I am having a hard time understanding some of the layoffs. Is it just targeting highly compensated people, and replacing them with cheaper, less qualified labor? Not quite sure how G plans to pull this one off.
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@h7 agree
@gm which is incredibly weird to me. This middle set you get the benefit of individual contributor work while being a bit requiring of also functioning as a leader, without having to pay grade 18+. This is the group that quite honestly gets taken advantage of because they can. Because most job descriptions at this level have just enough written and just enough gray area that you can’t demand you are working outside of your job description. There are much bigger legalities when you out work a grade 13 and below, and there are huge financial implications of having grade 18+ heavy.
Grade 16 and above are bloated and add nothing to any conversation. Office meeting goers. Useless has been. Millions can be saved eliminating these levels.
They of course did a study and were told there were too many people in grades 14-17. There were targeted layoffs for those grades. That was on top of the other layoffs they did. All while they make millions.
We had a few in our area and there were immediate open reqs to replace them at lower pay grade in a specific hub. All the work still has to get done. The remaining team has to su-k it up for now until the replacements get up to speed. Eliminating roles and then immediately replacing them is something that seems risky from a legal perspective (although I'm sure USB found a loophole to exploit thoroughly). Definitely not ethical. I no longer trust my employer at all. I feel like I'm at risk in the next round after these cheaper people get up to speed. Hopefully I can survive another few years, and then I will just retire early if USB decides to fu-k me over.
In my own group for sure it feels like targeted senior positions and comp to me. All in my team let go past 2 years have been age 45+.
Given the amount of experienced, seasoned and necessary talent played off in the last 6 months, talent necessary for the bank and payments business line to remain competitive, you can sense and read the desperation in the bank's managing committee, triggering every person for themselves mentality, akin to the Titanic references. The transformation of the payments business is a buzzword and white flag that the bank can no longer compete with the payments giants like Global, Chase, Fiserv, CapitalOne, Adyen and rather than admit irrelevance, the spin, the shuck and jive, the deflection starts
I was laid off and was not highly compensated. Probably deemed as redundant on paper, as they don’t actually care about keeping anyone with actual skill if you’re over the age of 40 and/or not someone’s favorite. It’s all about keeping those 20 something yes men and women on board so they can abuse them for less money or rehire people 40+ at a lower salary. This company only cares about short term gain. It’s full of toxic competition and unhappy people who will throw you under the bus in a minute if it means their survival. Good riddance.