Thread regarding Edward Jones layoffs

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I recently chatted with a friend who specializes in restructurings, and she shared some thoughts on reimagined.

The duration and scale of this consulting project indicate that the target for headcount reduction is more than 15%.

ISPs are probably going to lose access to their laptops within a week. The 60-day period to reapply for other positions is likely nonsense. Once ISPs are informed, they won’t want them snapping photos of sensitive client data and sharing it on the dark web.

They probably had an idea of who they were letting go back in January. Typically, leaders assess their employees based on current skills and their potential for retraining.

Despite all the dishonesty and deceit, my friend believes PP is doing well. Her aim is to boost GP profits, and cutting over 1000 jobs will definitely enhance GP returns.

Happy Hunger Games!


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| 2211 views | | 6 replies (last August 19) | Reply
Post ID: @OP+1k2wq2mh1

6 replies (most recent on top)

@fc ROLES not associates. Do you understand what they are doing there? Deceptive. It will be at least 1,000 ASSOCIATES impacted. And the true number will never be announced. ZERO transparency!!

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Post ID: @fs+1k2wq2mh1

@dv correct. See the FAQs on Enterprise Reimagined website: for example, they have said approximately 700 roles on the FAQ page, which includes the VSPs. They also said they anticipate less than approximately 10% of home office associates. If we have 9,000 home office associates simple math would say 900 or less roles.

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Post ID: @fc+1k2wq2mh1

Context is everything in restructuring. Even in companies facing dire survival scenarios, downsizing was handled so much more thoughtfully than Jones is doing today. Perhaps no surprise given the cr--kerjack executives at the helm of this place (not to mention the 30 something BCG parasites advising them).

The current EJ context is that profits are at a record high. There is no rationale, need or purpose WHATSOEVER for a rushed, poorly planned mass restructuring event that upends 100 years of culture equity. Except of course….pure greed (boosting GP returns). We all know Ted’s turning in his grave…

Yes, it’s true that the firm needs to evolve for the future and become more efficient. That said, any well run, serious company would take a sustainable, thoughtful approach to such a needed change. None would adopt a reckless, “move fast and break things” mentality - esp when it so deeply affects the very associates the firm purports to care about.

Either the ELT doesn’t know better - or doesn’t care. It’s probably a bit of both, and that is terrifying. Get out while you can. If you took VSP, good for you. If you get an ISP, move on and don’t look back, this is a blessing in disguise.

One thing is for certain: The back end of this is going to be uglier than the notifications themselves. Trust: gone. Expertise: lost. Loyalty: zero. Culture: toxic.

Kudos and well done Penny and team. Can’t wait for the next Harvard case study…

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Post ID: @dw+1k2wq2mh1

Your friend could not be more wrong. Half of what you said has already been communicated to be different

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Post ID: @dv+1k2wq2mh1

Your friend is wrong.

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Post ID: @bf+1k2wq2mh1

Thanks for sharing your friends perspective. Will be interesting if we know the numbers or not. Other firms in past have also shared a list of folks who were also let go but on the list was just the role and age of the person to show it was not age discrimination. No names of the others that were let go but you could somewhat figure it out depending on who you knew.

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Post ID: @be+1k2wq2mh1

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