I might be paranoid, but there were some major layoffs in our industry in the past several weeks that I'm starting to worry we might be next.
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Regarding reducing head count through layoffs. In 2016 the company had 5900 active employees. In 2017 it dropped to 5518, then in 2018 it rose to 5884, and in 2019 it rose again to 6011. This doesn’t look like a company built for the next issue to hit. If Schlifske was prepared for the next issue, he wouldn’t have continued to hire for the past 3 years. The dude is clueless.
This company lost its’ mind under Schlifske. In 2017 executives claimed the need to eliminate head count due to low interest rates and I continuously see executives in LinkedIn claiming how the company is built for this pandemic or the next economic downturn. Yet these fools are reactive and not proactive. Now no employer match on 401K. In 2017 executives were asked if they considered dropping the bonus program to reduce the need for layoffs. The answer, no because we want to retain and attract top talent. Yet the company laid off its’ best talent and now a good benefit is disappearing.
We all knew this was coming!
There is a lot of work happening from my contact in Tech they are standing up a lot of the prior processes that were there before emilia sherifova. I’ve heard between a 10-20 percent reduction in budget which does include (employee / contingent).
Significant restructuring and job reductions are expected to come down by late spring 2021. A lot of activity is happening right now among senior management in this regard. Also, the Franklin facility is going to be formally closed and the property put up for sale.
2021 NM will have another round of layoffs. Once they determine the early retirement workers the hammer will come down. If your an older employee I would start prep on resume and organizing business contacts.
If I'm wrong, please tell me so - nothing will make me happier.