To my dear, hardworking US Associates,
I am reaching out today with a heart full of "purpose" and a strategy full of "synergy." As your Managing Partner, I’ve been reflecting on our commitment to being a "human-centered" firm. And what is more human than wanting to keep more money for ourselves?
That is why David Chubak and I are absolutely thrilled to announce the opening of our newest Home Office location in India!
The "Proficiency-ish" Pivot
Now, I know what you’re thinking: "Penny, how can someone across the ocean do my job?" Well, the data is in! We’ve determined that our new international colleagues can perform your daily tasks with a solid 70% proficiency.
Sure, that leaves a 30% gap of "technical errors" and "client confusion," but when you look at the much reduced cost of labor, that 30% is just a rounding error in our quest for efficiency. We aren't just cutting corners; we’re "reimagining the circle."
Out With the Old, In With the Bold
To facilitate this exciting transition, we will be implementing a slow, methodical replacement of US headcount with Indian headcount. Think of it as a baton pass—except instead of passing a baton, we’re passing your desks and responsibilities to a time zone that’s thirteen hours ahead.
Why We’re Doing This (The Honest Part)
At Edward Jones, we often talk about the "Rule of 70." Usually, it’s about retirement, but today, it’s about the 70% increase David and I are eyeing for our own Executive Compensation.
By offloading your roles to a lower-cost market, we are finally able to unlock levels of personal wealth previously unseen in the history of the firm. It takes real leadership to look thousands of dedicated employees in the eye and say, "Your sacrifice is the fuel for my next vacation home."
Looking Ahead
As you badge in for your next Return to Office shift, please do so with a smile, knowing that every spreadsheet you finish helps David and me get one step closer to our "Golden Parachutes."
We are so grateful for everything you’ve done to build this firm. Now, if you could just spend the next few months documenting your processes in extreme detail for your replacements, that would be just "super."
With deep (financial) gratitude,
Penny Pennington
Managing Partner & Chief Compensation Optimizer