Senior leadership must think we are d-mb. Companies made record profits over the pandemic, chose to expand their workforce, CHOSE to buy another bank, etc. But with cost of living basically double, they think it's no big deal for us to go back in at the same time as they DOWNSIZE and DOWNGRADE their office buildings. Please make it make sense. Cost of living is so much easier for people who are remote and we won't even need the same kind of raises if I can live in lower cost areas. They completely profited off the pandemic and it's not our fault they sc--wed it up.
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A large percentage of the 2023 RIF's in almost every business unit including HR, were based on reducing labor costs by laying off the Senior most employees, many of which were the ones with the highest knowledge and experience. Because they also were at 95% or higher of the mid-range for their grade, they were laid off first.
Upper Management knew they were essentially trading good to great employees for newer and less expensive ones, who would have to be trained before they would be able to do anywhere near the performance of those laid off initially.
The March 2024 RIF then eliminated an even larger amount of FTE's across the bank, but by then, upper management had worked the issues out, so those people received lower packages, and vastly shorter notices, so cutting costs even faster than the 2023 layoffs achieved.
Update your resumes and start talking to people in your industry because I have friends who were in those initial rounds of 2023 layoffs, that are still looking for work, especially those 45+.
Your daily work environment and commute, might be pretty cr-ppy and not what it once was under Richard, but at least we are collecting our paychecks while others who were Senior USB emps, are still trying to find work.
We all know a large number of USB emps will be laid off in the coming months as all indicators (new leadership, McKinsey's influence, stock price, AC's bizarre management fiasco's, too many emps hired after Covid, etc.) point to a blood bath coming soon.
Demons don’t care since they lack empathy and we have demons in the management committee.
How sad is it that instead of building up people to have a strong organization it’s about doing whatever you can to get rid of them. I know that’s corporate America tactics in a nutshell but they try to paint such a rosy picture all the time about how they care for their employees when their actions say otherwise.
It’s not just RTO that’s causing the cuts. I found out recently I have a pretty good chance of being let go this month and I’m in 110% compliance with RTO policy. I make too much money and regardless of what I’m able to do, they are focusing on getting cost per head down. I know that 30%-40% of my org is out of compliance for RTO but a lot of those will still have jobs while the ones that have been playing ball won’t.
This is all about cutting costs to make the finances look better for the acquisitions they are planning. Then they will turn around and lay off 90% plus of those people.
"Would everyone feel better if they were just honest?"
Of course, we would feel better and feel like we are dealing with adults because right now it does not. What a d-mb question!
We would feel better if we were treated like humans. We are treated worse than animals at US Bank.
Would everyone feel better if they were just honest?
You know the answer. It’s basic economics.They're not d-mb, they’re unethical. They have a surplus of talent and are using RTO, performance management, lower salary increases, lower bonus amounts sudden intolerance for flexible schedules and accommodations, and lots of other unfavorable things to accelerate turnover to meet budget. You know exactly when RTO will shift to a more location flexible model: when talent supply is scarce.