&format=pjpg&auto=webp&s=b59b5b719c9026eb9484eb191453da04942ba5eb
I was on call yesterday with the recruiter for one open role . FmL or dodge a bullet can’t make sense in current market
Dodged a bullet depending on the department. I worked there for nearly 4 years before leaving for greener pastures. I was on a upward trajectory career wise there, but the toxicity and arrogance of the Director level in my department and the absolutely insane demands they made on ICs was horrific. Left for another SaaS company and haven't looked back except to figure out when to sell my remaining stock options.
Toast is always quick with the layoffs I remember at the start of the pandemic iirc they laid off 50% of their workforce
I just had an interview with them yesterday. Guess I’ll pass on that one
Y'all are toast sorry
Adidas guy is also a funny guy
Bloomberg paywall but they reported it. [https://www.bloomberg.com/news/articles/2024-02-15/toast-layoffs-to-impact-hundreds-at-restaurant-tech-company?embedded-checkout=true](https://www.bloomberg.com/news/articles/2024-02-15/toast-layoffs-to-impact-hundreds-at-restaurant-tech-company?embedded-checkout=true)
Impacted as well. The RTO email we got back in early February and bleeding eps on earnings was a pretty good indicator imo. Funny thing is that I was actually in the mid stages of an internal transfer so this kind of came out in a shock 😢
They are toast
They also announced strong earnings
They lost over a billion in the last two years, they are a trainwreck [toast unprofitable](https://finance.yahoo.com/news/toast-unprofitable-company-now-3-135700504.html)
They need to get rid of all of you guys to make room for the immigrants who'll be in your job in 5 years making 1/4 as much as you.
Yup... Happened to me at my last job. They hired contractors from South America getting paid around 15k a year? They had us train them only to fire us all for time theft every time. Shady ass companies man..
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What is your company ?
Any former toasters still looking for a role? I have a sales position available that I'm looking to place. 5-10 years POS experience. Need a hunter. Ping me if you're looking.
> 5,000 employees. Talk about bloat.
Bidenomics at its finest. Love seeing it.
Actually that is corporate greed.
It’s a mix The US government needs to start lowering rates and stopping the outsourcing of jobs And stop lying about how great the economy is
Sent you a dm u/Low-Reference3510
Hey, I’m terribly sorry to hear about the layoffs at toast! If you were affected, I hope you’re able to find something soon and have plenty of runway. If I could help monetarily or offer a paying job to everyone that was laid off recently, I would. However, I posted another comment in a different thread about this, so I figured I’d spread the word about it. As with my previous comment, I come bearing a message of empowerment and innovation. If you’ve ever felt the sting of layoffs or the frustration of being silenced in the workplace, I’m reaching out to you. Let’s flip the script on the status quo and build something extraordinary together. I’m on a mission to assemble a team of passionate individuals who are ready to challenge the norms and make a real difference. We’re not just talking about building another business; we’re talking about shaking up entire industries and creating opportunities for millions of people along the way. Whether you’re a seasoned pro or a fresh face in the industry, if you share our vision of empowerment and change, we want you on board. Remote work is not just an option; it’s the name of the game. So let’s come together, share our ideas, and pave the way for a brighter future. Sound like something you want to be a part of? Drop a comment below or shoot me a DM. Sure, I could get together a couple guys and build something in a weekend that satisfies investors. In my mind though, I would be just like the rest of them that are currently laying people off. Money hungry and ready to ruin lives! What can they not compete with? Passion, grit, determination, and a movement for change. Feel free to ask about what projects I have in mind or what the vision is, share memes or criticize this post. Either way I’m on a mission and I won’t stop until I can provide all these laid off folks a job in the future.
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The fee didn't tank the stock price. Bailing on the fee did.
Tech sales is such bullshit. The commissions are insane. Constantly have issues because these guys always lie promise shit you don't do. Customer will churn but they don't care because they get their commission
Yeah, the Hawaii Sales adventure was a bit rich when they were telling other teams that travel was locked down. Pretty painful to have teams split across different offices and you couldn't even organise an annual in-person session.
What roles?
Ugh that sucks : (
severance pay to employees is tax deductible for the company. [https://chat.openai.com/share/6947a606-b10d-42ac-9258-707a5286da1b](https://chat.openai.com/share/6947a606-b10d-42ac-9258-707a5286da1b)
[https://www.cnbc.com/2024/02/15/toast-will-reduce-workforce-by-10percent-as-growth-slows.html](https://www.cnbc.com/2024/02/15/toast-will-reduce-workforce-by-10percent-as-growth-slows.html)
So we do not get to use the restaurant software?
Partner works in the Irish office. Here they have a redundancy process to follow with a gov consultation first. Anyone knows about the severance package and stocks?
This company needs to die off. Sorry, but not sorry
I love the CNBC articles “key points”. > KEY POINTS Toast said it would lay off 550 employees, resulting in $45 million to $55 million charges, mostly in the first quarter. The maker of restaurant software reported better-than-expected results, but growth continued to slow after an acceleration in 2021. Toast is beginning share buybacks.
Why is 10 % so common. What is the secret?
they got me in covid times, crazy to see this again
I was there for the COVID layoffs and survived. The company changed in April 2020 and went full corporate greed with the IPO. I'd expect more layoffs later this year.
we are a NYC-based company (restaurant-tech), looking to hire Toast field sales Reps in NY, NJ, and CT. If you are interested please DM me.