Thread regarding Fidelity Investments layoffs

Layoffs in PI L&D today

Huge chunk of roles in pi l&d got eliminated today. They have until the end of the year.

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Post ID: @VsPgIWW

19 replies (most recent on top)

https://www.thelayoff.com/t/WoueMdX

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Post ID: @VsPgIWW-12ejm

https://blog.hrps.org/blogpost/8-Ways-Ageism-in-the-Workplace-Impacts-Your-Business

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Post ID: @VsPgIWW-Mnhu

correction to my earlier comment, “thin the HERD”...not heard. (Going back to my corner now..)

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Post ID: @VsPgIWW-sgxl

Agree 1000%.

It’s a joke.

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Post ID: @VsPgIWW-rdmt

I'm responding to this post:

"They’re reorganizing the entire LD org using an agile model..tribes, squads etc, which is in line with what I’ve heard the rest of PI..."

I would buy that very sane and reasoned argument if it weren't for the fact that they've done this type of very lazy "re-org" SEVERAL TIMES. HR and L&D are very, very weak at Fidelity, so much so they need to stoop to this type of housecleaning. The entire L&D industry has understood where design and roles are heading and have taken great pains to upskill their staff and to manage those who don't/can't change. Fidelity waits until the 11th hour, does nothing to prepare, then pulls this move. There are some really strong L&D and HR professionals in the ranks at Fidelity that deserve better leadership than this.

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Post ID: @VsPgIWW-rvhn

it’s a big farce they created to thin the heard.

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Post ID: @VsPgIWW-qrhm

https://www.forbes.com/sites/deborahljacobs/2013/11/03/11-sneaky-ways-companies-get-rid-of-older-workers/#70bbd2a06d0e

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Post ID: @VsPgIWW-acpf

“Our people are the most important part of our business – full stop!”

Really? Well here’s a lesson in what NOT to do (Apparently mgrs didn’t get the memo):

Last Wednesday, 40 employees in PI were notified that their jobs were being eliminated VIA A GROUP CONFERENCE CALL. Wow.

I’m sure those 40 people are feeling really important now.

Real classy.

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Post ID: @VsPgIWW-8few

http://fortune.com/2014/01/31/mass-layoffs-by-conference-call-theres-got-to-be-a-better-way/

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Post ID: @VsPgIWW-4ctp

Younger, cheaper, and more work

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Post ID: @VsPgIWW-1rpy

Wouldn’t surprise me, given the obvious trend.

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Post ID: @VsPgIWW-1pwo

Wonder what the employee age metrics will look like before and after this layoff/rehire? Bet avg age will be lower.

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Post ID: @VsPgIWW-1hop

They’re reorganizing the entire LD org using an agile model..tribes, squads etc, which is in line with what I’ve heard the rest of PI has done with their teams. The roles within this model are different than how they exist today (by design). They’ve moved the bar up a bit in that the new roles combine many of the skills of the individual roles..(so ID + tech+ visual designer + consultant etc). So if you are a non techie oriented ID, you may be out of luck in the new world.

So they’re having everyone apply for the new roles for which they feel qualified. Basically wiping the slate clean, which will invariably weed out some great folks who don’t meet the new bar. At least they’re supposedly giving the eliminated folks first crack at these roles before opening it up to externals. Time will tell.

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Post ID: @VsPgIWW-1xfn

Why not just layoff 3 people? This company is penny wise and dollar stupid.

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Post ID: @VsPgIWW-1xbi

You’re absolutely only an A number.

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Post ID: @VsPgIWW-1dqt

I don’t know about all of PI, but approx 42-43 jobs were eliminated from L&D. They’re reorganizing and will be posting 40 “new” jobs for which these folks will be given first dibs. Otherwise they’re getting severance after Dec 31.

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Post ID: @VsPgIWW-1jxt

how many were let go in PI?

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Post ID: @VsPgIWW-1zyc

Yep. They’re posting “40 new jobs” tomorrow that fit into their new operating model. And they’re supposedly giving the newly eliminated folks priority on those. Whatevs.

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Post ID: @VsPgIWW-rps

That’s nice. So now we can have one facilitator teach a class in westlake in person and simultaneously on video in Denver, Jacksonville, and Salt Lake.

I get the savings but this company makes so much money. This seems unnecessary. Reps feel like they are just a number and don’t matter. This reinforces that idea.

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Post ID: @VsPgIWW-mgj

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