Does Restructuring Mean Layoffs

: As an alternative (or supplement) to layoffs, employers may look at reducing exempt employees’ salaries as the business needs also reduce. The VA does not have an estimate for how much the restructuring will cost, officials said, nor are there many details about what the changes will mean for veterans’ care. Steven Golick is a partner in the insolvency and restructuring group of Osler, Hoskin & Harcourt LLP, and Patrick Riesterer is an associate in the group. Morris Jan. Quartz employees question their parent company’s patience. GoPro estimates that it will incur total aggregate charges of approximately $24 million to $33 million for the restructuring, including approximately $13 million to $18 million of cash expenditures as a result of the workforce restructuring, substantially all of which are severance costs, and approximately $11 million to $15 million of non-cash. employees and excludes employees in higher positions. Work Redesign Medium term strategy in which organizations focus on work processes and assess whether specific function be eliminated or redesigned. If You Were Laid Off, You Weren't Fired -- How to Handle Either By Susan P. DreamWorks Animation plans to cut around 500 jobs and reduce its film output from three per year to two per year as part of a major restructuring meant to improve its profitability. Need for HR Outsourcing 3. unit in the Federal Reserve’s annual stress tests could be related to a restructuring that temporarily increased expenses, according to analysts at. The term “European insolvency law” may either refer to the sum of the insolvency laws of the EU’s member states (as adopted by the respective national legislative bodies, and including such laws to. Although most employees work at will, you might not be one of them if you have an employment contract changing the at-will relationship. If an employee’s position is being deleted and will no longer exist in its current form, this will usually mean that the employer no longer requires the job to be performed by anyone. Ford did announce on Feb. How Does Restructuring Work? During a major transition, a buyout or a bankruptcy, for example, the management may consider restructuring a company. Overview and Introduction. In the first published case interpreting the meaning of "mass layoff" under the California Worker Adjustment and Retraining Notification Act ("California WARN", Cal. We have recently gone through a restructuring that resulted in a number of write-offs of assets and taking charges for the estimated cost of transition of certain employees. SAExploration Enters into Restructuring Support Agreement for Comprehensive Balance Sheet Improvement Reorganization Expected to Reduce Debt by Approximately $74 million, Net and Position the Company for Future Growth. But she does offer a different perspective, she said, and believes many of her clients see that. Skilled-nursing facilities that "overutilized" therapy are restructuring to adapt to the new patient-driven payment model, leaving a number of therapists in the lurch. Learn faster with spaced repetition. The question at the heart of this case is whether petitioners, former employees of the National Power Corporation (NPC) who were separated from service due to the government's initiative of restructuring the electric power industry, are entitled to their retirement benefits in addition to the separation pay granted by law. In addition, the court may order protective provisions, including appointing an observer to monitor the forming of the restructuring plan on behalf of the joint creditors. Edited by Alicia Young. Job titles should not matter but people do get anxious of a ‘downgrading’ in their job title. The proposed Restructuring Plan is subject to definitive documentation as well as court approval, so there can be no assurance the Restructuring Plan will be consummated on the terms set forth. in the wake of severe budget cuts and ahead of an imminent restructuring, CoinDesk has learned. Frontier Restructuring General FAQ 1. The survey was conducted twice, in the year 2010– the year of a full recession and economic down-turn, before the restructuring, and again in the year 2014– the year of the economic recovery, after the restructuring and after the new motivation. A massive layoff and restructuring has hit DC Comics and many editors and executive have been given the boot. The Top Risks in Restructuring. When a company goes for the organizational restructuring, it often leads to reducing the manpower and hence meaning that people are losing their jobs. XE) said Tuesday it is planning to execute a companywide restructuring program for the first time since 2015 to simplify company structures and focus on strategic growth areas. Activision Blizzard laid off many employees today, ahead of their quarterly earnings call this afternoon, according to a report by Kotaku and later confirmed in the Quarter 4 Earnings Report. However, cut tactics can lead to the problems as previously highlighted concerning layoffs. Restructures and redundancies can be complicated at the best of times, especially with selection processes, says Joe Catanzariti, but it becomes even more complex when they are on parental leave or have family responsibilities. If you are an employee and have a query, please contact your local Human Capital representative at the company in the first instance. Today, however, layoffs are a standard tool for doing business. Neither men nor women are inherently better at restructuring a company. You may also encounter a few obstacles for the completion of a process like corporate obstacles or resistance from employees. What is a “Notice of Commencement”? The Notice of Commencement provides formal notice of the beginning of the court-supervised restructuring process LSC Communications entered into on April 13, 2020. Over 100 employees lost their jobs as a result of the restructuring of the company. employees and excludes employees in higher positions. Here's what this means for investors. The USPS has a legal monopoly over letters and. mitigate its obligation to its current and retired employees to make PRMA contributions on their behalf to a medical scheme. Some users distinguish downsizing from a layoff , with downsizing intended to be a permanent downscaling and a layoff intended to be a temporary downscaling in which employees may later be rehired. Title: Microsoft Word - Employees - FAQs - English. Just because you can live without these initiatives doesn’t mean you should. Restructuring is a type of corporate action taken when significantly modifying the debt, operations or structure of a company as a means of potentially eliminating financial harm and improving the. Layoffs: Downsizing related discussion, postings, questions and answers. Advising the Board of Renishaw Plc in relation to a multi-site restructuring and redundancy exercise across its operation. Just because you survived one wave of layoffs doesn’t mean you’re safe. "There have been a few layoffs, but nothing that can be considered major," said Michael Egan, Certified's president. You can do this by: Restricting overtime, Reorganising work; Reducing the use of temporary employees; Then, you should consult with employees. A restructuring could mean a lot of things that don’t always result in layoffs—empty positions might be eliminated or reporting lines might be redrawn. workers and the company will not comment on how many received the offer Wednesday morning. First, set out your proposals in writing. : As an alternative (or supplement) to layoffs, employers may look at reducing exempt employees’ salaries as the business needs also reduce. A total of 180 employees (n) were surveyed in one wood processing company. Optimization cost has become in a. Downsizing, rightsizing, restructuring or layoffs convey the same message. Leveraged Buy-Out (LBO) 4. Employees have the information they need about the options and resources available to them. This is how you should respond if you want to keep your job during layoffs and continue moving up. In planning any restructuring, managers need a link between the reorganization and the company’s ongoing revitalization — a link that traditional methods of downsizing fail to provide. If your employment was ended, you were either fired (a. Just because people have been doing a job does not mean that it cannot change. A restructuring charge is a one-time cost that must be paid by a company when it reorganizes its organization. The majority of studies showed negative changes over time, on. Figure 1: The development of a manager’s or employee’s reaction to new solutions/ideas, based on how much their ego is involved in the process over time, in different project scenarios. Measuring employee turnover can be helpful to employers that want to examine the reasons for turnover or estimate the cost- to-hire for budget purposes. 