Home Business Elon Musk puts an end to some Twitter perks, limits expenses due to company’s ‘challenging’ financial situation

Elon Musk puts an end to some Twitter perks, limits expenses due to company’s ‘challenging’ financial situation

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Elon Musk.Muhammad Selim Korkutata/Getty Images

  • According to leaked emails, many charges have been “deprecated” on Twitter.

  • Due to Twitter’s financial difficulties, we will no longer be paying for home WiFi, team activities, etc.

  • The email also included new policies regarding free meals, vacation hours, and other processes on Twitter.

Elon Musk’s changes to Twitter now extend to employee expenses, vacation policies and internal operations.

Twitter is entering a new phase of austerity spending under Musk’s ownership, according to a company-wide email sent Monday night from Twitter’s human resources department, seen by an insider.came hours after Musk held his hand Second all-hands gathering With employees at Twitter’s San Francisco headquarters, I then sent an email to whoever was writing the software or coding Send individual weekly updates of their work. Here’s what Musk has changed in his first month of owning Twitter and leading it as CEO. frequent When suddenlyinclude mass layoffs When firingoften with major changes or demands that come overnight.

A number of changes speculated by employees or briefly alluded to by Musk have been made official in an email Monday evening. Members no longer pay for the many benefits available to them. Some, for example, span many years. Also, the maximum amount allocated for work-related travel is limited.

“We are facing challenging economic conditions that require increased attention to cost control,” the email said. “If we can work together to manage the company’s resources wisely, the future of Twitter looks very bright.”

In addition to these and other changes detailed in the email, Twitter employees are expected to work in the office every day beginning Monday the day the email was sent. As stated, “exceptions” will be allowed to allow people to continue working from home on a case-by-case basis.Before Musk softened his stance on working from homeIt was made available to everyone working at Twitter under the auspices of former CEO Jack Dorsey. Dorsey is now investing in Musk’s new version of Twitter.

Perks or “Benefits” that are “retired” pursuant to the Memo include all costs related to “Wellness,” “Productivity,” and “New Hire Productivity,” plus the cost of home internet or WiFi, training and development or “learning”. Camp Twitter, a company-wide group activity, and smaller team activities that were previously expected to occur quarterly. Temporary allowances to cover COVID-related childcare costs will also be abolished.

“Benefits will be reassessed over time and may be added as the company’s financial situation improves,” the email said. It was previously reported by The Verge.

A former employee said training and development allowances had been part of Twitter for “years”, giving people money to help them do their jobs better. Similarly, it is common in technology companies.

The cost of other expenses has also been reduced, even for typical work-related expenses. His cell phone allowance is now $50 a month and his daily food bill while on the road is currently $75. One of her ex-employees said his previous phone allowance was $150. Meanwhile, the overall limit on the cost of work-related travel of any kind was “fixed” by seniority level, according to the email.

According to the email, the change will apply to all charges after November 1st. He also noted that reimbursement of costs is taking longer than usual due to “high volume of applications.” layoffs and resignations I have seen so many people leave companies, including those who had the authority to approve payroll costs.

“We are currently working on rerouting expense reports pending approval from managers who are leaving Twitter,” the email said.

The food and beverage situation at the company is also in the process of moving to a “partly paid” offering, the email said. have to pay a lot of

Travel on Twitter is limited to “essential business purposes” and cost estimates must be pre-approved by a manager “before making arrangements.” A manager or senior executive can only spend up to $500 on work-related travel, whereas a vice president can spend up to $10,000 and a senior vice president or member of the “CEO staff” can spend up to $20,000. jumps up to for musk.

On top of that, Musk puts new limits on the process of any large-scale procurements the company may need.

See below for a full copy of the email.

team –

As shared, we are facing a difficult economic climate in which increased attention to cost control is imperative. If we can work together to manage our company’s resources wisely, the future of Twitter looks very bright. With due diligence, and in response to this environment, we have made changes in a few areas that we feel are necessary at this time and would like to communicate them here. Please note that we hope to make additional changes and enhancements when both the economy and the company’s financial situation improve.

1) We have launched a new Travel, Expenses and Cards Policy (go/tecpolicy) effective immediately. Here are the main changes:

・Emphasis on manager accountability. Managers are fully responsible for reviewing and managing expense reports in accordance with policy. Any administrator who fails to do so will be held fully accountable.

