People being let go and no new ones being hired. The work just gets dumped on the remaining ones. I think we all can see that the process of downsizing never really stopped. Just how much has THE downsized in terms of the workforce in the last year?
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I worked there for almost 20 years. My question is did they "downsize" or shift positions overseas? TR will not call it "Outsourcing" as they have offices in India or Southeast Asia.
Who/which roles got laid off in Tax?
It’s not surprising that everyone feels another layoff is coming. TR has created this fear. It’s sad and I would never refer a good friend or enemy 🤪
There were some in tax announced today. This is real.
While I'd never bet against TR laying people off, people on this board said May, then June, now July.
So I have to wonder just how much substance there is to these rumors.
Let's hear some specifics.
I hope there is indeed a layoff in July and I hope it includes me!
Heard that too. A workforce adjustment before returning to key office sites at a reduced footprint and winding down locations that had planned closures in the near future.
Heard from a former TR employee who was laid off in the 2018 cull that another round is coming in July. Based on that person's former position at TR and presumed high-level contacts, seems like it's reliable information. Sorry I don't know anything more specific. Makes sense though, with the recent severance changes.
No actually it is 2 weeks salary for every year of service, with a minimum of 12 weeks (so if you worked 6 yrs or less) and a cap at a year - for the typical US employee. If you worked 6 or fewer years, 3 months of salary likely won't cover a new role unless you're junior in your career.
Severance isn't money for doing nothing. It's not a windfall. It's to avoid litigation by settling at the time of separation. It's part of the overall benefit package for working at TR in the first place. You accept the layoff package in lieu of raising a claim - like wage, age or s-x discrimination. They save money when you accept the package. Now, they've made the package less attractive, so maybe they'll have more costs associated with lawsuits.
VPs and Execs still get a 1 year severance package. Paid even if they get another job.
They have not taken severance away, but it’s less generous.
If you can’t be bothered to read it on the HR portal; roughly its 2 weeks/completed year of service, paid via payroll, with full benefits (and deductions)
(Min 4 weeks, don’t see a max)
The change being referred to is the additional clause that severance pay stops when you find “comparable employment”.
Essentially, rather than think of it as a nice tax free lump sum like in the UK, it’s now effectively continued employment aka “gardening leave” for the severance period.
Time to retrain, think about what you want to do, spend time with family, get fit, volunteer, try starting a business, brush up on skills, even relocate perhaps.
Just make sure to make use of it, it may just be the best opportunity of your life.
@5jjz+1b674EfQ
I imagine "they took severance away" depends on the jurisdiction. I assume this is an American thing? It wouldn't be legal here.
Waiting for severance makes no sense under the new policy. They took that away.
That last comment sounds like a good description of what it’s like.
I’ll add that those that decide to stay become more cynical that it’s just not their turn yet, but will be next, and either leave or wait in a holding pattern for the severance.
Once you’ve been through a few of these you notice the pattern of “the last person had the wrong strategy of x, we should be doing y, let’s all get on board this exciting transition”
Then 2 years later they leave, “no, no, this is more important and we should be doing x”
Then you realize that 80% of your work is largely wasted due to reorg, poor analysis & decisions, and priority changes.
TR change is nothing new, it’s been called different things, with different leadership, but it’s a project that has been abandoned more than 3 times I know of over the last 7 years.
Let me pose a question to those folks that may not be comprehending what an unacceptable work environment TR happens to be. If you had a friend or family member that came to you for career advice, and spelled out the situation within their company, what would you say in the below scenario.
Been working at the company for 12 years, each year (at least once) we go through a reorganizations which results in a large number of terminations. Really no rhyme or reason to who is impacted and the work then gets reallocated to others who are thankful they weren't fired, and are basically told that. You basically don't have any comfort level that you will not be next, every year after the holidays, you say I got through it again. The one consistent theme you hear from mgmt and HR, its not about performance, so doing a good or bad job doesn't make any difference and the majority of these people seem to be over 40. Your boss cares about themselves and that's it, doesn't support your development, takes credit for the work, and is buddy buddy with their boss. Morale and work ethic are really low. Some of the folks let go through numerous reorganizations, who were very well respected high performers, reapply for jobs within the company and don't get a sniff of a job or even a call back from HR.
Those are facts about the situation at TR, what do you advise good friends and family members to do?
Zug will be safe due to number of staff required at location for tax compliance reasons.
This is where the Asset managers are located for tax reasons.
I’ve heard rumblings that a major round is happening before returning to the office. This helps plan for a reduced footprint in non-core US and Europe, not including Zug. It’ll be a mix of layoffs and WFH designation for individual contributors. Management is also counting on recent attrition numbers rising in these locations. Does anyone have better info on this?
What is to happen in the next 3 months?
It is just getting started, wait until you see what happens within the next 3 months.
Stay tuned