Thread regarding Refinitiv layoffs

D&A townhall with AS and DS - any thoughts?

I was listening with 1 ear due to a lot of work (Tue this week), but remember this:

  • 1st part with both AS and DS participating: all is great, growth is good, future looks awesome, we will fire some more people in some areas, but give them opportunity to relocate or switch role, DS kind of reserved, AS super excited.
  • 2nd part with not-so-excited-anymore AS, some other guy and DS gone: forced ranking is here to stay, it's not only what you do and deliver that is important, but HOW you do it too, perhaps we will change the "underperforming" rating name to something else. AS said this kind of rating system is being used by most of the biggest companies - this is totally not true. None of them use it anymore or never did and it says a lot about those people's true intentions.

She also made a reference to something I don't remember (growth? investing? transformation? change?) using comparison she always liked, of slowly heating the water up with a frog in it. I did not get it. Frog does not escape using this "strategy", but does she know it eventually dies in the end?
I've read all of the the questions on the chat carefully tough, 95% of them related to: forced ranking used against regular staff but not against execs, bell curve removal requests, low salaries, more work no extra pay, many people leaving DA, no Glint survey results shared, high workloads, no work-life balance, 12-14h long working days, disappointing HR processes, zero pay ranges or bonus transparency, more silos, biased managers using forced ranking against their staff. Then 1 or 2 questions about improving diversity or inclusiveness.
I expect some standard "why don't you leave" replies, but any other thoughts?

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| 3841 views | | 8 replies (last December 10, 2021) | Reply
Post ID: @OP+1dSv3DE8

8 replies (most recent on top)

Why would anyone still hope they wanted to listen and make things right is beyond me... Clearly they're not interested or maybe even capable.
I left some months ago, found a job that pays more than double what Ref could offer, where I learn each day and which will look great on CV. The only thing I miss are some great people but we still meet sometimes - thankfully most of them have seen the light and decided to take their talents elsewhere

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Post ID: @mlwz+1dSv3DE8

The latest D&A town hall was a total car crash, why have sli.do if you are just going to ignore it. Totally out of touch management. Not even prepared for the backlash on benefit changes that affect a large number of D&A employees. Too much talking and no listening.

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Post ID: @moda+1dSv3DE8

Force ranking is proven to be destructive but some arrogant id--t will always think they can make it work. Frankly, ok limit the leading and out-performs but dont enforce the underperforms. Any good manger will manage the useless ones out anyway.

