Thread regarding Thomson Reuters layoffs

Firings are coming not layoffs

Got an insider tip that layoffs will not occur. Instead the company will find ways to set up employees to be fired on made up reasons. Watch yourself and start looking asap!

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Post ID: @OP+166J5prD

24 replies (most recent on top)

There's more and more panic because they have RIF'd so many of the employees who actually generate product and services that generate income, that it is having an effect. They were looking for a quick fix by cutting costs, ie RIF'ing employees and then farming out their work to countries with cheaper labor costs. Sitting at their managerial desks, this would have sounded like a great way for the company to make lots of money. Don't forget too, that many of these managers were allegedly offered bonuses to RIF employees. Sure it has a quick short term gain, but then problems arise like that cheap source of labour doesn't have a clue what to do. Also, TR has never been good at documenting procedures so that hasn't helped outsourcing. You can't expect them to generate high quality product/services without them knowing what to do. You also have another issue with outsourcing in that these workers are continually looking for higher wages, so if they can get a better offer down the road, they're going to take it. And who can blame them. The problem then is finding cheap labor that wants to stick around and do a good job for TR. Then TR has the problem of being stuck with so many managers, many of whom are very ineffective and on high salaries, who don't actually generate any product/services. What do you do with them? Lay some more off for that quick fix to keep shareholders happy. Problem is options for doing this among the lower level employees who actually produce things to sell, are now very limited. So you now have to look amongst the managerial level. They're looking at each other and deciding who to throw under the bus next. The problem lies with greedy shareholders and a clueless management with an extremely limited vision/outlook.

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Post ID: @Ibcf+166J5prD

Am I the only one who is sensing more and more panic across levels? There was talk on a couple of meetings I attended about cash flow problems and more stress to come in sales and cash collection. Is there anything to it that TRI stocks are pointing downward? I for one are hoping to be let go after more than five years with TR and having seen it all it’s getting worse and worse

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Post ID: @Imce+166J5prD

You can usually tell what areas will be hit, folks in the know from those areas start scattering for new opportunities to protect themselves, unfortunately those are the selfish people that TR looks to protect. Those are the ones that have led the company down this path of constant reorganization and failure.

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Post ID: @Gpdt+166J5prD

Getting the sense this will be extensive, but no details yet. Anybody enlighten us?

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Post ID: @Ftgm+166J5prD

@esqs+166J5prD Not sure about the 400 figure, but layoffs happened in Russia office for sure in the past two weeks, though not sure how many in total

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Post ID: @eket+166J5prD

Heard 400 people were cut recently. Can anyone verify?

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Post ID: @esqs+166J5prD

Which teams are having cuts first? Any speculation (e.g. LOTUS)?

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Post ID: @diox+166J5prD

Take the high road and just forgive the perpetrators. It will free your soul.

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Post ID: @cssq+166J5prD

And one can bet that the "most skilled and knowledgeable team members" are targets of falsified and defamatory performance improvement plans (aka PIPs). Little do they know these weak leaders are playing with fire . . . they can be personally sued and held liable for damages along with good ole plain Karma (aka you reap what you sow).

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Post ID: @8bvp+166J5prD

Most skilled and knowledgeable team members openly say the leadership team is weak in most areas.

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Post ID: @7mmr+166J5prD

Couldn't agree more about the VP roles. The reorg back in 2018-2019 moved folks into roles that they were totally unqualified for. Most are missing all the necessary skills, look completely lost and since they have been in these roles have continually made head scratching decisions. Every time we have a tax town hall or we have a segment or sub segment all hands meeting, I sit there, listen and wonder, what happened to our business, completely lost. Advice to management, care less about how you (or your cronies) are perceived, roll up your sleeves and focus on your people and our customers, not your own survival.

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Post ID: @7sax+166J5prD

Ever notice that most of the VPs don't even have the proper credentials to be in their role? They got a good ole boys / girls network going on. Smh. #idiocracy

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Post ID: @7xsp+166J5prD

So glad I finally got out after almost 20 years at the company. It s—s starting a new job in the middle of a pandemic but it's still better than a day at TR.

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Post ID: @6nkj+166J5prD

Also note that Hasker was CEO of last year. Interestingly, CAA is cutting 20% of its workforce as announced today.

https://www.latimes.com/entertainment-arts/business/story/2020-07-28/creative-artists-agency-cuts-furloughs-nearly-20-of-its-staff-amid-pandemic

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Post ID: @5sdy+166J5prD

The new ceo - hasker, comes from private equity (TPG) in his career history. Private equity firms are notorious for cutting people quick in order to get bottom line numbers looking good. They are not growth-oriented like VC firms. When he was selected by the board, let's assume that his background was heavily considered. Live long and prosper.

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Post ID: @5yxq+166J5prD

I wonder how soon that would be, if that is correct. I don't suppose they would do it in large numbers otherwise it would be obvious, so they would probably fire people randomly across regions? They have to come up with reasons other than performance I guess unless those on the list are warned ahead of time by being put on a Performance Improvement List

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Post ID: @2awe+166J5prD

There are hundreds if not thousands of stories of people that were pushed into an corner without any option. I can literally list dozens off the top of my head who were shown the door but had exemplary reviews and performance, simply because the manager at the time didn't want them around anymore. HR simply turns a blind eye, so all of the employee satisfaction nonsense is window dressing, nothing comes of it and most are afraid to say what they feel anyway. HR is complicit in all of this unfortunately.
Maybe not list names, but initials could be fun.

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Post ID: @2duk+166J5prD

Sue that liar personally for slander and post their name here for the public to know.

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Post ID: @1ouk+166J5prD

I was definitely set up before the 2018 bloodbath. My manager made unfounded and cruel claims – in short, outright lies – about me.

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Post ID: @1hti+166J5prD

The leadership is weak and they are full of hot air. These people would never be able to create a Google. They could not even direct traffic.

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Post ID: @1ldx+166J5prD

They have been setting up people for years. I am sure anyone can come up with a list of people that have been "set up", and HR is fully aware of this. Employees are definitely not treated equally and there is no consistency on how things are carried out within TR. I think the hope is that the senior management club is broken up and employees will be treated equally and be rewarded or not based on their impact on the business, not on the whim of a single person who wants to flex their muscles.

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Post ID: @bhs+166J5prD

I would say from what I see, that sentiment seems to be playing out as stated.

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Post ID: @gip+166J5prD

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