New CEO Steve McMillan just announced a cost reduction "across the board" including layoffs to get costs in line. When does this contraction ever stop? This has been going on for 4 years? January 2019 huge layoffs k–led us, we lost 1/2 a year. Previous ones did the same thing. People are assets not cost liabilities.
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Is Accounting / Finance still in GA?
Buffet was right when he said that sooner or later every company will be run by an id–t from time to time. Unfortunately in our case we had more than one...VL and OR. If the new CEO continues with the same cost reduction plans that leaves intact the majority of the ELT who are good at nothing but protecting their personal interests, then we have nothing to hope for. Its time for the CEO to demonstrate he means business and get rid of these non performing and clueless leadership not withstanding their connections with the board.
At least half of the engineers at TD are not qualified. Start there.
For those who still don"t get it. Reductions are necessary, the only way to keep the financials in tact as Teradata Employees (WE as a whole) are UNABLE to generate growth. No new logos, no new deals -> slash the headcount and keep the dream alive. Milk it as long as it goes. No one belives in some magic product, Vantage 2.0 to turn the tables here
They have to cut UI/UX c-ap it will save lot of money. Remove the PMO team it will save a ton and remove unwanted management middle layer is not needed at all Oliver has encouraged this c-ap.
I feel architects and few managers know what Teradata can do, Don't lose talented engineers period.
When and where are the layoffs? Or are they already happening?
This is what happens when we are in the 5th year of a 2 year restructuring!
One VP gets hired to do the dirty job that svp doesn’t want to do, then that VP will hire a Snr. Director to get his dirty job done and then it continues down from there. This is the management style our CEO adopts for implementing his vision of agile and nimble company. Who hired him?
Since there is "transparency", then all of us need to vocally insist that it continues. No surprises. Be vocal. If we were told there will be cuts, then management shouldn't surprise anyone. The timing, plan, and criteria should be out in the open. There's nothing to hide, right? Be vocal, demand the transparency!
Possibly an effort to get employees to leave on their own to avoid paying severance packages?
It's interesting that this was announced. That's not normal for us. I don't believe it's because of transparency. I think it was a strategic planting of the seed, just not sure why. Could they be planning a voluntary method and want people to start doing their financial homework? Any theories?
60 years old with 20 years seniority identified as the first group to be let go.
So much for the "great" Q2, huh?
Are they still hiring or will there be a freeze since they are doing layoffs?
The is deja VL vu all over again. No growth path, only cost reductions. Why did the board bring in a VL clone (with the single exception tht the new CEO has a tech background rather than grocery?) Insanity is doing the same thing over and over expecting different results.
He used “cost restructuring”, which usually goes deeper and wider. CR is usually directed not at workforce reduction per se (even in the medium term), but rather at replacing “old timers” with high compa ratio. So I’d say, middle management needs to buckle up.
You should look at the top ranks in the organization- ever expanding leadership additions and promotions. Shouldn’t they look at those before culling the individual contributors
Yes second half of the year. They are already happening. Quietly. As always.
Did Steve give an estimate of when the cuts are going to happen?
Cost structure is inadequate not because there are too many people and people have nothing to do, but because Management can’t devise a good growth plan and execute it. They might as well just announce winding down this business and getting The company ready for sale more valuable bits (if anyone want to buy it.)