Was it planned or not, I can’t really don’t know and don’t care, but the fact is that every single worker that had any sort of career choice walked out the door, either on their own or via layoffs. Not sure that hiring employees that were a redundancy to their former company can make up 1% in talent and knowledge what we lost in the last 6 months or so. Think that the consequences of that are yet to be seen.
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The 55 year old of today generally got a good job, when that 55 year started their career with the older folks there then got early retirement with benefits and jobs that stayed in America. Now the new 55 group of today gets a limited buyout with a future dated pension and no medical and that job is sent out of America.
How is that American progress?
The best have departed of their own volition and initiative as stars are not so likely to work here. Although 17 years of forced rankings coupled with displacements is sickening, in truth far more slackers than hard workers have been weeded out. BONY is left with the middle of the pack.
The major exception is the disproportionate targeting of older employees with higher salaries, particularly those without any goal demographics. They are often proven valuable resources and the elephant in the room is the lack of any consideration of merit in these decisions. This is not just a problem at BONY.
It's hard for me to see the ones left behind. I regularly meet up with old colleagues - over the decades we became a family. The ones who left are the lucky ones. The ones left behind are really struggling with the complexities and workload. Most do not want to be there, are still looking around for something but their ship hasn't come in yet. I raise my glass to all the ones who persevere, battling through the day and keep going back the next day. You guys and girls are tough cookies!
& stock price which is all Chuck & his board care about continues to sink even lower. Glad I don’t own any of “our” stock.
What kind of company lays off or otherwise lets go so many of their SMEs? A stupid and/or failing company, thats what. We know this and are hoping to be soon laid off with a package, and/or find a new job.
Meanwhile, morale and productivity suffers, and still the company wonders why.
Layoffs haven’t worked yet? Let’s lay off some more! Like I said: stupid, failing company.
I fear that anyone good that is left is focused on exit plan.
Enough of the best are gone. Our department was finally crippled by the last layoff. It took a while, but BNY finally achieved their goal. Between the loss of experienced resources and the failing effort of cheaper, inexperienced workers, we were gradually slowing down. After the last layoff, we lost people in critical positions that have no backup. We simply do not have enough of the right people, so our projects have come to a halt. We are at a loss to solve this, and it will be interesting to see what happens. This is all due to BNY mandates and policies.