Who even believes that anymore? It's been about attrition from day one.
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LETS BE CLEAR…the RTO mandate is about one thing and one thing only: CONTROL. Micromanaging fossils like Dolan, Chubak and Malik have an arrogant belief that they are smarter than everyone else. The only way they know how to lead is by command and control. Empowerment doesn’t exist in their vocabulary.
The saddest part is that they’ve convinced Penny that micromanagement is more “agile”. While it’s true that speed of decisions may accelerate, every modern management guru (even Drucker!) will tell you that decision quality goes way down as those closest to the work are further removed. That’s not even factoring in drops in engagement, which one look at this site will tell you everything you need to know about that…
It’s unfortunate because this is reverting to the mean of how the firm was run in the past (all decisions made by a few at the top). The flaw in that thinking is that firm today is far bigger and more complex than it was back then…and no one (especially the current ELT muppets) can pilot it alone from an ivory tower.
If this were a publicly traded company, I’d short the sh*t out of it. Penny’s legacy is pure failure. And if engagement isn’t the leading indicator of that, just look at current FA attrition…or how far off the firm is from its 2030 goals…
The writing is on the wall.
@dj Doug hill helped build this place and deserves respect. And i actually saw him on a commercial flight so not sure where you got your info but I don’t think he is using the jet like the current ELT folks.
@db not to mention the corporate jet that the ELT and their special chosen people use CONSTANTLY. It’s completely antithetical to the precious PIC report.
The fact Doug Hill still uses it is hilarious. What does he even do?
Asking AI and it's estimated that RTO policies are intended to reduce the workforce by 10-30%. I think that's the goal and it's cheaper than providing associates with VSPs. It will be interesting to see the fallout from the GPs that have to be in StL for 8 days/mo and other leaders traveling 4 days/mo. I guess ELT isn't as concerned about the environment and their carbon footprint as they like to toute in their PIC report. Just think about all the fuel for the airlines and cars just to go into PPs brick and mortar.
The fact that all our RTO talking point are 100% identical to other companies trying to flush out employees tells you everything you need to know. The big picture of this company right now is cut as much labor costs as possible via layoffs, quiet firing (RTO), and outsourcing. They want us miserable, plain and simple. They also do not care if you are a LP. This company is going to go public or be merged with US bank. There is no other logical reason for how these monsters are behaving right now. Penny didnt even show up yesterday to the firm update. I think she is checked out and also hates us
No one. Research contradicts corporate claims about productivity.