I was off today. Everyone is quiet. My co workers are not saying a word. Was it that good or that bad.
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I was laid off in March and was lucky enough to get a reasonable severance. During the first town hall, I vividly recall Steve Daffron saying that "people are so important that they were listed twice"
PE companies are concerned with two things: quickly cutting costs and raising revenue so that they can sell or go public within 3 years. If you are still at D+B I would recommend you start looking for new employment. Senior management at D+B will be cutting costs (meaning, people) right up until the time they sell.
Management 3 months ago: “We don’t have anything to worry about. Our department is essential to business growth”.
Management this past week: “They’re looking to trim fat and if you can’t handle that then this isn’t the place for you”.
The environment at D&B has become venomous. What used to be a fun environment now reeks of stress. What used to be a rewarding position is now a struggle to survive the reaper’s scythe. Management is stressed to the breaking point and they’re doing the same to their staff in return. Incentives have been removed and pay has been reduced and bonuses removed and expectations almost doubled in account services.
In my over 30 years in corporate positions none have gone so sour so fast. I strongly suggest everyone at D&B update their resumes. These private equity firms have one specialty and that’s breaking a company down and creating raw profit at the expense of quality or humanity. They don’t care about their people. They will break this company up and sell it within 4-5 years no matter what they’ve said.
They’re consistently raising price points on subpar data and also reducing the quality of service. Yet they still claim that they’re “doing what’s right for the customer”. They actually halted a deal in account services last week worth a whopping $120,000 because the long time customer was given a 15% discount on volume. That’s outrageous and it’s a poor business decision and it greatly harms the rep who was expecting commissions on that sale. They don’t care because they figured they could squeeze another $5,000 or 10,000 out of a loyal client. Just unbelievable.
This probably sums up to the following
1) No raises and no bonus for X amount of years. Unfortunately you will find March 2020 during bonus time. They usually want to give some hope that you might be entitled to something
2) Some benefits like gym membership and unsick day will be taken away
3) Forced rankings and layoffs every quarter
4) Lots of outsourcing for support roles like IT and support. It seems most of these jobs will go to India where they can get 10 engineers for the salary of 1 in the US.
5) Don't forget that not too many years ago D&B has close to 10k employees. I wouldn't be surprised if they bring the company down to 2-3k
Update your resume
Notice that Anthony Jabbour made it a point to say they are not breaking up or flipping the company? Just like Thomas Manning stood there last year and insisted that the company wasn’t for sale. Also, Steve Daffron said that everyone was responsible for the company objectives but not everybody would be rewarded for the success. Not sure what to believe anymore.
Sounds like basically quarterly performance reviews are starting for everyone.
Oh, but don’t expect a raise or bonuses if you do well in your performance reviews—just expect to get canned if you don’t.
They are consumate liars.
Steve is still a dick