We have heard from them time and time again after "reductions in force". They have said many times in the past we are now set to be lean and efficient going into the future. That this will set us up and there will be no layoffs in coming years. How many times have we heard this. Yet mere months after 200+ lost their jobs we are hearing another 250-350 are out to make 14% since Q3 2022. 14% is roughly 504 people with families now out of work since Q3 2022. Blackbaud before trying to monopolize the non profit software market through too big for their own good mergers and acquisitions use to be a great company to work for. That is just no longer the case. If you are a "rule of 40" specialist maybe you stand a chance at survival because that's all the C-suite cares about.
The CEO can sit back and push his rule of 40 attaining 33 in 2023 on earnings calls because he will continue to shrink the workforce to attain his own goals. He doesn't have to worry about losing his job after getting a 3 year contract extension in late 2022. I am sure if he was reduced by the board the golden parachute would open and he would have a huge severance and loads of options.
Blackbaud does not even see fit to pay out folks full long term investment plan stock fully and only what is vested by March 1. Even though they grant long term investment options for 3 years at a time.
Buckle up folks this will surely not be the last reduction for 2023. Do not take the executive leadership especially not the CEO at their word. Until the CEO and his team meet their own rule of 40 goals they will reduce workforce to make up for outdated products, lackluster results, acquisitions they could not afford and a a management style not fit for 2023.
If you are still employed look at the writing on the wall. They said in late 2022 they were done for the foreseeable future with reductions. Now in early 2023 here we are again. That's one short foreseeable timeline. For your own financial survival look for another job before you become another cap hit to their bottom line.
I wanted to make sure everybody read this, hence moving it into a new thread. All credit goes to @ftx+1lbPMumT.