Man this place has turned into quite the clown car fast. We just had a small RIF a few weeks ago now email comes out that we are laying off 10% of workers over the coming weeks.
Worst part is they haven’t notified anyone yet and will do so over the coming weeks. Merry f’ing Christmas.
If you’re not looking for a new job already this should be a wake up call to get out as fast as you can.
Sure sounds like TU execs overpaid for Neustar. And now their knee jerk reaction is to fix the stock price through layoffs.
BofA Global Research says
Dated 10/24
"TRU cut its 2023 Neustar guide (again) on lower usage-based sales. It now expects midsingle-digit sales growth and ~31% EBITDA margins (vs. high-single-digit and ~32%
prior). Investors were starting to warm up to the $3.1bn late-2021 acquisition's earnings
potential as TRU had indicated a strong pipeline, sales seemed to be accelerating, and
margins were strong. This latest cut undermines that budding goodwill."
Dated 11/15
"TRU is lowering its cost base by shifting roles from higher cost markets to India, South Africa, and Costa Rica over the next two years. TRU is also realizing savings by cutting roles in the near term. We’re raising our 2024/25 EPS by 16/27c to $3.55/4.38 on higher than expected cost savings and our PO to $47 on our revised estimates. We remain Underperform as we worry about a challenging consumer lending environment in 2024."
So not even BofA analyst believes this will do much for the stock price which might mean 2nd or 3rd round layoffs to appease the stock market.
I thought this CEO cares. Boy, I'm so wrong.
The irony is, they're planning to "move" multiple roles to India (due to data security concerns), but won't let me work remotely from India for a couple of weeks...
Meanwhile internal proposals to improve operating practices to save millions per year get ignored.
Great. Here come the trolls.
My Neustar manager told me we're done for in the states. Too slow, too expensive. F him.
No feedback, no q and a, and people are having to talk on external portals, what does this say about the leadership. What does this say about Venkat.
@1qwb+1pB0N8EB Did your Accounting meeting mention your group is part of the layoff plan? Venkat told employees in the GT meeting that GT and DA definitely are.
Is there any information on when the employees will be informed? The workplace has been chaotic whenever a new CTO arrives, resulting in negative impacts on employees. The selection process for directors/managers seems to prioritize personal connections rather than assessing the candidate's managerial qualifications.
TU's "hard times" will be used to justify no bonuses. Except I'm sure Cartwright will get his $10 million one.
There’s probably only a handful of people at the top who know where the cuts are coming from. Like others have said, they probably want to see how much voluntary attrition they can shake out of TU first before employing the hardball tactics.
Accounting townhall also didn't give any actual information, just some bull about how we should be excited for more offshoring.
Anyone have any insight into solutions org and where they might be headed?
The forced RTO was really the canary in the coal mine, wasn't it? I had my suspicions but I didn't think it would be this vile.
Totally agree TU is being dismantled and its important historical (US) significance trashed. I’m holding the Board of Directors responsible for allowing this renegade circus CEO, CTO and HR to purposely hurt employees, customers and CONSUMERS. One of the board members is the CEO of the US Chamber of Commerce!
I wonder if the bulk of legacy remote workers will be targeted first. The WARN Act deals with layoffs at a particular site. And while there has been some work to try and clarify what “site” remote workers belong to, I can see a lot of fudging around with that. I don’t know anything just my hunch.
Upper management is just doing the needful!
I’m curious too what gets an employee on the layoff list. Years of service? Compensation? Discriminatory selection based on age or s-x? The soil the employee lives on? Nothing would surprise me. Within the last 6 weeks this company went from churning it out to total chaos. Meanwhile Cartwright is running around to customers like Chip Diller in Animal House yelling “All is Well!” Are TU customers committed to inshore technology for security purposes and general commitment to quality going to stick with a company like TU?
TransUnion’s layoff spree, led by CEO Chris Cartwright, is a disaster masterclass in mismanagement. It’s a race to the bottom, favoring offshoring over the loyalty and skills of existing staff. The offshore talent is middling at best, and I’m shocked there hasn’t been data privacy concerns around the level of access they’ve been given.
Cartwright, aided by S-V-P & VP-level ‘Yes Men,’ is steering this company right into an iceberg. Their disconnect from the groundwork that built TransUnion’s reputation is staggering. It’s high time shareholders demand a leadership overhaul. We need a team that values its people, not just profits.
Chris and Venkat are horrible cowards. They should have at least been man enough to take questions.
