Thread regarding Xerox Corp. layoffs

"The truth is that mental and emotional stress in the workplace is real."

If you chose to stay you are doing it to yourself. Don't assume all compensation was not fair. Many are hanging around because it is worth it.

"A senior contributor role in office said good bye yesterday to everyone - told us he was let go earlier in the month, and Thursday 1/31 was his last day. "

thursday the 31st doesn't exist.

“ What kind of sissies?”

• unfortunately I believe this sentiment is largely universal at xerox. Through the pandemic employees shouldered the burden of keeping xerox afloat through unprecedented hard times. Taking on more duties and doing more with (at best) inadequate resources. In lieu of fair financial compensation for this they got, “You’re a Rock Star” and vague noxious poetry about, “One Boat” or “Next 100 years” and angry customers. Also rewarded by doing more with less becoming the new threshold / SOP…

The truth is that mental and emotional stress in the workplace is real. Employees aren’t going to voice it at xerox due to stigma as outdated as its products. Do they take it home? Self medicate? They’ve learned from their company that addressing stress is weakness so even if they have the financial means they don’t get help.
Do you think Xerox HR pays attention to this or projects a tipping point and potential outcomes?

A senior contributor role in office said good bye yesterday to everyone - told us he was let go earlier in the month, and Thursday 1/31 was his last day.

Stress leave? Inability to work due to depression? What kind of sissies do you think work there?

Nobody has stock options. Bonuses will be paid. IRIF will happen as transitions to new businesses happen. Focus on profitability means IRIF’s will continue.

“All items used in analyzing the odds of distress are taken from the Xerox balance sheet, as well as cash flow and income statements available from the company's most recent filings….”

• Sooo, I guess it must be 22 percent. Who are we to argue the #s?

Xerox Corp's chance of distress is under 22% at this time. It has slight odds of undergoing some form of financial crisis in the near future. Chance Of Bankruptcy shows the probability of financial distress over the next two years of operations under current economic and market conditions. All items used in analyzing the odds of distress are taken from the Xerox balance sheet, as well as cash flow and income statements available from the company's most recent filings.

Xerox Corp's Probability Of Bankruptcy is a relative measure of the likelihood of financial distress. For stocks, the Probability Of Bankruptcy is the normalized value of Z-Score. For funds and ETFs, it is derived from a multi-factor model developed by Macroaxis. The score is used to predict the probability of a firm or a fund experiencing financial distress within the next 24 months. Unlike Z-Score, Probability Of Bankruptcy is the value between 0 and 100, indicating the firm's actual probability it will be financially distressed in the next 2 fiscal years.

I keep hearing that he said bankruptcy, what context was it? Did he flat out say we are headed there?

Outrageous that xerox is leaving people in the lurch like this. There must be a lot of cases for paid stress leave / inability to work due to depression?

Valentine’s Day card!

Rip the damn bandaid off already Stevie B and JB. No one is motivated to do anything - maybe the word bankruptcy in the last call was a freudian slip. CLOSE THE DOORS, CLOSE THE DOORS, CLOSE THE DOORS!

Visitor’s card.

What is a V-Card? Is that your voluntary departure?

Got my V-card. Told Feb 28th. Ready to go!

in the US there is limited employee protection so once the to-be organisation is agreed, and number of people who put their name forward for VRIF is calculated, then they will go in the US. Doesn't take a genius to work out why they moved VRIF input from end January to 18th January. It is so they can get to the end point quicker. Announcements and move could be any date now.

True it is about shrink liability, but, it will happen sooner then Q3/Q4. You will see head count cuts and new orgs by end of Q1. Remember when JV set up those 'new entities' - don't be surprised if geographies or businesses are spun out - all part of the reinvention strategy. In EMEA and LATAM that is often the only way you can get rid of people.

Sales layoffs aren't happening until Q3/Q4... They will use performance first but overall its job elimination on top of that. It's starting with overseas, synergies, ops, and then sales. The company overall needs to shrink its liabilities.

I felt like the lack of info was intentional too-but I also fear they are making it up as they go along-they did update and change dates in the FAQ’s-or they are hoping for the Hail Mary to happen (take over/buy out/etc).

The manager who was told he is gone on 1/31 was in a US Corp HQ role, he was paid monthly (as opposed to my bi-monthly), my feeling was he has stock options and needed to be on payroll until end of the month to execute. A “rank has its privileges” thing for senior managers. But at least made me think they are a little more compassionate (shared plans, did FAQ) and maybe why they added a VRIF.

I am hearing a lot of older employees are asking for the VRIF. Deadline for that was 1/19. So between that - and stack ranking performance reviews-maybe mid Feb to have lists - so end of Feb could be general layoffs happening?

What type of manager is getting let go? sales, service, other? also what region are you? Being as though they are done on the 31st, this throws off my thinking below:

Based on the communications we have received, it said all reviews have to be completed by the 31st. I feel like this is when things really get in motion. SB said previously that they will communicate more information near the end of February. This could be an update on what they have done so far for layoffs (between jan 31 and then), or announcing the start of the layoffs. There is a lack of information but I feel as though this is on purpose.

Been living with the possibility of being fired any day for years now. There is a whole world of employment outside of Xerox.