Anyone able to shed some light on the “compressed” performance review cycle announced this past week? The pessimist in me wonders if it’s just to accelerate the next round of layoffs, but I’d love to know more.
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@a4
Agree totally.
Even the Open Text 10 week max severance is one of the lowest in the industry and now they don't even want to pay that. Many of us had 25+ years of service and still got 10 weeks.
The other reason is there are so many Sr. Vp's, Vp's, Sr. Directors with only one or 2 direct reports..however they are all on "Executive" Employment agreements..with A LOT of money OT would legally be required to pay out if/when they jettison them. It is far easier to lay off the rank and file loyal employees.
Remember the objective is to skinny up the balance sheet in order to sell the company (in part or in whole).
For those who will argue they are returning to growth and no more layoffs, IMHO you are whistling past the graveyard.
Lastly no I am not bitter and in a far better place and was employed within 2 weeks of leaving OT.
If you are still with OT, maybe put together a high level Plan B, and at least 6 months savings if you can. Just in case 😉
What are these compressed reviews
It is an act of desperation. OTEX is a sinking ship, and the management is desperately throwing everything overboard without regard to future consequences because management knows it is going to sink.
OTEX needs to further reduce headcount as cheaply as possible to make numbers look better. They will almost surely have quotas for ratings that allow layoff for cause, thus avoiding severance, unemployment insurance, etc.