My manager told me today that I need to let someone on my team go as part of a cost-cutting effort, and that I’m expected to notify them next Wednesday. I don’t agree with this decision. My team is already working excessive hours dealing with production issues we can’t keep up with, and the expectation is that my other team will just have to absorb the additional workload. According to my manager, the directive is to cut one person from each team.
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@18r Linkedin does that automatically, I told it no and it still did it. What a joke.
There once was Stephanie Ferris of FIS,
Who we-ponized calm like a corporate abyss.
With a smile made of ice
And a memo “so nice,”
She’d gut half the room, then say, “Growth looks like this.”
@q1 it’s better to be warned if we learn about dates because mentally can be prepared if nothing happens then great next time I won’t share what I know
@13y I saw on LinkedIn people celebrating like they were promoted. SHEEPLE
@188 That makes sense as MBP wasn't that modern. It's mostly just a reskin and different branding.
I was just let go. Saw my meeting invite yesterday and started working on my résumé.
Debit Reseller Portfolio Managers hit.
@OP MBP hit bad today across the board.
@13p Those aren't promotions, they are title changes due to the title rationalization and alignment project.
I'm see a few promotions on LinkedIn today so maybe there is hope.
@za all true, it's a good time to create contact information with your colleagues, text chains are helpful for getting the word out.
For those upset that the OP is providing the date but not the team(s), what does it matter? Tech Dev, for example, could be the target, but it doesn't mean Product, Support, etc. are safe. While the bulk MAY be from one area, in the end no one is safe. Just appreciate you have a date and check in on your coworkers at the end of the day.
@q1 yep. If you don’t know specifics without any degree of confidence, just hush.
All these grapevine comments to the effect of ‘RIFs next Wednesday’ are not helpful without stating in what group there are to be in. Just raises anxiety.
Showmic confirmed that the Wealth layoff will be next Wednesday
@j4 heard the same. Tired of our team doing the work of teams eliminated. We have absorbed two teams already. If they cut people on our team, the work load will be unrealistic.
Heard the same from mine.
In our group, it will be a lot of tech dev. It's just simple math now that the budgets are set. If you got $20m last year for your group and this year it's $15m, then you have to cut $5m worth of salaries. Unfortunately this is just part of their strategy to reduce headcount as no division got an increase in funding from the previous year.
I have never heard of a new CEO coming in and saying the goal is to cut down people and divisions. It's usually "we'll make new acquisitions, we'll grow here, we'll invest in our platforms, etc." The McKinsey book of management stinks.
Do you mean that everyone will have to let one team member go from all divisions? In order to make a cost difference, it would have to be across the board for everyone.
Bonus question: this 01/28 RIF will be include all remaining Franklin Templeton legacy employees? The timing seems about right to make sure that for the rest of Peak Season staff is super motivated to do a great job and opt in to the those overtime emails.
@bg excellent idea! I'll bet that someone would take that. However, they may not be a be allowed to ask for a volunteer. It destroys (pun intended) the element of surprise that keeps the tension up. Because cruelty is their po-n.
Check to see if anyone is happy to go and I assume to get a severance payout. It won't help those left, but may keep someone in a job that really needs it.
They made these terrible decisions and now the employees pay. It's awful for the person let go. Severance is not a cure all. Everyone working does so because they need the paycheck and benefits (such as they are). Those remaining feel guilty and angry with the knowledge that their time is coming.
which product are you with?