Thread regarding Raymond James Financial Inc. layoffs

I 100% agree with the below post, the package is very generous to say the least, anyone saying other wise is likely either 1) not familiar with what is typical of our industry 2) expressing their overall hurt/feeling of betrayal which is totally understandable in times like this. A years FULLY paid medical is unheard of as is 2 weeks for every year.

Been through several reductions at other companies and you couldn't have dreamed of getting any severance even close to this. It doesn't bring my job back, but I feel grateful for 12 months of the company paid COBRA especially.

Here is the really sad reality of surviving layoffs. In IT, there are now less employees with the same amount of work. What does that mean for people still working there? More hours, no more pay. After the 2013 layoffs upper management was expecting employees to work 50 - 60 hours per week for the same pay. Lots of revolt and people not working past their 40 hours. Taking their sick time as soon as it is accrued. RJ has not been the same since Paul Reilly took over and brought the thieving UBS team in. I never regret my years there and all the knowledge and opportunities afforded to me. I believe that I got out at a good time and pray everyone gets to a better place in their careers. I still remember when a hurricane hit Vin's vacation home on the beach and the employees were told they should feel sorry for him. I'm sure we all have a beach vacation home. That was truly the writing on the wall. Best of Luck everyone!

I THOUGHT that I had security too. Do not assume management is smart enough to know!

Anyway, layoffs will continue until morale improves!

I've been working for big companies for decades now. One thing I can assure is that RJ can expect to lose ~10% of the number they laid off to people voluntarily leaving due to this action. I've seen it many times. Maybe management factored that into their decision, but yes, especially when the people laid off were good performing, long tenured employees, those left behind will have a definite hit to their morale.

The opportunity costs of working at RJ we’re what finally did me in when I left in 2018. While getting paid in sunshine is great, it doesn’t pay the bills. OP nailed it on the sacrificing compensation for security. RJ has made some major missteps under current leadership and the true cost has been RIFs. The leadership has failed so many of you in their lack of foresight (See: the purchase and renovation of 3 buildings so staff can be onsite and monitored rather than allowing remote work; commercial real estate ain’t cheap, y’all) and their prioritization of recruiting advisors by writing massive sign on bonuses (that many times aren’t offset by production). The 9th floor in T3 will be just fine. They’ll continue to think that it was their genius that got the company where it is today; not realizing that the foundation set by Bob and Tom is what set this company up for it’s success. Unfortunately, as we can all see, that foundation is all but completely eroded. Best wishes to all those impacted. I pray you land softly.

Your post was well said. As someone who was laid off after more than a decade of salary sacrifice for security, I feel duped. Those who remain are still being duped. Trust is gone for those folks.

You really, really think you will get a 2-3% raise this year??? Think more along the lines of 1-1.15% if we are lucky. And that’s assuming you don’t end up being the sacrificial calibration bell curve dodo, which by the way we’ve been told RJ does not use. (wink, wink)

I agree 100%. I was spared but lost my supervisor and the other supervisor in the our office was also let go.

I've been with the company for almost 15 years. We weathered the storm in 2009. Tom was a leader. Paul is a known cost cutter with no regard for the people.
Managers with a taste for cost cutting have replaced the old Managers who treated you like more than an expense on a balance sheet.

Paul acted like this was really hard for him but he's cut staff at all of his previous companies.

I wonder what type of raise he and the board will receive this year when we get our 2 to 3%