Why would anyone stay at or join a company where top performers are laid off, not because of budge, or critical mistakes, or behavioral issues, but simply because some bureaucrat couldn't be bothered to find out their name or what they do?
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Imagine glazing a company as hard as the guy above me is... lol
I'm wondering if they have paid posters saying this isn't so bad. First, GPN stock is down 50% over three years. So just stop on the stability of the company. Second, this wasn't like other layoffs where people managers are told to cut 5% or whatever number is given. The people selecting the people to be cut, did it entirely off of org charts with no collaboration or understanding of the orgs where they were cutting. And they, of course, wound up cutting critical people. So this isn't just another layoff - it was deliberately uninformed people cutting from org charts - no different than if any of us went into a new company and on day one we were tasked with deciding who to layoff without talking to anyone. It is simply not the same!
Easiest way to understand what's going on is to look at our closest competitor - Fiserv. They're growing faster and their stock is doing much better. Fiserv has 2,000 fewer employees today than they did 5 years ago, Global has 3,000 more than they did 5 years ago. We've both been acquiring companies - so can't blame that. Fiserv has 2X the revenue that Global has but no where near 2X the number of employees, so cuts have to be made at Global if we want to stay competitive. This is the price we all pay for working somewhere that doesn't have anything unique or special to sell. It's going to feel like constant belt tightening from here until someone bigger buys us for the milk this cash cow generates.
This isn't new. These layoffs and re-orgs happen every 3-5 years. I've been here 11 years and I've been through several of these. This one seems different because of GP25/McKinsey, but it's really not. Anyone that was on a performance plan is at the top of the list. They may have let some good people go too, but they must believe their re-org will account for that. Will it? I don't know. Only time will tell.
I don't think anyone is questioning the profitability of the company, we are questioning why the driving force behind the profitability (high performing staff) are being laid off in all areas. Surely if the company is announcing higher profits, that should be a cause for celebration, not a reorg where people are being walked out of the building. But what do I know?
Hmm... Maybe for a paycheck? And the company isn't doing bad overall. Literally every single company has cuts. Cope harder while the rest of the employees (oh yea the low performers) keep the company running. Did you happen to read the report in August? This company isn't going anywhere, and it will be fine. This is all about reorganizing and bringing the stock up.
August 7, 2024, Global Payments Inc. (GPN) expects its adjusted net revenue for 2024 to be between $9.17 billion and $9.30 billion, which would be a 6% to 7% increase from 2023.