Thread regarding Refinitiv layoffs

You all are being too hard on Refinitiv

You all are being hard on Refinitiv - I worked there for a year and a half and it was pretty great. Actually, I should say I "worked" there for a half a year. They had some pretty awful projects and there wasn't much real work going on. The last couple months I got the opportunity to train TCS staff to do my job. This was great, because TCS is essentially a lower rung staffing firm with people spread about India. Those guys were looking for their next job and had no real long-term interest in learning or doing mine. Since they had no real skin in the game, I didn't really have to train them. Instead, I could focus entirely on modernizing my skills and job hunting for the last several months. Best of all, after I left the company, they continued to pay me for 7 more months! The reason behind this was Refinitiv had this brilliant plan to consolidate Refinitiv IT staff to 'centers of excellence' while closing down smaller offices. Get this, they completed most of it one month before the pandemic happened! I'm sure they have started to bring back these employees to the centers of excellence. As everyone knows, the top IT talent is clamouring to go back to an office! Or maybe, centers of excellence meant 'your home office in the basement'.

Refinitiv was great to keep paying me for several more months after my final day and offer health care. I didn't really need that because I got a job offer the following week - but it was cool to get that. For those who are still there, I'm sure Refinitiv is doing a lot to keep you there amid a tight labour market. I know I'm making over 25% more than I was at Refinitiv as are most of the co-workers that left at the same time. So if you were good enough not to be replaced by TCS, you must be good and raises must be growing a lot faster than inflation.

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| 3811 views | | 4 replies (last April 15, 2022) | Reply
Post ID: @OP+1fZcn9LC

4 replies (most recent on top)

Reminds me of when I was waiting to start my redundancy at Digital that was now Compaq. I was one of the last in my team to go and we had handed over the work to Munch from the uk. My temp manager who was on his 7th management assignment in 8 years ….yes we ended uk with him ..kept sending me CV that were completely unsuitable to any of the roles. I complained and his response was I was rejecting candidates because my standards were too high. Then told until I had found new recruits I could not start my 6 months paid garden leave and 2 years paid redundancy package.
Yes I did recruit very quickly ….in fact some were so bad that I was worried they would start before I left …I did actually lose sleep over that :-)
One was so bad he only lasted 4 weeks.

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Post ID: @hoku+1fZcn9LC

No we are not being too hard ... it is much more than money!

On some teams the management is a catastrophe no wonder that now that they have no one around need to put money on the table.

The issue is .... you have other companies and other jobs

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Post ID: @akhm+1fZcn9LC

"The last couple months I got the opportunity to train TCS staff to do my job. This was great, because TCS is essentially a lower rung staffing firm with people spread about India. Those guys were looking for their next job and had no real long-term interest in learning or doing mine."

You've hit the nail on the head on why the way TCS is used by the business is so insane.

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Post ID: @1mer+1fZcn9LC

"For those who are still there, I'm sure Refinitiv is doing a lot to keep you there amid a tight labour market"

"So if you were good enough not to be replaced by TCS, you must be good and raises must be growing a lot faster than inflation"

I'm not sure if this was intended to be satirical or not, but this was definitely not true - raises were abysmal & did not come close to keeping pace with inflation. No effort is made towards retention.

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Post ID: @1fvq+1fZcn9LC

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