Some of the best people have been cut but those who are known to be lazy and who can barely do anything are still there. Isn't that crazy?
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I'm 45 and in each of the last 2 years I've made the most annual compensation in my life. It was a nice feeling but I def feel like I've got a big bullseye on my back now as well.
All of these RIFs are spreadsheet RIFs. Combine Age and salary and cut the people on the top of the spreadsheet. Sometimes they care about performance but it's not your direct manager making these decisions. It's consultants or people way up the food chain. Your manager is in the dark and has to deal with this too and it's not fun. They are just as exposed as the front line workers to RIFs. Maybe more, because of their age and salary. This is ugly and it sucks working for a company that is circling the drain, like the bank is.
For all the trainees that the bank brings in, if you have 2 to 3 years experience, it's time to go. This is not a place to spend your life. You took their training and have no obligation to spend your life here.
Yes I worked for a medium sized famous annuities, funds, and life insurance company in California. For the first time in their 150 year history they went full bore layoffs and outsourcing.
Sending jobs to India IT and Back-office shops and simultaneously eliminating anyone over age 40 with a high salary.
Layoffs used to be a way of cutting non performers in hard times.
Now they are a legal way of saying. “We pay you well, time for you to go”
Even those who sandbagged and openly bad mouthed the company did not get laid off thanks to their lower salary.
Salary and age are a problem at the bank.
Yep! Two of us, consistently rated extraordinary were cut. But we were also promoted a few times, so I’m guessing we are making a lot more than others
Layoffs are a financial decision. The goal is to reduce the salary and benefit spend. So in that sense, no, it's not crazy at all. Layoff half as many or twice as many to achieve the same financial goal? It's going to be half as many, most often.