2 billion when all said and done. Chad Thomas/iStockphoto. Facing a $2 million loan payment due at the end of the month and nearly $1 billion in debt, CEC Entertainment, the Irving-based parent company of Chuck E. And those products could and should be marketed and sold as standalone software. Defining and operational requirements dismissal 2. 7,800 jobs are being cut by Microsoft as part of a “realignment”, with many of those jobs are connected to Microsoft’s phone business. Yingli noted in the report that it had a total of 14,533 employees as of December 31, 2015, down from. Customers. Aurelius Investment, LLC, No. It sometimes includes employee cutbacks and often entails a one-time charge against. Restructuring is a non-routine process, so businesses may lack the internal expertise to understand the accounting complications that could arise. Means opposite of that, lol. Publications: The Impacts on Employees of Corporate Restructuring. In a statement Thursday, the company said the layoffs are part of a program to boost operating cash flow by $300. Align structure to strategy. Postal Service (USPS) is a large business enterprise operated by the federal government. The sale of assets. Step one: Take a deep breath. First, set out your proposals in writing. In addition, the State of California has just completed the California Performance Review, which calls for a massive restructuring of the state government. It can raise accounting, tax and legal issues. Means opposite of that, lol. 5 percent budget cut could mean enrollment reductions, layoffs Thursday, November 7, 2002 MADISON — A 5 percent reduction in state funding to the University of Wisconsin System would total nearly $50 million and could result in enrollment cuts of close to 8,000 students and layoffs of almost 1,000 faculty and staff. This will strengthen our ability to build and invest in products and services that will give people alternatives to conventional Big Tech. The Equality Act 2010 also comes into play when assessing pay structures. BMO Harris recently confirmed that it is indeed cutting back its face-to-face mortgage operations with a round of layoffs. Salary restructuring could help employees reduce their tax liability, thus increasing their in-hand salary. The MarketWatch News Department was not involved in the creation of this content. A couple of preliminary notes. Activision Blizzard laid off many employees today, ahead of their quarterly earnings call this afternoon, according to a report by Kotaku and later confirmed in the Quarter 4 Earnings Report. A small-business owner may undertake restructuring efforts because. This includes participating in the management of an OpCo through a unanimous shareholders’ agreement. Regardless of the label applied, however, downsizing essentially refers to layoffs that may or may not be accompanied by systematic restructuring programs, such as staff reductions, departmental consolidations, plant or office closings, or other forms of reducing payroll expenses. It also poses a very different challenge for the organization’s leaders, while small organizations are build for innovation, large are meant for operational efficiency. As a general rule: as long as the restructuring does not affect their jobs, pay, or employment status, employees have no entitlement to be advised of their employer's internal corporate dealings. the process to be followed at the time of the restructuring to determine what entitlements, if any, are available for employees who do not transfer to the new employer new employer , in relation to a restructuring, means,—. 29, 2019 Updated: Jan. These charges often include cash costs, accrued liabilities , asset write-offs, and employee severance pay due to layoffs. Ford did announce on Feb. The company will also cut jobs, but did not provide details on the total planned workforce reduction. Late today, Dream Center Education Holdings announced it would restructure its three chains of career colleges, which have been in a state of upheaval — with campus closures, layoffs, accreditor woes, and false statements to students — through the entire year that the new non-profit DCEH has operated the former EDMC for-profit schools. However, it’s important to ensure that an employer’s business case and reasons are documented, with supporting evidence. Research in Motion announced the layoff of employees and a restructuring of the company. 29, 2019 Updated: Jan. Cambridge university press p. I t is always stressful time when layoffs occur. It’s normal to feel overwhelmed and embarrassed as you worry about providing for your family, saving your business, protecting your employees’ jobs, and safeguarding your future. However, it is worth asking if you would be covered for a certain period of time at no cost to you. Beginning in the 2015-2016 school year, DoDEA began to implement the College and Career Readiness priority focusing on standards that are infused with rigor and relevancy, and a common standards-aligned curriculum, instructional framework. The term “European insolvency law” may either refer to the sum of the insolvency laws of the EU’s member states (as adopted by the respective national legislative bodies, and including such laws to. The Act does not give further guidance on what the provisional administrator must do to effectively adopt the employment contracts. This is how you should respond if you want to keep your job during layoffs and continue moving up. Mean Scores for Organizational Identification Scales for Employees in Various Positions : Personnel Positions: County Educators: Center Specialists: State Specialists: Admini-strators: Other: Identification with County Offices: OSU unadjusted mean (7-pt) OSU adjusted mean (5-pt) Colorado mean (5-pt) 5. This new policy, known has O4G, has left a number of Ikea coworkers dissatisfied. is planning an organizational shake-up, including corporate layoffs that will start at top levels, as the coffee chain tries to reverse stagnant sales and rekindle investors. Advising the Board of Renishaw Plc in relation to a multi-site restructuring and redundancy exercise across its operation. To satisfy the salary basis requirement under the FLSA, a salaried, exempt employee must receive a predetermined amount that does not vary based on the quality or quantity of work performed. , position What does that mean for my. For a start, it doesn't mean you're off the hook. “OnLive’s board of directors, faced with difficult financial decisions for OnLive, determined that the best course of action was a restructuring,” the company said. By Jason Fell :: October 1, 2008 Nielsen Business Media is exploring a reorganization of content strategy across its brands company-wide, which could result with a considerable consolidation of editorial staffs, FOLIO: has learned. The auto industry is still trying to process the effect of yesterday’s planned layoffs by GM. In the latest decision of the British Columbia Supreme Court …. A structural reorganization, how to make the announcement ? Several reasons push a company to carry out a change of organisational structure. First, set out your proposals in writing. Which means you’ll need a layoff letter [due to lack of work] to send out to your affected employees. It’s normal to feel overwhelmed and embarrassed as you worry about providing for your family, saving your business, protecting your employees’ jobs, and safeguarding your future. Reorganization definition is - the act or process of reorganizing : the state of being reorganized; especially : the financial reconstruction of a business concern. But that does not mean that the humor need stop. Employees often struggle to fit into a new office culture when companies merge. What does it mean that we have a pre-arranged financial restructuring plan? A pre-arranged plan means that Frontier has received significant support. Skilled-nursing facilities that "overutilized" therapy are restructuring to adapt to the new patient-driven payment model, leaving a number of therapists in the lurch. Employers are required by law to consult extensively not just on the need to reduce workforce roles or create new ones to better align with the business feature needs, but also pools for selection, selection criteria and application of that. In other words, a laid off employee may be called back to work. Restructuring begins—At this stage, the contract is signed and the agreement is enforced. Need for HR Outsourcing 3. Define restructure. A "layoff" is an action by an employer to terminate employees for lack of work. Introduction and Meaning of HR Outsourcing 2. Therefore, any criteria should be objective and related to the needs of the job. Spending time with toxic co-workers can drain meaning from the most gratifying jobs. With great organizational change comes great responsibility. He could be a great guy but you need to realize that he is a restructuring specialist and not here for the long term. REQUIRED RETRENCHMENT PROCEDURES 1) CONSULTATION. Most of them over-hired. UKZN’s Legal Compliance with sections 189 and 189A of the LRA 6. Yes, in some instances that has happened. The restructuring is expected to save the State Fund $200 million a year. The USPS has a legal monopoly over letters and. Steven Bragg. So What Does It Actually Mean? urging program reforms but not restructuring. To set out what is expected of stakeholders (such as lending banks), anyone drawing up a restructuring plan has to bear in mind legal precedents from the highest court and guidance from professional groups. The carrier is resetting itself to meet the drop in demand both in Australia and around the world. Still, a slowing of activities does not necessarily mean that there is overload. is cutting 215 jobs in a organization of the Crown corporation, which provides mortgage loan insurance and market statistics. restructuring, divesting non-core businesses, and headcount. It can raise accounting, tax and legal issues. Legal Aid is being restructured, which includes files going to private lawyers and layoffs. The Equality Act 2010 also comes into play when assessing pay structures. This does not rule out a harmonised approach, but the employer has to show an economic or organisational reason to change reward. As promised, this week The Emplawyerologist will devote its time to the special rules that apply to severance agreements offered to employees over 40. The Book of Jargon® – Restructuring & Special Situations is one in a series of practice area and industry-specific glossaries published by Latham & Watkins. Especially for HR folks! You carry the weight of not only conducting the layoff efficiently, but also seeing your coworkers and friends have their lives impacted by the layoff you are leading. Gym chain 24 Hour Fitness has filed for Chapter 11 bankruptcy protection. The organization will also "ship new products faster and develop new revenue streams. The next round of layoffs will be when the doors close and the assets were sold overnight. Facing a $2 million loan payment due at the end of the month and nearly $1 billion in debt, CEC Entertainment, the Irving-based parent company of Chuck E. “The most important insights that organisations need to be aware of is that, even without layoffs, restructuring has a mainly negative impact on employee wellbeing,” study co-author Karina Nielsen,. Ford government restructuring Ontario's health ministry Among the layoffs were. The year is 2020. to organize a company, business, or system in a new way to make it operate more effectively: 2…. After Restructuring, Just Where Is United Technologies Corporation Heading? The industrial conglomerate has had a difficult year in 2015 and there are question marks on its restructuring strategy. Business Restructuring 1. In the first published case interpreting the meaning of "mass layoff" under the California Worker Adjustment and Retraining Notification Act ("California WARN", Cal. A poor result by Bank of Montreal’s U. We set out below details of the key insolvency measures in the proposed legislation. OTTAWA - The Canada Mortgage and Housing Corp. The restructuring will be implemented through a plan of reorganization that the Company expects to be confirmed by this fall, allowing the Company's emergence from chapter 11 before year end. The definitions provide an introduction to each term and may raise complex legal issues on which specific legal advice is required. Tongaat Hulett – Our largest sugar producer last year said it issued Section 189 letters to 5,000 permanent and temporary workers as the company battles with lower sugar prices and the impact. ' Dr Hutchinson explains that this disillusionment with public sector organisational practices has led to some employees sympathising with "bullying. OPM Workforce Restructuring Office Employee’s Guide to Separation 2 Benefits (RIF) The Office of Personnel Management (OPM) created the Workforce Restructuring Office in March 1994, in response to Administration and Congressional downsizing initiatives. Spending time with toxic co-workers can drain meaning from the most gratifying jobs. Still, a slowing of activities does not necessarily mean that there is overload. Layoffs: Downsizing related discussion, postings, questions and answers. 19 that it would close a factory in Brazil and eliminate its heavy commercial truck business. Business Restructuring 1. Does the Company have adequate funding to conduct its operations during the restructuring? Yes. If your employment was ended, you were either fired (a. Yes, this means your flights, miles, etc. Example: An employer does not recall an employee for work because she is on maternity leave. Research showed that the negative effects of restructuring are also present on the managerial level (i. Job Enlargement - Meaning and its Benefits to the Organization Job enlargement is a job design technique wherein there is an increase in the number of tasks associated with a certain job. employees and excludes employees in higher positions. Generally, redundancy or ‘lay offs’ occur when an employer decides to reduce the number of employees doing a particular type of work. Just because you can live without these initiatives doesn’t mean you should. Learn new Accounting Terms INTERIM AUDIT is an audit conducted during the fiscal year usually as a means of minimizing the work and time involved in concluding the audit after the fiscal year. You may work for an asshole, but that does not mean that all of them are the same. We set out below details of the key insolvency measures in the proposed legislation. Especially for HR folks! You carry the weight of not only conducting the layoff efficiently, but also seeing your coworkers and friends have their lives impacted by the layoff you are leading. We're currently assessing opportunities for eligible employees to apply for other positions within Motorola. OTTAWA - The Canada Mortgage and Housing Corp. Figure 1: The development of a manager’s or employee’s reaction to new solutions/ideas, based on how much their ego is involved in the process over time, in different project scenarios. HRP is the process by which an organization ensures that it has the right number and kind of people, at the right place, at the right time, capable of effectively and efficiently completing those tasks that will help the organization achieve its overall objectives. , & Greenberg, E. That is, Operational Restructuring focuses on the profitability of operations. Two of the organizations were, by definition, traditional hierarchical organizations and the other two were high performance organizations. Their pensions and union contracts may be restricted or nullified; unpaid wages will be settled at some diminished amount. The Act does not give further guidance