A lot of best people are gone, a lot of worst people are left. Only two reasons I can think of for that. People making the decision on who gets the boot only looked at numbers and nothing else or this was a concentrated effort to ensure the company continues to fail in the future.
Am I missing something?
I was laid off and I was specifically told it's because of my location, not performance or anything else.
These are only the first rounds of many and cost cutting is the priority. Fastest way to cut cost is to chop people. Political do-nothing favorites for now may survive. But the new owners expect a higher return on this investment. Pressures to be profitable will increase. This is all about financial return on the investment and financial performance. It isn't enough for a product to make money. It has to meet the new owernship's expected return, and be worthwhile in terms of company risk. Some product groups think they're quite profitable. In the larger scheme of things, their niche and revenue stream may be so nominal relative to the larger picture, they aren't worth the use of the assets.
The more pressure to be profitable, the more managers will have to choose between their own survival and that of their political do-nothings. Feelings and sentiment will in the end mean very little, and you will be amazed by the sharp increase in blame and backstabbing. Some non-performers always survive, but if you you have any dignity yourself, you build your professional experience and move to the next opportunity and leave this muck to its own destiny.
Ironically, a lot of discussion on this board has revolved around non-financial issues, like sympathy and caring, while the product itself provides data to make sound impersonal financial decisions. The products themselves help managers make decisions on whether to expand or contract in markets, including eliminating staff for profitability. The new owners are just following these same financial investment principles of profitability and return on investment.
The OP and these replies are unfortunately so cycnical but so true. It’s really very sad.
The truth is, it's a popularity contest. If you've never complained about anything, even constructively (especially constructively), laughed at all of your superior's jokes, and managed to present the illusion of undying devotion, enthusiasm and energy DESPITE never seeming to accomplish anything material, then you're safe as houses.
Refinitiv is in debt so much, the only way to save money is to cut expensive people (you know, the people who can do twice the work at 3 times the quality in half the time?), consolidate, go into maintenance mode and make it look like they are at the edge of technology for the customers. Just keep your focus on the customers.... until you aren't needed. Out with the old, in with the new.
Remember that severance package people got?? In 9 months, that might not even be there. Unfortunately, I didn't get the golden ticket :*(
I believe, and please anyone correct me if I am wrong, they sat around a large table getting higher than the empire state then started throwing balls into a cup and then a receptionist counted which cup had the most balls in it.
It was that or a shortsighted look at numbers.