Isn't the decision on who to fire made by top management - those who know their staff?
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I work at a CX company owned by TB - they really are brutal and the lack of communications huts - we lost 10 percent to lay offs and a further 10 percent to attrition due to organised incompetency. They are also changing all the comission plans of sales and professional services people and you never hear from their execs
I don’t think anyone is oblivious to what TB had to do but the truly bad decisions were made by d-mb upper and middle mgmt that protected dead weight. And to some extent, Apollo is too. TB didn’t care how you trimmed as long as it was to optimize. I knew riverbed before and after TB’s time, so for people here to say it’s all TB’s fault and not place blame where it belongs is naive.
That was not right statement -- before TB step in, RB make good money, very positive cash flow.
Here's the problem- your company makes NO money and has NEGATIVE cash flow. TB has "partnered" with big debt providers which means they have to service the debt, so they have to MAKE money and have POSITIVE cash flow. Expect change to be a constant.
I didn't downvote but assume some people are because the statement "If you are a top performer you have nothing to worry about" is simply not true. You did not know what happened in that first massive layoff if you think that. Example: after the Thoma aquisition all the top performers in the Prof-Services org were let go. Why? Because they were the top paid and it was all about costs and margins. There were also similar decisions in other departments - "should we keep a highly paid developer or 2 cheaper ones"?
It’s hilarious to see truth downvoted but each to their own.
Run, as fast as you can -- before they scam you to invest into the company
They cut to bone -- almost no future after the cut for the product line.
TB showed very little regard for high performers nor any talent for identifying them. But even if you are high performing, chances are you still rely on people who aren’t, and will get saddled with enough extra work after the “fat is trimmed” that you won’t be so high performing anymore, and you’re stress level will go through the roof.
They will look to optimize the business for profitability. Preserving topline while optimizing bottomline matter a lot for Thoma (thats how they make their double digit fees). If your management team is faithful, strong and holds the reigns tight Thoma can bring a good exit in 4-5 years, like they have done before. However, the company will have to focus on the core business and there will be very little appetite for risk/experimentation/seeking/advancing new bets. Especially with interest rates rising, there will be little interest in longer shots.
Working at Riverbed for a very long time, I now see Thoma as a "catalyst" to mature/focus a business quickly. Some companies are destined to succeed that way, to some it becomes a death sentence. It largely depends on the market, people, product state for that business. Riverbed's downfall wasn't Thoma specifically, it was pi-s poor hold the bag company management and squandering many opportunities to do right.
The first layoff was the biggest - it varied by department - some were impacted by only 10% reductions but some had 35% cuts - most somewhere in between. In some cases later an entire product line was cut ki----g off an entire group. Lack of good exec leadership was one problem at Riverbed but when you cut groups by 35% it is hard to recover. This, in part, led to Riverbed’s death spiral (now a fraction of the size and revenue of what it was).
Same Anaplaner I feel like we are eventually f’d now.
Thank you for your responses. I expected as much, but wanted to confirm.
As implied, equity firms trim fat and trim the fat they did. Over the course of their oversight, I count 3-4 reductions in workforce. The numbers varied over each one as it was to meet financial targets.
Just expect people to be let go. If you’re a top performer, then you have nothing to worry about.
Wrong question. The proper one how many left on their own?
I'd say the usual, no much more...
I work at Anaplan, that's why I'm asking.