When will Wave 1 location strategy be completed and when will Wave 2 begin? Also, do managers have a master list of who will be impacted by overall location strategy? Thanks. It is hard to piece all of this together.
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Mgr here. Stop thinking in terms of waves. Location strategy communication is key. If not in core office by end of ‘27 you will be gone. All this is based on 10 billion expense reduction promise by Charlie several years ago.
@2yjd For the last three years August has been the big layoff month. No bonus is awarded. If you are doing KT with anybody, especially I&P people you know your time is near.
I’ve been told there is an August list in Tech. I wish they would just tell me already!
Just remember that there are Waves but folks can be cut for location at any time. The Waves are just to give us some semblance of relief by knowing when it will happen for a few. End of the day it is two end goals. Consolidation and Reduction.
Ultimately it doesn’t matter what block anyone is lumped into other than for purposes of shielding from lawsuits for discrimination.
Tech guy says affected tech jobs are the other tech guys and their tech jobs went overseas to offshore tech guys.
I heard from the tech is affected guy that tech is affected.
Lost people on my team due to “location strategy” before the core/specialty markets were announced.
I’m remote and not near a core/specialty market. So I don’t know why I was not let go either.
See? They don't care for gaps created by displacement! Pick up the pieces and move on...
2 from WFIP, had to shift work to other employees
@uxx+1sDIW9Tx
"I had to displace 8 people and was told it was due to not being in a core hub location."
What happened after? You hired 8 offshore people? No replacement, jobs distributed to those still left?
The problem with that theory is that the most expensive workers we have are the ones in hubs.
It is all very confusing and probably intentionally so. Our LOB has announced two 2024 waves in April and June. However, the head of our division has indicated he will not be following the LOB wave schedule and will implement the location strategy on a timeline that he will not specify. Communication has been misleading, confusing, and sketchy.
@lsy+1sDIW9Tx
You haven't attended a location strategy meeting yet.
It's not really the location strategy that is driving the job cuts, it's expense controls that is driving every decision. Reduce headcount, move jobs that are still necessary to cheap labor overseas, overload remaining employees, reduce service. The location strategy is just a convenient way to explain it to some individuals. Senior managers go to Line of business leaders and tell them to reduce expenses by 10%. That's it. The LOB leader asks, "How can I do that?" and the senior manager says, "Move offshore, reduce remote locations, deliver less service, etc." How much of the expense reductions translates to job losses is ambiguous but if your organization is mostly made up of salary expense, there's really no option but to cut positions and the reasons for the cuts are just nice explanations, not actual justifications. No one in HY is thinking, "Gosh, do we really need 2 remote workers in Harrisburg, PA?" No, they are just saying,"Cut 10% from your budget and if it means firing some remote workers then that's an acceptable excuse."
In our area, they have slowly chipped away at teams, but haven't filled the responsibility gaps. Your manager knows it's coming, but not exactly when. So, you could lose people that had a critical role to a function. Now you're asking who fills the gaps.
Some people on my team are unhappy about this, even though they are in a hub and their jobs safe (for now). All the upheaval creates a negative work environment.
This has been a very difficult situation for those losing jobs and those remaining, alike.
Each LoB has different timelines. You know who’s on the list, just look at your team and determine who is outside of a core location and or working remote.
The person can see the writing on the wall. Discreetly ask them how they’re doing. You know. They know. The manager knows. It can be pretty isolating just waiting for the other shoe to drop. Also, make introductions to anyone outside of your WF network. Those introductions are the kindest thing you can do for the impacted person. It takes time to find a new gig and expanding their network early is the best thing they can do.
FHY
There are no waves attributed to one factor. Layoffs are ongoing every two weeks. Some larger than others. Some for location, some for efficiency, some for random stuff. Yes, managers at a certain level no who is a target for location strategy. In fact, they are trying to figure out who they can save if needed, but only so many exceptions to give.
I think "distinct" is a bold word, it's really just one strategy with different PR spins / excuses. They want to get rid of the absolute maximum number of domestic workers they can without the company completely failing, whether that's because "you're in the wrong building, that we forced you to go to" or "there's cheaper labor in India" doesn't reeeally matter. It's all lies and spin anyway. The only variance to that overall strategy is the exec ego building projects (Hudson Yards), where firing people making $75k elsewhere to hire a bunch of people making $150k+ in NYC is redefined as "efficiency".
Then what were last years’ layoffs attributed to? I had to displace 8 people and was told it was due to not being in a core hub location. I have heard that all of this is just one big attrition move.
It is important to note that there are two distinct actions occurring. The Efficiency Initiative (rightsizing, downsizing, cost savings, whatever you want to call it) and the Location Strategy. Terminations can be co-mingled between them as it doesn't matter. Folks here get all 8utthurt when someone is cut and they don't fit the mold.
Wave 1 was SCHEDULED be complete by the end of Q2. Due to staffing and coordination issues yes, that date can push a bit.
Wave 2 is SCHEDULED to be complete by EOY starting in late Q3.
Yes, managers have a list of Wave 1 Location Strategy displacements. They've had the list since April, maybe known as early as end of March. Waves 2 and 3 no, your 1 and 2 ups do not have those lists. Sr Leadership/HR has all that information and are waiting to finalize because of all the other displacements and attrition.
Yes