Thread regarding Refinitiv layoffs

Does anyone else feel that there is a rush to make changes to ready themselves for mass layoffs next year?

It seems to me that the many groups that I am involved with are being pushed to change over their utilization of software (i.e. Jira) to be the same as others around the world, increasing cross departmental training, adding employees in areas where it doesn't seem that they really needed it (and where they aren't doing what they were really hired for), lowering review scores (notice that you have no option for response anymore) in order to put themselves in a position to generate more overlaps causing a justification for mass layoffs? Also, at least around here, a push for applications to be on the cloud.

If I ran Refinitiv/LSEG, I would do this. People are resources and put where they can help anywhere in the world with a low learning code, less overheard such as servers, buildings, etc and, in some instances, less salary and benefits due to possible transfer of positions.

We seem to be going in a direction that many departments aren't a part of it causing them to be less relevant after quickly and therefore another justification to remove/release employees and/or buildings and strip them of the data they may be able to provide.

This is what I see anyway. I am wondering what people around the world are seeing.

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Post ID: @OP+16bc4iLI

6 replies (most recent on top)

Utopia? I live in the USA... enough said :)

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Post ID: @6pvk+16bc4iLI

Pity the poor folks who moved to TCS and are not in India! 12 months tops then gone to save rupees....

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Post ID: @2mct+16bc4iLI

So you are correct, certainly those left in technology and outside of low cost areas or in non strategic locations will only be around to handhold TCS for the next 6 months or so, then bye bye.. Just wish the SLT would be open...

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Post ID: @2dty+16bc4iLI

To last reply.

Well a good example is major shareholder of TR.
Worth tens of billions , yet always protected the couple of million in dividends rolling in each day even it meant layoffs. Even in bad times I never saw a dividend cut.

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Post ID: @2npo+16bc4iLI

Sounds like you are living in Utopia, where everyone is kind and looks out for each other; where one percent of the rich don't own half of the world's wealth; where everyone is paid a living wage and the money filters down from the wealthy and everyone has a job. It hasn't happened in the past 2000 years and I can't see it happening in the next.

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Post ID: @2dgu+16bc4iLI

Thats just the evolution and adoption of technology. The end state will be a proper living wage for people as traditional jobs have been replaced by machines or efficiency improvements made as a result of using machines. [However, cheap labour or geographic efficiencies still exist, but that'll come to an end and it'll be purely tech driven.]
What will people do? Hopefully/ultimately have more free time and benefit from these efficiencies...

But we're a way off from that and living through the transition before it settles down in a few generations.

I feel I'm still genuinely adding value but I could be collateral damage as it's not a precise science.

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Post ID: @1gcd+16bc4iLI

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