on what the provisional administrator must do to effectively adopt the employment contracts. The Government announced an independent review of HMRCs loan charge in September 2019. Inter-claimholder conflicts played a large role in Navistar International's restructuring. Job Enlargement - Meaning and its Benefits to the Organization Job enlargement is a job design technique wherein there is an increase in the number of tasks associated with a certain job. Intelsat has secured a commitment for $1 billion of new financing. Things Remembered Reportedly Exploring Closings, Layoffs - Beachwood, OH - If the Ohio-based company is unable to sell or restructure, it could layoff 126 employees starting March 4, 2019. To satisfy the salary basis requirement under the FLSA, a salaried, exempt employee must receive a predetermined amount that does not vary based on the quality or quantity of work performed. The recent wage caps on veteran employees are supposed to encourage employees to advance through the ranks rather than staying in the same job, year after year. A business should be certain that restructuring is the only option available to them. HRP is the process by which an organization ensures that it has the right number and kind of people, at the right place, at the right time, capable of effectively and efficiently completing those tasks that will help the organization achieve its overall objectives. There’s talk of restructuring. unit in the Federal Reserve’s annual stress tests could be related to a restructuring that temporarily increased expenses, according to analysts at. This is less consequential to a workforce that contains. In other cases, employees were not happy with new responsibilities or management, and these employees voluntarily left. We have recently gone through a restructuring that resulted in a number of write-offs of assets and taking charges for the estimated cost of transition of certain employees. Meaning of Employee Turnover Employee turnover refers to the number or percentage of workers who leave an organization and are replaced by new employees. Employees often struggle to fit into a new office culture when companies merge. Investment in Good Practise All businesses without their own legal department should explore this route. On July 22, 1998, President Clinton signed the Internal Revenue Service Restructuring and Reform Act of 1998 ("RRA") into law. Restructuring costs are in the scope of IAS 37 1 with the exception of employee termination benefits, which are accounted for under IAS 19. It is important to understand that just because new technology is now used in the company, it does not mean that the employer can start to dismiss. Layoffs are designed to reduce costs, but some direct and indirect costs actually increase. If they have a resume heavy on restructuring projects, it’s likely they’ll be considering making layoffs at your company. Means opposite of that, lol. Employees will have. Aurelius Investment, LLC, No. If the change does not fall within the definition of redundancy (see above), but necessitates the dismissal of any employees, this will be for ‘some other substantial reason’ under the Employment Rights Act 1996. This is an inevitable consequence of business cycles and the risk of. Employers have to be aware of the fact that, not paying salaries of terminated employees during the. All restructures must align to strategy. What does Google’s new Alphabet mean for you? This restructuring may be aimed at the high level, but it will likely allow more oxygen to flow through some higher profile, outlying, Google X. Meaning of Bankrupt. First, set out your proposals in writing. Thoughts on the restructuring will be appreciated. There’s already been a round of layoffs. The Office provides assistance to agency personnelists and Federal employees on all. The best auto transport quote - how long does a suspended license driver drive my car there twice - the 1 Cards 2011 -- using a comparison feature, where they forgive it Also implemented red light in ipswich which i don't get big A state income tax act Opinion as i am also covered by them and they did not accept calls. A restructuring involves details concerning vendors and consumers, stockholders and financial relationships, employees and inventory, quality control and environmental impact, equipment and technology, and management and marketing. How Does Restructuring Work? During a major transition, a buyout or a bankruptcy, for example, the management may consider restructuring a company. The website lists frequently asked questions that, for the most part, say everything. It can be hard on a business and its staff to undergo drastic changes, so ensure that restructuring is the best option. This restructuring isn’t the first time InDinero has undergone a major overhaul. Reorganization definition is - the act or process of reorganizing : the state of being reorganized; especially : the financial reconstruction of a business concern. During restructuring process, employees and managers go through the process presented in Figure 1 below. Employers are required by law to consult extensively not just on the need to reduce workforce roles or create new ones to better align with the business feature needs, but also pools for selection, selection criteria and application of that. Cambridge university press p. So your organization or department is restructuring. The definitions provide an introduction to each term and may raise complex legal issues on which specific legal advice is required. Are these run through the P&L and dropped into a reserve on the Balance Sheet and then taken off the Balance Sheet as the expenses occur?. When does the PPF participate in the restructuring of insolvent businesses? Send to Email address * Open Help options for Email Address You can send the message to up to 4 other recipients. 4 The purpose of this policy is to ensure that, whenever reduction in employee numbers becomes necessary, the University will:. Receiving this notice does not mean that you are required to take action. , according to a notice filed Wednesday with the New York State Department of Labor and reported by Bloomberg. Minimizing the impact of layoffs on front-line managers: ensuring that layoffs are conducted fairly can help reduce negative feelings among managers who must give notice to workers. Employees with contracts may be protected from certain kinds of layoffs. Downsizing and Restructuring Chapter Outline -: Meaning. BACKGROUND. Meritas Capability Webinar - Restructuring Insolvent Airlines in the Americas: A Look at LATAM and Developments with AeroMexico and Avianca Thomas Felsberg MERITAS - Law Firms Worldwide. In this blog we consider the effect of the review on directors who have or are settling claims with HMRC and highlight that the review does not impact on potential claims against directors of insolvent businesses. The announcements on Monday that state Health Director Bruce Anderson and Public Safety Director Nolan Espinda are stepping down in the middle of a pandemic leaves Gov. Companies are battling to make the decision on whether they should stick to age old methods of having people do the job or to accept that machines and applications have taken over. What does TUPE mean? TUPE stands for the Transfer of Undertakings (Protection of Employment) Regulations 2006. The studio,. There’s already been a round of layoffs. A restructuring involves details concerning vendors and consumers, stockholders and financial relationships, employees and inventory, quality control and environmental impact, equipment and technology, and management and marketing. The restructuring process is intended to enhance the Company’s liquidity and will likely result in a substantial reduction of Intelsat’s legacy debt burden, allowing for Intelsat to emerge with a strengthened balance sheet to complement its strong operating model and future growth plans. employees’ representative or shareholder) may initiate a restructuring process themselves, and their interests are protected by a type of absolute priority rule. There always seems to be that perception. Layoff Vs Fired: The Benefits. unit in the Federal Reserve’s annual stress tests could be related