According to finance team, there will be a massive layoff to be announced in early November during the Q3 earnings report. Some top management have been told to leave the company and there's also a new structure from sales GTM to product management in place. Many roles will be consolidated and most employees will need to reapply the roles internally.
14 replies (most recent on top)
Directors involved in the 2017 layoffs of tech workers and shipment of jobs to India are now getting promotions and raises. However, their future is not very bright. Customers will begin leaving as the loss of knowledge impacts them.
Same thing happening again, another 500 in IT affected, Jobs going to Tech Mahindra India.
From the way they're slashing and burning, my guess is that they're getting ready to sell. Entire offices are being shut down. Engineering / Product people have been gutted in some locations. Those remaining are looking to leave.
Don't forget "Be there now"
Let's face it, it's a terrible place to work. Management isn't very good, they're top heavy and not in a good way. Anytime a company starts in with programs like "care", "communicate" or "be there" etc. you know that crap is about to hit the fan.
Ha!
Are there layoffs in Technology/ Application development?
Not surprised; company is an oversized mess. Used to work there; they have been downsizing for years. The whome thing needs to be more like 30k enployees and i bet they would grt more done thab the 50k slow movers there now
I'm waiting to see how many middle managers are actually eliminated to simplify the business. My guess is that very few will be.
If company ABC's costs for a function (say IT) were $5 million/year, and consulting firm bids $2 million (plus out of scope fees)/year to perform "same" activities while hiring former employees, company ABC's expense is reduced from $5 million to $2 million in 1st year after outsourcing. However, since the real cost is $5 million plus inflation, consulting firm's fees must creep up via out of scope cost (with company ABC fighting it). Eventually, the costs are what they are and company ABC's fees grow. Management now has business case to hire workers and insource. They fire consulting firm. Cycle continues over and over again depending on what arrangement company ABC needs to manage earnings and maximize executive compensation. Workers are just pawns in a chest game.
It's the long -term shareholders who ultimately lose because they hold on to the shares for investment, while upper management and insiders plan to ride off into the sunset with their cashed out buckets of gold. Those who are laid off find jobs with hopefully truly profit generating companies that do not need to resort to games to manage share prices. Publishing industry just s---s.
You assume that the company's management do not know what they are doing. Have you watched the movie The Big Short? Perhaps they know what they are doing, but just want to cash out (stock options, etc.) before it is clear that the ship has been, and continues to, sink, so that they can jump on the few life boats and travel to safety. Perhaps the middle level management cronies may get a few of the limited spots on the boat for doing the dirty work of effecting the layoffs so that senior management may keep their hands "clean."
What will be interesting is whether the "fat" that needs to be cut is really trimmed versus using the "fat" to trim the numbers.
Thomson Reuters is in fact going through a "transitional phase" (i.e. layoffs); specifically with IT staff. Positions are being outsourced to a third party company. Existing staff are told that everyone will be offered a job by the third party company, however this translates to...you will be offered a short term contract (few months at best) and then given a severance package. One of the most effective ways to show your stockholders that the company is profitable is by cutting your costs - that's a no brainer. Unfortunately to the detriment of many [former] loyal employees, they are now being rewarded with a boot out the door. Cost cutting measures will continue for the next few years; yep, you guessed it...more layoffs. The company is taking drastic measures to cut costs, for what I believe are short term gains. The quality and reliability of their products will suffer, which in turn will lead to lower customer retention. By the time senior executives realize their short sighted decisions of years past have caught up to them, the company will have little choice but to re-invest in bringing back full time positions to the U.S. The company's reputation for being an "Employer of Choice" went out the window years ago. What a shame!