Every year for the past several years, I thought things couldn't get worse. But then another year passes, and I'm proven wrong. Somehow, no matter how bad things get, there's always a new low to hit. It’s like the company has this uncanny ability to push us down even further when we’re already at our worst. I desperately need to leave as soon as I can.
4 replies (most recent on top)
Look at a lot of people brought in. We didn't get the A team from BAC, JPM, etc. We got those who weren't gonna rise in those companies who then brought in their buds. When you bring in a Saul, then a Tracy who then has to take a demotion you know you're f'ed. Then you have solid leaders that got passed over or pushed out the door.
Yep. Contracting will cut just as deep as offshoring. Those people care even less and the end results will be indicative of that, but HY doesn't care. So long as they can get the headcount down and the stock up, in the short term, they couldn't care less.
And we aren't but halfway through the consultant led staff reduction model. Just ask your JPM and BAC friends. Ironic that this consultant didn't use the model they preach to corporations for their own recent layoffs.
Up next:
- Formation of dedicated project teams. As projects get cancelled so goes the team.
- Next phase location strategy to further reduce places employees can work. Its a 3 phase process and we are just at the end of phase 1.
- Continued strong enforcement of RTO and with added time tracking in sites
- Increase from 15% to 20% of staff gets "inconsistently meets"
- Bottom 5% cut automatically each year for 3 years
- Organizational realignments. People stay if they have a boss they like. Make sure they have one they don't like and many will leave.
- Continue to offshore regardless of productivity
- Outsource any function not directly related to physical customer contact, sales and company financial decisions. We are at two down from the customer, move to one down.
JPM and BAC have been through all this and more. I worked at BAC before here. They both outsource way more functions than we do, not offshore, outsource to a private firm. That is why their staffing numbers are much lower than ours. Employees at outsourced functions don't count in bank staff numbers. If its not directly related to revenue generation then someone else can do it.
just another day on the plantation aint nothing nobody can do about nothing