to a restructuring that temporarily increased expenses, according to analysts at. Restructuring does not necessarily mean a job loss. It is a difficult day at WarnerMedia, which is undergoing a round of major layoffs, part of a restructuring spearheaded by CEO Jason Kilar. UKZN’s Legal Compliance with sections 189 and 189A of the LRA 6. ADVERTISEMENTS: The contractual arrangements establish joint control over the joint venturers. Read the full article →. Luthans & Sommer, 1999). A restructuring at Warner Bros. Random Layoff Indicators While all of these things we have discussed are good indicators of where your company is, there are a few that don’t fit easily into sections. Sources say that HSBC has already begun gently restructuring its German operation. re·struc·tured , re·struc·tur·ing , re·struc·tures v. Again, it’s important that you are able to justify the decision and also that you follow a fair process. has seen massive layoffs of management at DC Comics. Work Redesign Medium term strategy in which organizations focus on work processes and assess whether specific function be eliminated or redesigned. Employees with contracts may be protected from certain kinds of layoffs. For good driver discount, which doesn't know about individual employees, names For damages, in 30+ years Quick life cover is £30,000 To serve a three point turn to the price to complete the application and importance to travelers crossing the street. Employees will also have their rights cancelled or diminished. When organizations go through a restructuring, departments are often merged, whittled down, or eliminated altogether, leading to layoffs. It is a difficult day at WarnerMedia, which is undergoing a round of major layoffs, part of a restructuring spearheaded by CEO Jason Kilar. LSC Restructuring Notice of Commencement FAQ – May 7, 2020 1. unit in the Federal Reserve’s annual stress tests could be related to a restructuring that temporarily increased expenses, according to analysts at. Quartz employees question their parent company’s patience. Downsizing and Restructuring Chapter Outline -: Meaning. A deal this size — the new company would have a market value of about $100 billion and an. That is, Operational Restructuring focuses on the profitability of operations. Buyouts (BO) for Financial Restructuring 3. Facing a $2 million loan payment due at the end of the month and nearly $1 billion in debt, CEC Entertainment, the Irving-based parent company of Chuck E. To cut costs is very easy. Thanks a Trillium! English High Court holds that a run off of liabilities in England does not comprise "economic activity," a necessary component of the definition of "establishment" required to provide the English courts with jurisdiction to open secondary insolvency proceedings. This can include horizontal restructuring, meaning that your current job requirements are modified to include some new tasks performed in other jobs on the same level. ADVERTISEMENTS: After reading this article you will learn about the Financial Restructuring of a Firm:- 1. My company needs restructuring – What does this meaning? PART 1. Thoughts on the restructuring will be appreciated. reorganization or restructuring of the institution has eliminated jobs. Check it regularly to stay informed about the plan and what we are doing to communicate with tenants, stakeholders, staff and the public. "This does mean that we will discontinue some projects and approximately 150 employees will be impacted worldwide. 7,800 jobs are being cut by Microsoft as part of a “realignment”, with many of those jobs are connected to Microsoft’s phone business. What does redeployment mean?. Investigating how money corrupts democracy. HOUSTON, Aug 28, 2020 (GLOBE NEWSWIRE via COMTEX) -- SAExploration Holdings, Inc. Request information on the continuance of health and life insurance benefits. Operational Restructuring is the identification of the causes of operational underperformance and the development of a strategy to achieve improvement. Coca-Cola plans to offer the program in other. unit, restructuring can have wider business implications. If You Were Laid Off, You Weren't Fired -- How to Handle Either By Susan P. 125 "Labor Cost Amount" shall mean Delphi's aggregate expense for the Labor Cost Line Items attributable to all hourly employees (including temporary employees, inactive employees, employees on layoff or leaves or in JOBs banks, but excluding PRP Employees) of Delphi at all Delphi facilities for which Delphi is eligible to receive the. There are several differences between highly compensated employees (HCEs) and non-highly compensated employees (NHCEs). Buyout definition is - an act or instance of buying out. The law does not provide a clear definition of what constitutes an event of force majeure (but is typically construed as an act of God, war, civil unrest or similar unforeseen event), or details of the procedures to effect a suspension in the event of force majeure. Generally speaking, a restructuring can mean a significant rearrangement of a firm's assets or its liabilities. redundant or by requiring employees to adapt to the technology or consequential restructuring of the workplace. Job titles should not matter but people do get anxious of a ‘downgrading’ in their job title. What does "immediately succeeds" mean?. Employees often struggle to fit into a new office culture when companies merge. Where the redundancy process does not involve a complete closure of the workplace, it is important that the selection criteria ensure that the best employees are retained. How Does Downsizing Work? During a downsizing, the company will usually notify certain employees that they are being laid off. Rather than carrying out traditional layoffs, some businesses choose to reduce their workforce through the more gradual means of attrition. It can be hard on a business and its staff to undergo drastic changes, so ensure that restructuring is the best option. The change is no longer a scary event happening to employees, but rather a journey that employees are a part of. He wrote a letter and had a conversation with the president of the company who suggested that the employee was mistaken as to the meaning of the clause. The cuts come two days after the San Francisco game-maker Zynga Inc. The layoffs, equivalent to 20% of the bank’s workforce, come after chief executive Christian Sewing flagged an extensive restructuring in May, when he promised shareholders “tough cutbacks” to the. Quartz employees question their parent company’s patience. Training is an educational process which involves the sharpening of skills, concepts, changing of attitude and gaining more knowledge to enhance the performance of the employees. Example: An employer does not recall an employee for work because she is on maternity leave. This site does not support this version of your browser. Here are seven broad restructuring principles to help make any restructure a successful one. The Namibian, the country's largest newspaper, will carry out a retrenchment process and renegotiate benefits with employees in a bid to contain costs and streamline the business. By Jason Fell :: October 1, 2008 Nielsen Business Media is exploring a reorganization of content strategy across its brands company-wide, which could result with a considerable consolidation of editorial staffs, FOLIO: has learned. Defining and operational requirements dismissal 2. Our previous blog discussed how the recent High Court decision in the case of Barker removed the implied term of mutual trust and confidence from Australian employment agreements. 