There’s been a lot of talk about the need to save 100 million by the end of the year. It can’t come from anywhere else but cutting jobs. Anyone heard anything about layoffs? Here I am, ruining my Sunday. Listening to the news, other people losing jobs left and right, economic prospects, just makes one more anxious.
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For the $100 million estimate, on this site we calculated that it would be between 400-1000 employees for each $100 million (rough estimate not including all factors so it’s probably less). There are 80k employees. So for each $100 million, your odds of getting laid off are less than 1 in 80 (rough estimate based on who’s who). This made me relax a lot, hope this helps you!
Best
Managers
Exit ?
They do what they always do in this situation. eliminate temps / contractors. Close open req's. Suspend low priority or badly stalled projects, shuffle the deck a little and move people out of tech teams and into similar roles in other business units.
Maybe some drive by one off reductions, but not enough to get any attention. Three months to save $100 million is nothing when you consider the yearly technology spend is over $5 billion.
It’ll include shutting down some low priority projects. If you’re on a struggling or low priority project, best to try to move off of it asap.
BME =business model evolution. Basically a new and improved way to further micromanage people. Not sure what that has to do with layoffs though.
I haven’t heard of BME either.
What is BME
soon with BME coming starting this week
yep, the target is 100 millions cost savings on the tech side.
if we do not cut it to that level they will go after headcount.
now, i do not think they will be able to remove 100 mil out of tech budgets so we'll have layoffs.
Come next week we are going to see a reduction of numbers from people who don’t live near an office and were not willing to relocate. Not a layoff but those people were given a decision to move. Su-ks but that’s what Fidelity wanted. Haven’t heard any solid news on layoffs though.
Abby has been pro keeping employees. $100 million isn’t a lot when it comes to payroll and there was a post about how most remote employees were asked to relocate or resign. So that would make a big impact in the savings from their total compensation.
Don’t worry about it, just keep your head and your numbers up!
Recession is coming. Save you pennies. Market is in a bubble.