Apple Expands Hiring Freeze, Delays Bonuses for Some Employees

[fromgophonetoiphone]

Just to correct the article, Apple has in fact laid off employees

Source?

The "no layoffs" thing is tricky. Many companies use contract workers from outsourcing companies. They're not considered as full time employees of the company despite working full-time for the company. So when it's time to cut jobs, their contracts were simply not extended. Voila, no layoffs.

Sure, every company has TVCs. Google has many, but you know what kind of employees typically get to be in that category? People like cafe/food staff, cleaning services, security, etc. In technical roles, contractors are used too, but if you are the lead on developing the next iPhone or engineering lead for Android 14, no you're likely not a temp and likely a full time employee. Contracts not getting renewed aren't layoffs.

Meta has TONS of contractors are content moderators. Google does likely too.

 

[planetMitch]

And there we go. Someone can be wrong about things. We’re not all knowledgeable about stocks, bonds and shares. So, why do people have to put others down if it’s something they think, but not an expert in?

The poster I replied to said "tell me if I'm wrong" -- so I was trying to help explain how he was mistaken. I tried not to be rude about it but maybe I was wrong

 

[steve09090]

When a large number of the worlds top tech companies begin laying off thousands of their employees it is a sign that there is something majorly going wrong with the economy and those in power need to take note because already there is a Silicon Valley bank that has gone under which is having a ripple effect around the world. Who else is going to fail?

Apple is doing very well to weather the storm but how long can they hold out for before they are forced to start laying people off.

I guess there are a couple of points in this.

1) It says something about the success and the structure of a company that allows it to be flexible and agile enough to be able to cut large percentages of its work force and still continue. Other companies go into receivership when they can’t do this.

2) The entire system is built on greed and lack of morality when a company is able to do this and not blink an eye. Sure, it keeps the lights on, but to have this kind of flexibility built into the system shows where their moral compass is, because I can guarantee that the people holding the puppet strings won’t suffer. The people putting red lines through employee lists still sleep at night.

3) With all the money Apple has, it’s good to see they are protecting their employees where they can. I’m sure it’s not all altruistic though, because by keeping the employees, they are also guaranteeing the knowledge and experience stays with their company and not leeching elsewhere. Not knowing, I wouldn’t be surprised if they have stronger safeguards in their contracts when people choose to leave versus when they are laid off. At least they are the positive exception to the pretty harsh rules of Alphabet, Meta etc.

The poster I replied to said "tell me if I'm wrong" -- so I was trying to help explain how he was mistaken. I tried not to be rude about it but maybe I was wrong

Yeah I wasnt referring to you talking down to people. Others were doing it though. Right through this thread. You were very kind in your response to my lack of knowledge.

 

[citysnaps]

And there we go. Someone can be wrong about things. We’re not all knowledgeable about stocks, bonds and shares. So, why do people have to put others down if it’s something they think, but not an expert in?

Putting someone down in that manner helps them feel better about themselves with a little boost of power.

 

[Kimmo]

Apple is doing very well to weather the storm but how long can they hold out for before they are forced to start laying people off.

Probably not too long, unfortunately.

Let's see what the Federal Reserve's Open Market Committee does next week. They're in a bit of a pickle right now.

 

[KaliYoni]

The stock valuation is what it is worth on the Stock Market. If the stocks held by Apple are sold, then they become liquid. So whilst Apple don’t hold $2 Trillion in the bank, they could absolutely liquidate some of that to have available funds.

Here's a quick explanation:

• A public company's market capitalization ("market cap") is its stock price multiplied by the number of shares outstanding.
• Market cap does not measure how much cash a company holds.
• Market cap can be manipulated through issuing new shares or different classes of shares and through buybacks.
• Market cap is not a direct indication of how much cash a public company can raise through selling stock or by issuing debt. This is because some proportion of the total shares of a public company is held by investors not related to or controlled by the company.
• Public companies in the US, such as Apple, must disclose their major shareholders. Apple, due to its inclusion in many stock market benchmarks and indexes, such as the S&P 500, is mostly owned by big money management companies, such as Fidelity and Vanguard, and institutional investors. Again, this means Apple's market cap doesn't say that Apple can raise a couple trillion dollars simply by selling existing shares. Instead, it is some fraction of that, based on how many shares Apple itself controls and how the market reacts when traders and investors see Apple selling its own shares.

 

[Naraxus]

Despite tim getting this huge amount of money, he said in an interview that he ll gift all his money to charities - so not necessarily a bad thing after all.

Tim Cook Donates Almost $5M Worth of Apple Shares to Charity

Apple CEO Tim Cook recently donated 23,215 shares of Apple stock to charity, according to a filing with the U.S. Securities and Exchange Commission...

www.macrumors.com

https://amp.theguardian.com/technology/2015/mar/26/tim-cook-apple-donate-800m-fortune-charity

That's a complete lie. It's a tax dodge, not charity

 

[haruhiko]

It's gotta be scary when you only have 2 trillion in the bank.

Well first they don’t have two trillion, but even if they have - in what bank? Now we have to be scared!

 

[Naraxus]

Sadly, the juvenile mocking continues in this story's comments.

As does your insulting of other posters opinions. Why not just do what you so often suggest and ignore the articles that supposedly trigger "juvenile comments"?

 

[newyorksole]

Apple IS laying off employees by way of firing, but on a super small scale.