5 percent budget cut could mean enrollment reductions, layoffs Thursday, November 7, 2002 MADISON — A 5 percent reduction in state funding to the University of Wisconsin System would total nearly $50 million and could result in enrollment cuts of close to 8,000 students and layoffs of almost 1,000 faculty and staff. rolled out a volunteer buyout program for certain U. If it does any active business, all of its assets – meaning all of the companies it owns – will be available to its creditors. Sadly, the changes also include a significant reduction in our workforce by approximately 250 people. Note, eliminating software as a business unit does not mean that software can only be sold as part of the tools or research offerings. Job titles should not matter but people do get anxious of a ‘downgrading’ in their job title. Are these run through the P&L and dropped into a reserve on the Balance Sheet and then taken off the Balance Sheet as the expenses occur?. Remaining employees are more prone to focus if they believe in job security, rather than look for the next action. Explore every possible alternative employment option for affected employees and ensure that you plan and document the redundancy process. There is no direct mention of the "M" word in General Motors' press release announcing its plan to bolster liquidity by $15 billion through 2009. has filed for Chapter 11, which is a financial restructuring process in the United States. We set out below details of the key insolvency measures in the proposed legislation. These signs suggest your company could be doing something similar. Revenues are supposed to cover the postal service's costs, but mail volume is plunging, and the USPS has been losing billions of dollars a year for more than a decade. Periods of restructure cause emotions to run high and clear communication about the changes to come will, at least, ensure that the employer has control of the dialogue – rather than the rumour mill. Typically, they turn to episodic restructuring and routine layoffs, but in the long term both damage employee engagement and company profitability. The employer takes the position that all employees on leave. Of the 25 percent of companies that conducted layoffs, those that reduced their workforce by 3 percent or less did not outperform companies with no layoffs, with both groups posting an average of 9 percent share price increases. Thoughts on the restructuring will be appreciated. You should contact your employer and the monitor for information and assistance. However, it is worth asking if you would be covered for a certain period of time at no cost to you. Employees have the information they need about the options and resources available to them. Therefore, restructuring should aim at making the organization better, rather than imposing adverse effects on the core resource that contributed to the success of the firm, the employees. On 11 July the government published draft legislation for the Finance Bill 2020. If applying these factors indicate the job duty at issue is not an essential function, the employer may have an obligation to shift that duty to other employees as a disability accommodation, with the disabled employee taking on some replacement duties so her co-workers do not have to do more work overall. ("SAE" or the "Company") (OTC. (2) Restructuring should enable debtors in financial difficulties to continue business, in whole or in part, by changing the composition, conditions or structure of their assets and their liabilities or any other part of their capital structure — including by sales of assets or parts of the business or, where so provided under national law, the business as a whole — as well as by carrying. Other companies reorganize corporate structure to. That's the phrase to sugar coat a downsizing of the organization. What does "by operation of law" mean? The phrase "by operation of law" refers to the situation where a federal or provincial statute enables assets and employees to be transferred from one legal entity to another. All of these areas need careful thought and consideration to determine how company restructuring will affect each one. The employee retains his employment relationship for the duration of his layoff and the contractual relationship is maintained. No layoffs or facility closures are expected as a result of the recapitalization plan. Minimizing the impact of layoffs on front-line managers: ensuring that layoffs are conducted fairly can help reduce negative feelings among managers who must give notice to workers. Neither men nor women are inherently better at restructuring a company. restructuring: Bringing about a drastic or fundamental internal change that alters the relationships between different components or elements of an organization or system. See full list on hr. Correct underpricing of. Subject to Court approval, this debtor-in-possession financing, coupled with significant cash on hand and positive cash flow generated by the business, will provide ample liquidity during the restructuring process to support ongoing operations, fund the substantial upfront C-band clearing costs, and allow the Company to. It can raise accounting, tax and legal issues. ("SAE" or the "Company") (OTC. Yes, it is possible, but it does make it rather difficult. If you only want to provide severance pay to "higher-ups" in the company, be sure to draw a clear "cut-off" line. HOUSTON, Aug 28, 2020 (GLOBE NEWSWIRE via COMTEX) -- SAExploration Holdings, Inc. Meaning of “restructuring” For the specified categories of employees, “restructuring” means: Contracting in (where a contract with an independent contractor who has employees ends and the employer performs the work in house);. Reasons that lead to a restructuring process The crisis does not close companies, but disability to react adequately against the crisis does. The VA does not have an estimate for how much the restructuring will cost, officials said, nor are there many details about what the changes will mean for veterans’ care. The law does not specify what has to be included when drawing up a restructuring plan. restructuring, divesting non-core businesses, and headcount. Job Enlargement - Meaning and its Benefits to the Organization Job enlargement is a job design technique wherein there is an increase in the number of tasks associated with a certain job. Executive level employees will often have detailed employment contracts. This update provides some practical guidance for employers considering restructuring their businesses and redundancies in the context of COVID-19. Paida Dube explains For many employers, the current market challenges are necessitating restructuring programmes, involving a review of […]. Typically, they turn to episodic restructuring and routine layoffs, but in the long term both damage employee engagement and company profitability. Defining and operational requirements dismissal 2. Restructuring means improving the operational, financial, legal, or other structures of your business to maximise its profit and to ensure efficient operation. The buyouts will first be offered to 4,000 employees in the United States, Puerto Rico and Canada with a hire date on or before Sept. Luthans & Sommer, 1999). That could mean pay cuts for city workers L. You may have heard the news and thought nothing of it, or you may have been curious about what it means and why. A qualitative, phenomenological research design was selected as the most appropriate approach in conducting this study. According to multiple sources, this is the biggest reorg in 20 years. For some, these techniques may include a. SAExploration Enters into Restructuring Support Agreement for Comprehensive Balance Sheet Improvement Reorganization Expected to Reduce Debt by Approximately $74 million, Net and Position the Company for Future Growth. Layoff Vs Fired: The Benefits. In the banking front Absa also said it was restructuring its South African retail and business banking unit, which will affect 827 employees last year. I t is always stressful time when layoffs occur. We set out below details of the key insolvency measures in the proposed legislation. He wrote a letter and had a conversation with the president of the company who suggested that the employee was mistaken as to the meaning of the clause. Therefore, the overall response rate was 84 percent. The purpose of this study was to explore and describe the meaning employees attributed to the lived experiences of having been declared in excess in the Gauteng Health Department during restructuring. Does Paperless Mean Painless? Electronic Tax Return Filing in the New Millenium. It is very difficult for employees to win a constructive dismissal claim. Restructuring is a type of corporate action taken when significantly modifying the debt, operations or structure of a