Layoffs and restructuring continues. Re-interviews are the new strategy for elimination. They’re still top heavy and love VPs. They can’t stop hiring more VPs. Even in this environment.
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Layoffs have started at Prudential Annuities this week. All age 50+ in at least one unit.
McKinsey is involved, so cuts will be deep and last a long time....
Anyone know the timing of when it will start?
I wonder if layoffs will really happen, and to what business units and locations?
Every business unit will be targeted
The VSP was round 1. Then came forcing people out. Next year is round 3, layoffs and forcing people out. PRU is looking to reduce costs. Expect to see changes in reporting structures, elimination of management layers etc. I would expect to see Director and VP positions re-classified. I'd also expect to see continued outsourcing of support services.
How many (or who) from Global Technology were made let go?
I think layoffs will start in March. There is lots of room to cut head count.
What businesses are being targeted for re-org/layoff?
Global Technology started this morning
2021 will be a bloodbath indeed. The "Transformation" they've been talking about all year is really just about making everyone redundant or moving them off shore or to a vendor. It will destroy Newark.
The rebadging thing is tough, That seems to be the new normal
Group Insurance did...sort of. They rebadged a bunch of people to be Accenture employees. Some people already moved to Accenutre, the rest will be next year. And some people are losing their jobs over the next year.
Did Group Insurance have layoffs? I did not hear that one.
Depends on the business unit. Group Insurance has already told most of the people. Heard Retirement is soon.
My bet...2021 will be a bloodbath.