This was just the opening salvo. Look around you. Both industries we fit in are in crisis. This will not end anytime soon and by the time it does, many more of us will be jobless. My advice is to start looking for a new job right now, even if you're not planning to leave. Having a backup option or two can't hurt you and it can help a lot if things go south.
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Q4 results are out and it is pretty bad. Senior management will be forces by the investors to cut costs aggressively. Brace for impact. There will be another round in Feb or March. Save as much money you can now so that we can ride out these tough times.
Redeployment is a joke. My own team had an open position for which I applied and I wasn’t even considered.
Also, for those redeployed? The “we will allow you to take a role in another area” is a farce. Managers with open requisitions are often told to not hire persons on redeployment. Goes against the “thinning the herd” plan
Since the beginning of this week there was a drop in engagement because some had found out about the layoffs. By Thursday and Friday even less people are engaged because of the fog and uncertainty this created company wide.
I agree, this is just a start they've been managing headcount for years doing forced ranking but now they're flailing away to find fault and cut costs. Nobody is safe.