With the number of layoffs since 2022, does anyone know how or who selects the people or areas that get hit?
Is it HR?
Earlier this year when a girl on my team was notified, our ED said she didn’t know until that morning and my director said he found out just 30 minutes prior to telling us.
It used to be that all department managers affected were told they have to dump XX number of people. They were given a spreadsheet with the people and they had to rate them in core values. They could rate whatever they wanted and there was no challenge. The lowest scores were gone. Totally garbage way to make it sound like it was very thought out and unbiased.
Only thing I know for certain is the manager is caught off guard, EMG is usually told the night before, and the manager is told the next morning, usually minutes before the person is told.
They ask eaglegpt who to layoff
@b4 so basically the AVP or VP will be looking out for their friends they brought in who know Jack S and will pick the people lower on the pay scale to let go.
Back in February, my director and APO were let go during their respective year end review, excuses giving was “their place in the company was no longer secure.” The ED then brought in his friend from the bank he came from (TD Bank) and that person brought in someone from his team at TD Bank to be our new APO, and 8 months later, the girl doesn’t know a MF’n thing.
USAA hires outside consulting companies to evaluate all areas, like right now BCG (Boston Consulting Group) is evaluating all areas of the bank, and who just recently got hired there, former USAA bank president Paul Vincent.
With Michael Moran being a “numbers guy” all he see’s is a balance sheet, as long as it ends in the black he doesn’t care what areas suffer long term.
Unfortunately it’s the worker bees who will get notices, those making under $90k while we have EMG who make well north of $200k and can’t explain Reg CC at a high level stick around.
@bh Military spouses will not be spared just because they're a military spouse. They updated the severence program earlier this year to curb the number of remote exceptions due to PCS.
@b9 my manager is in Hawaii, I highly doubt they’ll lay her off as she’s a military spouse.
@b5 ok, I guess that’s why my director has had this worried look on his face the last few weeks and seems overwhelmed, he’s remote in San Diego.
@b4 the targeting “cause” terminations is also why it’s appearing layoffs are reducing. In reality more people have been let go - but terminations are NOT reported whereas layoffs above certain thresholds are.
I’ll add (and I know this part is controversial here) but more than likely the next main targets will be remote employees who have a high base pay. San Antonio news and phoenix area news both reported between 1500-3000 employees to be hired in the local area. They’ll hire people to be in office and a lower costs by drastically reducing remote employees (in high cost areas)
There’s historically been two areas that have driven “who” gets laid off.
First has been a combo of consultants and their algorithm - pushed down through HR. It’s made zero sense - but has saved the company millions. There are ways to VP/SVP to over ride - buts it’s almost never done.
The second is your unit (typically an AVP sometimes VP) is given a set dollar amount they must reduce by. It’s completely up to them on how and who. This is also where favoritism comes into play or worse when a boss is lacking and they are afraid of getting shown up by someone more junior.
Typically your boss/ finds out that morning of. Now granted they are totally blindsided as they’ve been apart of several conversations about each persons performance and overall “fit” in the future of the company. What we’ve seen here a lot of times are insecure leaders cutting literally some of the best and brightest employees.
There is a technically a new third way. Though it’s not a layoff, they are searching for “cause” to terminate employees. This is driven for several reasons, but primarily, now HR has made it so the severance comes out of the units budget. So leaders are getting creative on how to meet the cut goals. When you’re fired for cause you don’t get severance and not eligible for unemployment (in most states).
Hope this helps!
No idea as I’ve heard many things on who decides what team or departments are hit.
Back in late 2022, all the BBPC’s in my area were let go, only for TPTB to realize months later they f’d up and tried to bring back half of them, to which they said F you.
Juan picks names from a big hat every time someone mentions RTO in #your-voice