company as a means of potentially eliminating financial harm and improving the. By Gina Narcisi on Aug 20, 2020 6:53AM. On June 1, 2020, the Supreme Court of the United States issued a unanimous decision in Financial Oversight and Management Board for Puerto Rico v. The question at the heart of this case is whether petitioners, former employees of the National Power Corporation (NPC) who were separated from service due to the government's initiative of restructuring the electric power industry, are entitled to their retirement benefits in addition to the separation pay granted by law. Joint Ventures: All joint ventures are typically characterized by two or more ventures being bound by a contractual arrangement which establishes joint control. The findings of this study indicate that a relationship does exist. This discomfort can dissipate as employees learn about the new company and its goals. How does the Chapter 11 filing impact Appvion’s relationship with vendors? The restructuring will have little impact on how we do business, and we intend to be a great partner to our vendors going forward. The perspective of organizational restructuring may be different for the employees. What is a “Notice of Commencement”? The Notice of Commencement provides formal notice of the beginning of the court-supervised restructuring process LSC Communications entered into on April 13, 2020. See full list on hr. Two of the organizations were, by definition, traditional hierarchical organizations and the other two were high performance organizations. Where the redundancy process does not involve a complete closure of the workplace, it is important that the selection criteria ensure that the best employees are retained. Restructuring does not necessarily mean a job loss. For some, these techniques may include a. Sources say that HSBC has already begun gently restructuring its German operation. reorganization or restructuring of the institution has eliminated jobs. This page provides information to TCHC tenants and the public about the restructuring plan announced on September 13, 2019. Due to the current climate of global competition, downsized positions are not always eliminated; they may be relocated overseas where cheaper labor is available. This disappointment does not have to mean job cuts. This usually means closing of a department or section because the need for less workers. Meaning of for Financial Restructuring 2. In addition to the layoffs, Microsoft is also writing. Kathryn Dent, Director In recent times issues concerning redundancy and restructuring have been of major concern for organisations as they seek to structure their operations in a more effective and efficient manner. Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. ” It does in fact mean that an employer has the right to terminate an employee at any time and for any (or no) reason. A significant downturn in sales/revenue, a loss of customers/suppliers, and/or a shift in market requirements, could amount to a genuine reason for restructuring or redundancies. So your organization or department is restructuring. Coca-Cola plans to offer the program in other. For adult employees under 40 this is one week's pay for each year of service, for those of 40 plus it is one and a half week's pay for each year up to a maximum of twenty years. For hourly employees, a change in work schedule is required; for salaried, exempt employees, you will need to either reclassify or furlough. Just because you can live without these initiatives doesn’t mean you should. The cuts come two days after the San Francisco game-maker Zynga Inc. Most Saskatoon Public Library employees will have to re-apply for jobs amid an ongoing restructuring. Please note that employment laws protect some groups of employees in certain restructuring situations. re·struc·tured , re·struc·tur·ing , re·struc·tures v. unit in the Federal Reserve’s annual stress tests could be related to a restructuring that temporarily increased expenses, according to analysts at. Overview and Introduction. A small-business owner may undertake restructuring efforts because. In order to diminish negative effects of layoffs, Wayne Cascio suggests alternative approaches to layoff and downsizing as "Responsible restructuring" approach. Restructuring the non-exempt ranks is generally much simpler and does not justify some of the types of analysis and effort this article describes. A structural reorganization, how to make the announcement ? Several reasons push a company to carry out a change of organisational structure. "terminated" or "sacked"), or you were laid off, unless you quit or resigned voluntarily. - Noble operations are continuing without interruption; no impact expected for customers, vendors, or employees - Restructuring implemented through voluntary chapter 11 process News provided by. Debt-Equity Swaps 6. You can do this by: Restricting overtime, Reorganising work; Reducing the use of temporary employees; Then, you should consult with employees. "Digital transformation does not happen quickly. Fox Sports has laid off 50 to 100 staffers in what is being described as a restructuring and streamlining effort at the company, TheWrap has confirmed. BACKGROUND. CEO Jessica Mah speaks openly about the startup’s near collapse in 2012 and the changes made to get back on track. Advising the Board of Renishaw Plc in relation to a multi-site restructuring and redundancy exercise across its operation. Periods of restructure cause emotions to run high and clear communication about the changes to come will, at least, ensure that the employer has control of the dialogue – rather than the rumour mill. As the economy continues to heal and job. A restructuring at Warner Bros. There have been 24 suicides and 13 attempted suicides among France Telecom's 100,000 employees since the beginning of 2008. A massive layoff and restructuring has hit DC Comics and many editors and executive have been given the boot. They also, by mistake, believe that they can use the word “restructuring” as an excuse for the retrenchment of employees, but various requirements must be met if restructuring is the reason. First, this article applies primarily to restructuring the exempt workforce, or even just the managerial workforce. Uzabase said the goal for the restructuring is to “build a foundation for profitability between 2021-2022. Failure to do so means the restructuring may be delayed, or not happen, to the detriment of all parties. By Eric Pianin. The restructuring will be implemented through a plan of reorganization that the Company expects to be confirmed by this fall, allowing the Company's emergence from chapter 11 before year end. unit, restructuring can have wider business implications. It involves ensuring that restructuring is carried out in a way that minimises the negative impact on a company's employees and its other interested parties, such as customers or suppliers. Restructure definition, to change, alter, or restore the structure of: to restructure a broken nose. 28, 2020 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. As part of the restructuring. The year is 2020. To avoid this fate, colleges wishing to explore various forms of restructuring in response to the COVID crisis should consider the elements of the exploration process that have proven successful for their nonprofit brethren. These layoffs are not related to individual performance. But she does offer a different perspective, she said, and believes many of her clients see that. The studio,. You can assess organizational impacts by understanding where bumping can occur. Coca-Cola plans to offer the program in other. This guidance is intended to assist NEU college reps in dealing with the issue and ensuring that restructures are carried out fairly and transparently. Global Restructuring & Insolvency Guide European Union. A restructuring at Warner Bros. including our employees, customers, and vendors, in the years to come. Align structure to strategy. For some, these techniques may include a. There has been a company restructuring recipe that has worked for decades. Read the full article →. As a general rule: as long as the restructuring does not affect their jobs, pay, or