Jeremy Legg held a Q&A this morning
Takeaways:
Anyone aiming for senior position needs to be working in a hub. (Most, because of the 10:1 ratio of boss:underling, will never face that issue).
400-500 headcount reduction Q123 out of 12K, depending on January retirements. ( I imagine most pending retirements already sailed off before December 1 to capitalize on the lump sum advantage)
4% raise budgeted. (We'll see if that actually happens).
They also unbelievably asked him a question along the lines of "if employees are our most valuable asset, why do our benefits keep getting worse every year?"
He also didn't really answer that one and went off on needing to align our cost structure with our competitors. He later talked about increased hiring overseas in India and somewhere else like Bratislava because of costs associated with US workers.
So the January layoffs won't be the only of the year under him. I heard many of the organizations that will be affected were notified in a different town hall meeting in December and I thought they were under the "digital content" organization. That's the number the OP listed. However, the layoffs are in addition to not replacing retirees so he said the total count would be more like 800.
Another living in dream world from Legy was when asked about responsibility for losing "40B $" in bad decisions "most of those people aren't around anymore. And I question the amount of that figure".
And then he again went off "water under the bridge" which is one of his favorite ways to dismiss things.
So management does not get 60 days notice anymore. Wow, chipping away anything to save them a nickle.
What are the hub offices again? I saw references to it in hronestop but couldn't find any specific list. My guess is tx, ga, nj, ca, wa?
Q1 = 2023 Phase 1
I get really tired of hearing this “hub” ( Fun Zone, Collaboration Zone, etc.) cr-p from our executives. I’m not blind to layoff threats being directed at workers who aren’t in one of these stupid hub locations. They are also usually threatened with career progression and advancement roadblock because of this is well. It does get old. It’s kind of stupid to automatically put someone under some false protective umbrella and grace them with advancement opportunities, simply because of work location. You would think these dummies at the top could figure this out, but sadly no, they just keep repeating the same garbage YOY.
I’m ready for a layoff. Bring it on!!!
Had trouble getting past the pre-meeting video of Ebenezer Stankey saving "pequeno Tim" and family. Did that come out of his $20M? Or our raise pool?
Is it for Q1 only?
I also heard that the layoff notices would happen Jan 15 (no surprise) and that there would be the "standard" severance package with 6 months cap. Regarding raise budget, since inflation is 7+%, looks like we are still falling behind. :( I'm in a hub, have really good, marketable skills that are at a deeper level than my peers, but my management chain is more impressed by glitter filled power points than technical prowess. So I'm prepared to be laid off.