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Post ID: @loor+1dSv3DE8

Questions from previous townhall:
Anonymous
17 minutes ago
142
Forced Ranking is being used against general staff - is this also being applied at the exe level?
Anonymous
14 minutes ago
131
Are you concerned that so many people are leaving D&A? Should there be more done to retain good staff?
(edited)
Anonymous
17 minutes ago
99
Will the results of the recent Glint survey be shared with the employees? The results of the previous survey were not shared -- so what is the point.
Anonymous
17 minutes ago
76
What are your thoughts on open salary policy? Why is that HR and managers hesitate to be transparent?
Anonymous
16 minutes ago
75
While we are entering 2022 are there any plans to revisit pay ranges or/and pay revisions to match market standards.
Anonymous
36 minutes ago
55
People/Performance - Will we ever remove the Bell Curve so people can be rated based on actual performance and not to fit a scale?
Anonymous
17 minutes ago
49
what actions can we expect on Salary Transparency and career growth opportunities? can you share industry salary standards?
Anonymous
15 minutes ago
47
What’s your view on work-life balance? 12-14 hours work days do not help. This is the reality in some groups in operations.
Anonymous
15 minutes ago
37
Why can't we work from home permanently, as some organizations are already doing?
Anonymous
12 minutes ago
30
We are operating in a very strong job market. To become number one, we have to be competitive on compensation. How do we achieve this?
Anonymous
29 minutes ago
24
Can we have professional career coaches hired, instead of our managers coach us ?? It's impossible to have honest conversation with your own boss.
Anonymous
24 minutes ago
20
We always say, breaking the Silos from Top Mgnt, but, when it come to implementation, over the year, it creates more silos, who dont work together.
Anonymous
5 minutes ago
22
How can people be expected to over perform when they are working 12-14 hours a day to just get their daily job done due to resource shortages
Anonymous
18 minutes ago
17
what actions can we expect on Salary Transparency and career growth opportunities? can you share industry salary standards?
Anonymous
17 minutes ago
17
What are your thoughts on open salary policy? Why is that HR and managers hesitate to be transparent?
Anonymous
36 minutes ago
14
Would Hybrid working be permanent or will we at some point in future revert to pre-covid working model?
Anonymous
18 minutes ago
13
leaders put bonus on employees for growth, I have tried but managers always give HR process for delay in better pay & when it arrives it's disappointing
Anonymous
15 minutes ago
12
How is LT considering recognition and pay hikes for those who are now managing more responsibilities at LSEG?
Anonymous
10 minutes ago
12
How are we planning to keep employees with our company when they're facing aggressive competition on the job market, inflation and increasing workload?
Annonymus
15 minutes ago
11
We understand that clients and shareholders play an important role but what are we doing in real terms for our employees?
Anonymous
14 minutes ago
11
How and when are we going to make the work lives better/more efficient for our employees? Most importantly, what are we doing to help our customers more?
Anonymous
5 minutes ago
11
we donot see any improvements in salary payouts, bonus payouts and ratings. Ratings are at times driven by Managers and Managers are BIASED
Anonymous
27 minutes ago
9
please give specific updates and not general talk around we are looking at ranges for salaries
Anonymous
10 minutes ago
8
On talent front there is a need of better talent management in senior leadership roles as often its managed without adequate communication. Any plan to improve

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Post ID: @hxuh+1dSv3DE8

Whoever wrote below post - kudos to you! You have nailed it.

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Post ID: @7izs+1dSv3DE8

Second half was a mess, AS irritable and the HR guy defensive. Forced ranking proven to do more harm in practice than junior HR people hope for in theory. Only used these days by desperate HR departments out of ideas. Won't help the company, which has a terrible morale problem and attrition rate caused by the previous Executive Lounge Team running it as a vehicle for their travel and ego needs, while achieving no growth other than the price increase for a decade.

BStone recognized a poorly run outfit, incompetently managed, and swooped in. Loaded up the company with debt, cut all the staff who actually worked the levers, creating a short term boost to the numbers, and quickly passed it on to LSEG. Who must by now realize the chalice they bought is poisoned, but can only escape with a win if they cut even more costs (hence forced ranking, ejecting the complacent ELT, and further reductions in staff in first world locations) to service the debt.

But they also know this is short term only. All the talent has either gone or is waiting for a package, the systems are falling apart due to outsourcing support, and the competition for data hasn't been doing nothing in the decade since the ELT sat on their hands pondering their next exotic management offsite. A company crashed against the rocks by a self-described "smartest man in the room" and his dismal "team".

Now they've left with their payoffs, leaving a creaking 1980's business-school leveraged debt empty shell to the new lot to sort out. No wonder they are irritable. It won't end well. The execs will make a fortune, but the people doing the work will, once again, pay for this unearned bounty with their careers and livelihoods, enabled by a supine HR. This is well understood in the marrow of everyone still here, as it's all they've seen for years. Lazy execs making off with the loot, while the company slides further into the abyss.

No amount of shouting "agile!" "high performance!" "synergy!" "finish the year strong!" is going to change this. The units of vision and leadership aren't platitudes, but actions.

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Post ID: @5amm+1dSv3DE8

Isn't it the case of DC "installing" AS as his direct replacement, before leaving Refinitiv for reasons unknown to me?
Is AS doing anything different?
DS also mentioned LSEG and Refinitiv have different "cultures", I wonder what does it mean exactly...

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Post ID: @4ekb+1dSv3DE8

I thought they did a reasonable job. ArS e came across as a little agitated in the meeting, may be her patience is starting to wear? DS also needs to better articulate his support for her, and stop appearing as a nodding dog.

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Post ID: @4btt+1dSv3DE8

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