They have gotten much stricter when it comes to their retail employees. The firings (in some cases) are warranted of course due to employees abusing things like time and attendance.

 

[fromgophonetoiphone]

Apple IS laying off employees by way of firing, but on a super small scale.

They have gotten much stricter when it comes to their retail employees. The firings (in some cases) are warranted of course due to employees abusing things like time and attendance.

That's not a layoff. That means those people would've been fired regardless of economic conditions (stealing time, attendance issues).

 

[SFjohn]

It’s always nice to see Apple leading by example, rather than throwing tens of thousands of employees to unemployment, they are slowing/freezing hiring & not backfilling some roles when people leave… 🍏👍🏻

 

[v0lume4]

Guess we’re not going to see base 8GB/512GB anytime soon. 😅

You can’t grow forever. Nobody can. I just hope Apple doesn’t start clawing at every opportunity to hold onto growth (revenue) at any cost, inevitably destroying themselves in the process.

 

[genovelle]

All the Apple Execs are overly overpaid. Not just Tim Cook but all of them deserve a pay cut. They can survive just fine!

I guess they should be making 50k per year to drive 100 billion a year in profit for the company. If it were a sales job with is performance based like 85% of his salary, 20-30% would be an average commission on profits. So, they C-suite would split 20 Billion.

 

[ratspg]

Does anybody feel like something is off in the world today?

100%

 

[Mrkevinfinnerty]

Guess we’re not going to see base 8GB/512GB anytime soon. 😅

You can’t grow forever. Nobody can. I just hope Apple doesn’t start clawing at every opportunity to hold onto growth (revenue) at any cost, inevitably destroying themselves in the process.

Oops too late ..

Apple's Pro-Privacy Stance is Anti-Competition, German Regulator Says

Apple's tracking crackdown wasn't only about protecting users—it was about beefing up its own business, German authorities say.

gizmodo.com

Apple Is an Ad Company Now

Pushing more ads at users would compensate for slowing smartphone sales but risks annoying Apple fans—and antitrust regulators.

www.wired.co.uk

 

[I7guy]

Oops too late ..

Apple's Pro-Privacy Stance is Anti-Competition, German Regulator Says

Apple's tracking crackdown wasn't only about protecting users—it was about beefing up its own business, German authorities say.

gizmodo.com

Apple Is an Ad Company Now

Pushing more ads at users would compensate for slowing smartphone sales but risks annoying Apple fans—and antitrust regulators.

www.wired.co.uk

It’s a given some country in EU would say it.

 

[Mrkevinfinnerty]

It’s a given some country in EU would say it.

and some non EU ones ..

DOJ reportedly accelerates Apple antitrust investigation

The companies' policies for third-party apps on its devices and whether it unfairly favors its own products are two areas of focus, according to the Journal.

www.cnbc.com

 

[I7guy]

and some non EU ones ..

DOJ reportedly accelerates Apple antitrust investigation

The companies' policies for third-party apps on its devices and whether it unfairly favors its own products are two areas of focus, according to the Journal.

www.cnbc.com

Lol, we’ll see what fizzles and what sticks.

 

[SSDGUY]

And to be fair, what became the iMac was in development before Steve Jobs came back. Apple had already started playing with translucent computers with the Newton eMate.

I don't recall … was Ives there before Jobs came back?

 

[Debauch]

I just googled “average US salary” and the result for 2023 is $53,490.

Cook’s $49,000,000 this year = $4,083,333 per month.

Assuming the average salaried person works from the age of 16 to full retirement at age 67 (51 years) and collects that average salary, that person would make $2,727,990 through their. Entire. Working. Life. Imagine working your entire life and not making what Cook makes in one random month in 2023. Holy **** he makes a f#ck ton of money.

 

[steve09090]

That's a complete lie. It's a tax dodge, not charity

He doesn’t get as much off of tax as he gives away. Tax is only a proportion of what he gives away. So it’s not a tax dodge.

Basically if tax is 30%. Then if be gives $1M away, he might have a $300,000 tax credit, so he is in a $700,000 loss!

 

[AL2TEACH]

all the wealth in a small % of the population means the majority of he population doesn’t have a lot of money to spend on the nice to have things.

Like rent, medical, etc...

 

[turbineseaplane]

I just googled “average US salary” and the result for 2023 is $53,490.

Cook’s $49,000,000 this year = $4,083,333 per month.

Assuming the average salaried person works from the age of 16 to full retirement at age 67 (51 years) and collects that average salary, that person would make $2,727,990 through their. Entire. Working. Life. Imagine working your entire life and not making what Cook makes in one random month in 2023. Holy **** he makes a f#ck ton of money.

It's disgusting
C-Suite pay is out of control no matter how it is sliced, justified or rationalized

It's bad for morale, it's bad for unity, it's bad for society... it's bad for the nation as a whole

 

[v0lume4]

These people make more than any of us ever will, but they also pay more taxes than any of us ever will, too. A third to a half of the taxes, in fact. A third to a half of all the roads we drive on, the schools we put our kids in… we have the top 1% of income earners to thank for that.

I don’t care what Tim or any executive makes. It’s of no consequence of me. Being the leader of a $2T company means that your value as a leader is worth bookoos of money. It is rational to ask, “Does one human NEED that?” No humans NEEDS that much money. But their worth in the market dictates that pay. It’s just the way it works.