Officially informed today that unofficial employee rankings are due 9/15 to HR. These will be used to make fourth quarter layoff decisions starting in early October. Using a 30-60-10 split, so 30 percent of the workforce will be at risk starting in 3 weeks. My guess is 10% a month Oct, Nov, Dec.
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Update your LinkedIn profiles immediately.
Stock is under $95, y’all get those lists in yet?
I better send a box of donuts to my bosses.
Rainmaker often means “friend” of the boss. Don’t think for a second the ratings are played fairly. When it went from a performance culture to a boys club, the motivation was lost
30% - these are the bottom-ranked team members, as ranked by their direct leader(s). Definitely at risk of being cut whenever SLT decides to lower the hammer. Not all teams would lose exactly 30%; a total count would be allocated across a business unit.
60% - these are the team's middle-of-the-road performers; solid and reliable, but not exceptional.
10% - these are the team's top-ranked superstars that will be protected and have zero risk of being RIF'd (even if they would like to volunteer for a package to move on). The rainmakers.
What do the numbers "30", "60", and "10" represent?
It’s easy to pull great talent (and there is great talent there) out of there
If they're giving 2 weeks per year in sev then I hope I'm one of them
There's gonna be no one left at this rate
May want to scour your state's WARN Act notices.
Usually Fiserv runs the layoff lottery around Jan-Feb. Is Frankie getting a bit antsy over the lead-balloon trajectory of his stock?
Any word on locations? Business Units?
There was a mis-type in the stock price number. FB does not want it to hit $145 - he wants the total work force employee count to be just 145. Stock price will zoom with those expense reductions.
‘Tis the season