Has TR announced anything in regards to hiring, layoffs, furloughs, in regards to COVID 19. I assume they will or have put on a hiring freeze, which makes complete sense, however I would also think they would use this as an opportunity to reduce staff. As an information provider in the legal and tax/accounting segments with the tax deadline being extended and courthouses closed, it is going to dramatically impact usage in these critical segments. With firms and corporate customers struggling with the uncertainty in the world right now, there is a very good chance that firms will dramatically reduce information costs so they can keep employees. Even if they don't use this as an opportunity to reduce headcount, sales people will not make their on target earnings for the year, but hopefully TR does the right thing and re-works the compensations plans and protects these people who depend on commissions to pay their bills.
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TR must be in a bit of a quandary. The number of workers left on the floor from the last cull must be greatly reduced, exposing just how top heavy the company is with managers - all drawing large salaries. If the Covid crisis is to be used as an excuse to reduce numbers further, then they 'll have to look mainly at their own ranks to make cuts. Will they do this? Who knows. Intelligent people would conclude the last round of layoffs was a complete disaster and steer well clear of repeating that again. However, we shall see.
TR has no loyalty, but at least they now have a built in reason to fire people. They won't need to have a daily stand ups and huddle and identify impediments to make it seem like its well thought out. There will be certain segments that will use this as an opportunity to consolidate sub segments, which haven't worked. What would be nice, instead of hitting the rank and file with this next layoff, they should focus on the ELT's in each segment, lots of dead weight. One GM of a segment making $300k+ can save x people that actually do work. I can think of a bunch off the top of my head that provide no value.
"...not backfilling vacant positions and looking to cut expenses." It was like this long before the virus. How many times did we hear "hiring freeze"? Year after year.
Gee, I wonder how they will reduce expenses? Reduce toilet paper from 2 ply to 1 ply?
An announcement was made that we're not backfilling vacant positions and looking to cut expenses.
TR does not need an excuse to cut staff based on my experience and its leaders r too selfish to refuce their comp and goody packages. They will cut admins, lower levels etc yo dave their own comp.
Who is to brunt the negative impact of coronavirus the most? Sales gets paid more for assuming more risk and income is tied more directly to performance which can fluctuate. What if you are in sales and the fiscal year ended in march? You may have hit bonuses and a fat commission check that could carry you through and "bridge the gap" as demand for April may simply be deferred to later months. Now consider the employees that have had a set amount of income that doesn't include such bonuses and opportunities to receive them now or attain them later in the year.
Seems like the best option for everyone including the company and its customers would be making the adjustments and sacrifices from the very top and trickling downward. Shared burden and effectively communicated is the best way to show we're all in this together and best opportunity to come out stronger than before.
I'm seeing too many companies take the route of self preservation starting at the top and shaving costs wherever wherever the work has dried up regardless of financial impact .
Unless you're in a transactions based business like restaurants where your customers aren't paying any sort of contract then cutting back from the bottom up and not explaining strategy effectively will damage assets extremely negatively and the intangibles aren't able to be calculated on a financial spreadsheet.
Good service and people sell themselves. As a sales person I'd prefer to keep my exceptional team and product in place through the disruption rather than have nothing left to sell.
This disruption will be very telling and expose a lot of things for what they are both good and bad.