I've read that BNYM lays off people just to turn around and hire them again. I don't understand, what is the point of it? Pay out severance and then bring the person back on?
Even if the people are brought back at lower pay, how is this a good business practice? Can somebody please enlighten me on this?
When you cut the bottom decile en masse, it's inevitable that some people were more critical than anticipated, and you need to backfill their positions. Ideally you get them back. If not, life goes on. If anyone is a single point of failure, that's a failure of management. No one should be irreplaceable.
I don't get it either. I was just laid off for the SECOND time last week. Got 9 months SUB last time, got rehired (as an employee) so now another 3 months SUB. Fine with me, I was getting tired of the place anyway with all the nonsense going on. Really stupid from their point of view.
They do it because the "stench of elimination" is in the air and the smell is strong. So strong that managers know it's easier to act now and error on the side of the layoff number being too high. Then if a second thought calculation means an individual's skill set is still needed in the short term, the worker gets hired back as a contract employee. Then because contract employees are considered to be lower than whale s*it, a simple one minute phone call telling the worker that their contract can and is being canceled is super easy on the manager or HR person.