employment status, employees have no entitlement to be advised of their employer's internal corporate dealings. Training and Development is a subsystem of an organization which emphasize on the improvement of the performance of individuals and groups. Correct underpricing of. This study is being conducted again because another restructuring has taken place over the period of 2011/2012 and involved the retrenchment of employees nationally. One round of job cuts isn’t the end of the world. Based on its last financial report, Hertz currently had an estimated $1 billion in liquidity at the start of April. OTTAWA - The Canada Mortgage and Housing Corp. The layoffs, equivalent to 20% of the bank’s workforce, come after chief executive Christian Sewing flagged an extensive restructuring in May, when he promised shareholders “tough cutbacks” to the. For those who are fooled by David Coles, do not get sucked in to his vortex. But that does not mean that the humor need stop. ADVERTISEMENTS: The contractual arrangements establish joint control over the joint venturers. Quartz employees question their parent company’s patience. These priorities are College and Career Readiness (CCR) and Restructuring for Student Achievement (RSA). HR outsourcing helps an organization to gain cost and time efficiencies and provides cutting edge over their human resource strategies and improves services to their employees. In the banking front Absa also said it was restructuring its South African retail and business banking unit, which will affect 827 employees last year. Restructuring is the process of reorganizing a business. Turbine, which has more than 400 employees, is the Boston area's biggest game company. Research showed that the negative effects of restructuring are also present on the managerial level (i. ), a California Court of Appeal provided some much needed guidance and good news to employers regarding their obligations under the statute. There are several differences between highly compensated employees (HCEs) and non-highly compensated employees (NHCEs). The restructuring process is an unavoidable phase in the development of the company. reorganization or restructuring of the institution has eliminated jobs. Employees’ rights are protected by certain regulations if an employer is taken over and the new owners want to relocate. You may have heard that Avaya Inc. Buyout definition is - an act or instance of buying out. Once the CFO communicates the context of a restructuring, the IG team must determine and communicate back the costs and risks associated with the new environment. By filing for protection, your company is attempting to re–arrange its debts to be able to survive and avoid bankruptcy. The perspective of organizational restructuring may be different for the employees. It is a difficult day at WarnerMedia, which is undergoing a round of major layoffs, part of a restructuring spearheaded by CEO Jason Kilar. Inviting employees, no matter their title or rank, to participate in a restructuring initiative can shift the whole tone of a transformation. A Chapter 11 filing for bankruptcy protection doesn't mean a company is on track to disappear, it just means the business is being restructured. In the first published case interpreting the meaning of "mass layoff" under the California Worker Adjustment and Retraining Notification Act ("California WARN", Cal. A poor result by Bank of Montreal’s U. It can raise accounting, tax and legal issues. What do you do if you find out that the party you are in contract with becomes insolvent? In this article, our insolvency and construction experts explain how the standard forms contracts define insolvency and what employers and contractors can do if they find themselves in this position. Publications: The Impacts on Employees of Corporate Restructuring. Based on its last financial report, Hertz currently had an estimated $1 billion in liquidity at the start of April. When organizations go through a restructuring, departments are often merged, whittled down, or eliminated altogether, leading to layoffs. What's happened, how is it working out and what does it mean for the future? The background. The leave vote does not immediately change the legal backdrop of the restructuring market. On June 1, 2020, the Supreme Court of the United States issued a unanimous decision in Financial Oversight and Management Board for Puerto Rico v. In this blog we consider the effect of the review on directors who have or are settling claims with HMRC and highlight that the review does not impact on potential claims against directors of insolvent businesses. It also means that the employee has the right to terminate his or her own employment at any time and for any (or no) reason. Waste Management Collection and Recycling. Restructure definition, to change, alter, or restore the structure of: to restructure a broken nose. But it does mean that without a clearly-prescribed process, employers can, and frequently do, make mistakes. Often, this can mean changes to the organization's structure. Length of temporary layoff. the process to be followed at the time of the restructuring to determine what entitlements, if any, are available for employees who do not transfer to the new employer new employer , in relation to a restructuring, means,—. Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. You should contact your employer and the monitor for information and assistance. In a statement Thursday, the company said the layoffs are part of a program to boost operating cash flow by $300. Earlier this week, the Prime Minister confirmed the government’s decision to extend the current Alert Level 4 lockdown for a further week before Alert Level 3 takes effect following ANZAC day. Restructuring in organisations has a mainly negative effect on the welfare of employees regardless of whether there are job losses, according to a new study involving the University of East Anglia. They also, by mistake, believe that they can use the word “restructuring” as an excuse for the retrenchment of employees, but various requirements must be met if restructuring is the reason. Generally speaking, a restructuring can mean a significant rearrangement of a firm's assets or its liabilities. Managers must recognize the I am art fine dissertation ideas proving quality. The Employees’ Practical Guide to Requesting and Negotiating Reasonable Accommodations under the Americans with Disabilities Act is a summary of some of the most frequent issues that employees have regarding accommodations and the ADA and JAN’s practical ideas for resolving them. com, you must update your browser to Internet Explorer 11 or higher, or visit us from another browser such as Chrome or Firefox, or from your mobile device or tablet. The purpose of this study was to explore and describe the meaning employees attributed to the lived experiences of having been declared in excess in the Gauteng Health Department during restructuring. As part of the restructuring. Restructuring a business means making changes to the organization structure, operations or finances. Bankruptcy doesn't mean what many think it does. The Act does not give further guidance on what the provisional administrator must do to effectively adopt the employment contracts. Whilst restructuring employees can have lucrative cost saving benefits employers need to ensure they are aware of and avoid the inherent legal risks presented […]. To continue using astfinancial. Q - I am an employee, how does the administration affect me? A - Employees will be addressed at a local level and all employees will be contacted in writing in due course. Focusing on Client Retention May Mean Restructuring the Firm Pay Cuts, Layoffs, and More: How Law Firms Are Managing the Pandemic. Meaning of “restructuring” For the specified categories of employees, “restructuring” means: Contracting in (where a contract with an independent contractor who has employees ends and the employer performs the work in house);. Most of them over-hired. Other companies reorganize corporate structure to. Restructuring and valuation can involve leadership changes, department changes, layoffs, and more.
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