This was done before, many times (layoffs, restructuring, whatever name they slap on it) and it never fixes a single thing. Performance stays bad, any small wins vanish fast, and we’re right back where we started. But hey, let’s do it all again. Absolute nonsense.
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If you are at a company long enough you will see it cycle. New people come in and recycle ideas that have been tried in the past. Seen it multiple times at multiple companies. None of these ideas were any more successful than they were the last time. The nature of corporate life.
Someone has to justify their job and the only way they know is "... to do another shuffle"
Change for the sake of change is the corporate way.