Today my position was eliminated. I was a pay grade 17 in merch that was actively recruited and relocated here just 6 monday ago. Merely a week ago my DMM congratulated me on receiving a long-term incentive bonus of restricted stock units as a "recognition of my leadership" and "future potential with the company". These RSUs take 3 years to vest. Needless to say that is irrelevant now (I get to keep 50% - joy, as if I want stock in this company). Just goes to show how little thought and care was put into the decisions today.
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Interesting that Anonymous79722 thinks that HR won't be or wasn't impacted by this. Let me tell you this....
1 the Talent Acquisition teams were very much impacted by this, from sourcing, to specialist, to recruiters both for field and HQ. If you are closing 1,400 jobs then there is no reason to have the HR and TA teams to support that.
2 HR will wholeheartedly be impacted by this. Now that this week is over those who needed to stay around to implement the layoffs will be the next ones let go.
Don't be fooled that you don't see them posting on here, they were impacted already and will be impacted again shortly I assume
So sorry to hear. This same thing happened to me at UHG in 2008. Over the years I came to learn that these decisions are made by Finance and not by HR. HR is just the executing body of this effort, but they are worthless and not even considered for these decisions. LIFO is most likely what happened here, although I heard about some people with 10 years tenure that got the boot too in departments like TTS. In any case, if you were able to become an outstanding performer in your first six months there, there is no question about you hitting the home run in another organization again. Get the rest of this week off, enjoy the warm weather, clean up your stuff, garage, basement, etc, but most importantly, your mind. Monday morning start leveraging your network, polish your LinkedIn profile and reach out to recruiters and other networks groups in your area of profession. If your skills are transportable, you should be fine. The problem is now for the people that thought that life was good by only wearing three-piece suits and walk with their macchiatos like metro-sexuals and did nothing but network and having gtky coffees and attending FFF events, and having contractors do their work so they could present it as their own. As long as you are not like that, you will be in another relevant position in 30-45 days. Good luck and I wish you the best.
It seems many PG17 were let go. My frustration is with the fact that they did NOT cut redundant positions in my area. Instead, the people in my dept who were laid off had very unique roles in the company and now there is a glaring gap. Those people had skills and knowledge that the rest of us do not and now we are scrambling to learn how to do the things they did just to keep the lights on. I was on board with removing redundant positions, but that is not what happened at all. It seems there was no strategy behind this besides pay grade and tenure.
It tends to be a LIFO model for resources at Target. Last in are usually th most expensive.
Very sorry to hear about your circumstance. This is what happens when outside counsel creates the new org chart while not knowing the personal details of each individual. It seems like those that were short tenured and those that were very long tenured were affected today. I heard that it was a mix of that, pay grade given that they are flattening the organization and review score. Best of luck to you!
Nobody does that, nobody (keeping unvested RSUs) - you are lucky man
Sorry to hear it. A lot of crazy stories like that. At the City Center layoff meeting for my group, there was initial confusion as to the purpose when people saw the number of high performers mixed throughout the bunch. I mean the clear go-to people who fought against the bloat we talk about here. Fixing a nose bleed by chopping off your face.
First off, my sympathies to your situation in relocating and getting laid in such short order. But, you got a bonus of stock as a non-KMG level 17 employee after only 6 months with the company...essentially still quite new in role? No wonder this company is in this position.
6 months*