Blantantly reading and then regurgitating a prompt, from the comfort of your home, to announce 10% layoffs is a bad look.
Asking for return to office to encourage in person connections, only to announce layoffs that move jobs overseas is also a really bad look.
It's insanely condescending, but not like the people at the top care. And they're shocked by internal surveys about employee satisfaction.
@1xqm+1pB0N8EB WARN Act is a federal law. It’s true that some states have their own WARN Act which goes beyond what the federal WARN act says but as long as the layoff meets the criteria covered under the federal law they MUST give 60 days notice. Now, can they try to maneuver it so the layoffs are staggered or done in a way that would exempt them? Sure, it’s possible. Twitter tried that and found themselves in a hot mess. Not sure they would do that through and risk even further bad publicity.
For IL's WARN act, they are ONLY required to give notice to the state if its at minimum 50 employees being laid off from a singular location. Plus, they could be a--holes and not warn and just pay the measly $500 a day fine.
Has anyone heard from their manager? Are any teams having their own meetings since Cartwright announced he’s dismantling TransUnion?
Venkat conveyed the same as Chris and the worst part is he read what was in the script just for the sake, nothing more. So, my question - does our managers really know who will get laid off? And, will it be completely random or salary based or performance based? With this current job market, I really don't know what would be next step and there are Visa issues as well. So dejected in life rn.
There’s not a 60 day rule to announce layoffs. Each state has their own requirement under the WARN system. One state might require a WARN notice filing of 30 days if there are more than 25 employees in that state, another state may require no WARN notice at all. You have to look at your state WARN requirements to decipher a notice. I’m sure sending everyone back to the office to give the states a “headcount” plays into the scheming leadership piloting TU.
Fudging of numbers to make one group look better than the other to the CEO and an effort to make it the popular opinion. Who suffers in these political games are people who lose jobs.
Venkat’s Town Hall was for Global Technology and Data & Analytics. He confirmed these teams will be impacted by the layoffs, which isn’t surprising. Venkat, like Cartwright, despises the North American workforce with its highly skilled talent. If you’re not in India, Costa Rica or South Africa, you can spend the next couple weeks bent over.
@1xqm+1pB0N8EB I don’t know that any labor laws have been broken. Yet. Is it shady and unethical to announce layoffs and leave people hanging? Absolutely. But they have to give US workers 60 days notice if they are part of a mass layoff. So they can leave us all hanging all they want and hope people quit without legal consequence. But if they tell someone they are gone and terminate their pay before 60 days are up then that’s a legal problem.
@1tvi+1pB0N8EB Chris is doubling down on Neustar at the moment because they are bringing in revenue. (Shocked that they are but that’s another story.) So whatever lies need to be uncovered won’t be uncovered by Chris or just swept under the rug.
What a funny thing for the company to say that we are bringing people back to the office to honor the power of connections and then disconnected people by firing them. HR joke.
Neustar is causing this and lying to the CEO, I hope the CEO uncovers the Neustar lies.
A lot of unethical violations of labor laws here. Won’t be surprised if someone actually reported them, trying to avoid paying severance with sneaky quiet moves
They obviously want us all to quit. And I’m all too happy to oblige once I get a new position. It’s scary to be on the inside of a major credit bureau that has to deal with the most sensitive data and know what’s going on.
Venkat's Town Hall was a joke. 4 minute speech that he read. Basically, regurgiating Cartwrights non-information, generic, corporate-speak. A big fat nothingburger.
Global Technology Town Hall this morning so Venkat can give us all the same fake empathy and non-answers Chris did yesterday.
GCC and offshore reps are bottom tier talent. For those who actually work with them know how frustrating it is for us to get our jobs done as we have to teach them the same thing over and over every other week. No shortage of negative customer experiences, large language barriers, slow turn arounds, and no common sense when it comes to communicating with customers such as calling people at 3 in the morning. We have been begging for more US based reps. People who have worked here for over a while all agree that things are going downhill and one day things are just going to implode.
Been interviewing at a few places. An offer to get out of this Titanic can’t come soon enough.
Return to office, now say goodbye to 10%. Squid Games Part 2.
The public announcement was made before we employees got an e-mail. This place stinks badly. First the non-sensical move to bring people back into the office and then a big f-u for all your efforts. Who really wants to work for an employer like this?
So do we know anything new since the beginning of the day or is it still just "sometime in the next weeks for some people somewhere?"