-When to travel. Travel must be for business significant purposes. Travel and estimated costs must be pre-approved by the manager before making any arrangements.

-allowance. For the time being, the following allowances have been discontinued:

  • wellness

  • Productivity

  • new employee productivity

  • Home internet connection (WiFi)

  • Training and development (learning allowance)

  • Camp Twitter (temporary school closure allowance)

  • COVID Temporary Childcare Allowance

  • Quarterly team activity

Benefits are reassessed over time and may be added when the company’s financial situation improves.

・Mobile phone bill payment. His monthly duty allowance is revised to US$50 (or local equivalent). If you have extenuating circumstances due to international travel or other reasons, please contact your manager.

・There is a business trip meal allowance. The daily allowance will be revised to USD 75 (or local equivalent).

– Approval Authority. Revised expense report approval limits by job level. The full matrix is ​​available below.

job title

Expense Approval Agency (USD or local equivalent)

Manager/Senior Manager

$500 USD

Director/Senior Director

$5,000

VPs

$10,000 USD

SVP/CEO Staff

$20,000

Please note a few additional items regarding expenses.

-Longer processing time for expense reports due to high submission volume. Our team is working diligently to process your report as quickly as possible.

-We are currently working on rerouting expense reports that are awaiting approval from managers who do not use Twitter.

-Former Tweep still has access to Concur and has been instructed to submit unpaid expenses within the first 30 days of the period of non-work. For account access, please contact [email protected]

– Corporate card reactivation is currently limited to employees with business-critical needs. If you feel you fit this criteria, please contact your manager.

– Expenses allowed under the previous policy must be incurred by November 1, 2022 and submitted by November 30, 2022.

2) We have launched a new procurement policy (go/policy) effective immediately. There are the following changes:

・Increased monitoring of purchases. All contracts for goods or services purchased on Twitter’s behalf must be negotiated and approved by Strategic Sourcing. All purchase orders must be created by the Procure-to-Pay team.

– Limited access to make purchase requests. Submitting new purchase requests on go/buy is restricted to employees at Director level and above.

・Decrease in approval authority. The purchase approval limit for each position has been revised. Full matrix available below:

cost threshold

Compulsory competitive bidding

Contract approval level

Under $5,000

Buyer’s discretion

directed by

$5,000 to $100,000

3

directed by

$100,000 to $1 million

Five

senior director

$1 million to $2.5 million

Request for proposal (RFP) required

vice president

>$2.5 million

Request for proposal (RFP) required

Chief executive officer

3) Office:

– Food program. We will strive to make necessary changes to our food and beverages to better control costs while increasing the quality and variety of our options. Please wait as we move to a partial pay model with a variety of grab and go options, a variety of catering options and partnerships with local vendors. Coffee, other beverages and snacks will continue to be available to all employees. will be

・Exclusive seats. In the spirit of unity, innovation, camaraderie and organization, everyone should have a desk assigned to their team area.

– go back to the office.

– From 21st November 2022, I will have to work in the office.

– Exceptions will be considered and made on a case-by-case basis. Exceptions require manager and vice president approval. Any exceptions made will be notified by his EOD on Tuesday, November 22nd.If you do not receive approval, please make a written request. [redacted email address]Approvers receive exceptions and are held accountable for employees who do not maintain standards of productive excellence.

4) Vacation Policy:

・The number of unannounced leave requests is increasing. Leave requests must be made in advance and must be approved by the manager. When responding to time off requests, managers should consider team load balancing, upcoming project completion dates, whether there are ongoing projects or performance deadlines, and other considerations specific to their role on Twitter. Include your business needs, including but not limited to:

5) Stock Compensation and Benefits:

– Twitter is now privately held, but will continue to offer equity and options as part of its ongoing compensation plan. The structure of that plan will be finalized in the coming days. More information coming as soon as possible.

– Your health benefits remain the same. Open registration is currently available for North American employees. Before November 29th, check out Workday for your individual benefit selections.

We will be updating our playbook and wherewework confluence page this week to include all of the above information. If you have any questions, please contact us. [redacted email address].

Read the original article at business insider

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