Was an email sent out by the CEO that there would be a “rightsizing” aka layoffs for 180 across the firm. Not a super surprise when all the budget cuts but very unfortunate. They spent a lot of money on acquisitions and hiring too many people. Will this be the first layoffs of numerous? I hope not..
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Does anyone think man-baby Mazen will cry or awkwardly spin-out during his next meeting? I wonder if his boss knows how bad he is? He probably just needs another trip around the world for a month. Four weeks of living like an oligarch will have him right as rain.
ELT is a group of (already) wealthy people who don’t think they have enough money. So instead of taking a cut on their millions, they let go people who helped make them wealthy. Here’s hoping they burn extra crispy in he-l.
It was not a matter of firm survival. However, leadership has a significant portion of their payout at risk. If they don’t meet very specific performance criteria that is clawed back.
Does anyone know if this was a matter of survival vs. one of still profitable but not profitable enough to satisfy leadership? If it’s the latter all the talk of being employee owned and not being beholden to shareholders is meaningless fluff.
They pi---d away about 9 million on the all company meeting, plus excessive hiring and acquisitions but no one from leadership was removed, ridiculous.
Layoffs in December. Tells you all you need to know about their leadership team.
Spent a lot of money on acquisitions that they have completely fumbled. Lots of acq people have already left. Ironic that WM consults other companies on acquisitions, but can’t execute in house. So now they “separate” 200 people or so to make 2022 number. Then they spend more than those salaries hiring and training in 2023. West Monroe partners are a bunch of wealthy chads trying if to pretend they care about things other than cash.
Based on recent town hall, seems like leadership wasn’t impacted all. Pretty disappointing.
The Nov 2020 acquisition was seriously worth it for WM. ROI within a year easily and multiples thereafter.
Big concern now, well, bigger concern, is doing the work with less people when we already had challenges in some areas.
At first being acquired seemed great - everyone was nice, at the ACM it seemed like the company had a sizable war chest given the millions they spent on it, and it was stable. In retrospect I wish the company I used to work for stayed independent; I would still have a job.
The company line went from things are tight so we’re cutting discretionary spending and slowing new hiring but everything’s ok to surprise same day layoffs literally overnight. I’ve learned to distrust acquisitions no matter how good things are described as being and assume the worst the moment things start going slightly poorly no matter what leadership is saying.
Either they weren’t being honest when they said there’s belt tightening but don’t worry or they weighed and came to the decision in the week or so since they last spoke to everyone. Either option has some concerning implications.
Would have to say, same day layoffs are becoming a big trend with tech companies and economic fear mongering. Ultimately a sh---y thing to do in a human perspective... but business is numbers and must keep number secure.
Unless the ship is truly sinking, there are other ways besides layoffs.
A fair amount of poor choices were made and still being made with these layoffs involved. Especially when cutting people from projects that are actually making money and saving money.
Wonder if that ACM or the 2 big acquisitions were actually worth it in the end.
Sorry to hear that.