"After three stints at Microsoft spanning more than two decades, Joe Friend was laid off in May. He's still figuring out what's next, but there's one thing he's sure of: His time in Big Tech is over. About six months earlier, Friend, a director of product management overseeing a team of nine, started hearing rumors of company restructuring that could affect managers. However, he didn't believe his specific role was in jeopardy."
"Friend said the layoff was "doubly shocking" because it upended his retirement strategy. He had planned to stay at Microsoft until at least his 65th birthday - a milestone that, under company policy, allows most stock grants to continue vesting even after the employee leaves. Once he turned 65, he planned to either retire or pivot to something new. Now, that timeline was out the window."
Joe Friend, a 62-year-old director of product management, was laid off in May after more than two decades and three stints at Microsoft. He oversaw a team of nine and was among 15 members of his working group who lost their jobs, including four other managers. The layoff upended his retirement strategy; he had planned to remain until age 65 so most stock grants would continue vesting, then retire or pivot. Microsoft cut about 6,000 jobs in May and roughly 9,000 more in July as it reduced management layers and streamlined processes. Google, Intel, and Amazon have also announced manager reductions, contributing to hiring slowdowns and heightened difficulty for tech workers seeking new roles.
Read at Business Insider
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