Employees heard about it for the first time, during the Q3 earnings call. Very surprising. Execs later confirmed that decisions would be made and notifications sent out to impacted employees by the end of July. Good luck expecting people to stay positive if they’re unsure they’ll have a job in a month! CEO sounded like he wants to get this over with so the company can move on…imagine the greed and delusion of growing at 8% in a tough economic climate and deciding it’s not enough, they need to lay off people so the execs can still get their bonuses, of which 105 million is already earmarked, unacceptable
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New layoffs annonced December 2023.
The % is not decided yet.. they will start firing and then will communicate the % at the end.
Already the annual review was so disappointing , 4% increase for a top performer with a promotion
Upvote this comment IF YOU HAVE DECIDED TO STAY AT FactSet after review season has concluded in November.
(If you've decided to leave, upvote the other related comment by me.)
Upvote this comment IF YOU HAVE DECIDED TO LOOK FOR JOBS outside of FactSet after review season has concluded in November.
(I'll create another post for those who are planning on staying.)
as someone who was fired I can honestly say f factset
Meant as a voluntary departure in November due to inadequate compensation increases. Happens every year
Also, people need to stop believing a word that the execs promise. Remember how Phil said during a town hall in I think May how they’re not looking to do layoffs, but it’s not off the table... Then a month later they announced the layoffs. Just because they said 1 round doesn’t mean they won’t change their minds.
ALL they care about is the bottom line and quarterly profits. Don’t get gaslit into thinking they actually care about people. There’s so much work to be done, a lot of the laid off people could have easily been reallocated to different projects if leadership cared.
Are you saying there will be a 2nd round of layoffs in November, or do you refer to the voluntarily leave in September?
Kind of surprising, In a previous call it was mentioned it will be one off instead of multiple rounds. Result of idaciti acquisitions
Yeah and again in November after the year end compensation is communicated. Even the absolute top performers won't get more than 5-6% unless they get a promotion.
Any idea on second round of layoff? This is kind of frustrating
All layoffs calls had been made on last Thursday and Friday of July. However the organization restructuring are still in place which would lead more people to leave voluntarily in September.
Made it to August, does anyone know the final tally - maybe the person who wrote the script can check?
In other news, Snow sold 3k shares the other day, a cool $1.3 million
Can someone post more layoffs numbers ?
Exactly. And not making the world a better place or help anyone other than banks/ finance firms to make more money…
Youre right, 0 motivation to work hard when some of the hardest working people got let go, all for being on “the wrong project.” We have to make up these roadmaps get hyper specific on what the next FY will look like when everything always changes. Compensation too has always been a pain point for anyone below director level.
100% agree on 'not stable', doesn't care about employees as people, pandering to shareholders, etc. It's particularly demoralizing as planning for the next FY is underway and people are supposed to be motivated to get things done. When layoffs like this are done and the selection process is not directly tied to performance, where is the motivation to work hard?
Where do you go? It seems that all big tech companies in the US have had significant layoffs in the past 12 months.
Yep, it’s really not anymore. This is the 2nd major reorganization in 2 years. What they don’t realize is this constant switching around and shuffling is keeping them from executing on actual work. The CEO has surrounding himself with people who kiss the ground he walks on. It’s become a typical big corporation pandering to shareholders, and the employees are thoughts of as “resources”, not actual people with bills and families.
Companies probably pay to get on those “great places to work” lists.
By looking at all previous comments factset seems like kind of unstable place to stay for long. There was a layoffs in 2013 but not sure about way back before 2013. Hopefully once market cools off it's better move on from factset. What's the point of promoting as a best place to work?
Is there anyway to know which teams were laid off? I was apart of the Deal Maven team and curious if any of my team members we also laid off. They didn't even give us the time to say goodbye sadly =(.
Top locations
Hyderabad, India 53
Taguig City, Philippines 49
New York, United States 34
Norwalk, United States 33
Austin, United States 10
London, United Kingdom 10
W Manchester, United States 8
Boston, United States 7
Chicago, United States 7
Glendale, United States 7
San Francisco, United States 5
Everything else is less than 5
Top positions being fired
Research Analyst 53
Client Solutions Associate 21
Lead Software Engineer 14
Software Engineer I 14
Senior Software Engineer 10
Contingent Worker 8
Software Engineer III 8
Scrum Master 7
Senior Product Specialist 7
Software Engineer II 7
Principal Product Manager 5
Process Specialist I, PS Ops 5
everything else is 3 or less
I created a quick script to check who's getting fired.
So far 257 people were fired.
3% means somewhere around 400 will be.
The list has people from every office and every job title.
The logic seems project based, not merit based.
They are letting go of good people instead of reallocating them to more in-demand projects.
The only thing they communicated was that it would be finalized by end of July. No one outside of HR knows anything.
Does anyone have any information on if they have finished or are still continuing?
Hard to know, HR’s been so secretive with the termination roll out. I’d imagine US/ EMEA, but mostly US (highest paid)?
Any idea on which region engineers were mostly impacted from this
Yes I know of several engineers who were let go, unexpectedly. don’t know if anyone else will be cut before month end
any engineers so far ?
This is true - was told at least 2 folks on my team were let go today
It is true. I was notified 3 of my coworkers were let go.
Is this true?
"For FY2023, we still expect the bonus pool to be in the range of $100mm to $105mm" - Jun 22 earnings call
Layoffs are officially going on. People are disappearing from Teams randomly.
Yep - check their filings and recent earnings call transcripts
105 million ???