Been told directly from a manager that 25% of employees are on the chopping block. No true rationale behind the move, and managers singling out employees they don't like woth an (I) rating.
What a sh--ty firm to work for.
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There are layoffs coming 7/11. I don't know if it's 25% of the firm but do expect it to be impactful. No one is safe. This stressful environment has been going on since the big 2008 layoff. You give your life to Fidelity when you sign on. Miss time with family, babies first steps and now those in their 40s and 50s with those kids just starting college are being pushed out. So much for Fidelity's slogan of "Doing the right thing right". So disappointed in this firm I've supported for 20+ years. I really feel like it's being positioned to sell in the near future.
Lot of people in denial here. I've spoken with multiple sources who say this is coming.
I doubt anyone gets axed. Likely just disgruntled employees on here starting rumors.
Are we talking habitual "I" performers? Are people with a recent "I" on mid-year but E/S every other for their time with the firm being axed?
Sorensen claimed last year they messed up tax season being so understaffed. Things went much better this past year with more workers. Think they will lay off? Doubtful. Fidelity is also likely to expand PAS products and offering over coming years so layoff in that area seems very doubtful. Look back on some of these posts of layoffs coming in 2014, 2015, even one called for in May this year. All wrong regarding phone roles. If you are an "I" consistently, you probably should be let go or find something else to do.
25% of what group? I don't believe for a second that it's 25% firm-wide
Their review system is "rank and yank" system. The managers are required to give the bottom 10% an "I" rating. Even if the entire team performs equally, "I" ranking are still given. These individuals are eventually laid off.
Best decision I ever made was leaving Ned's Evil Empire. Was worth the pay cut.
My wife's ex is a WI manager and has been laid off twice and still went back. He's a moron.
Top 20% of reps get an E rating -excellent
The next 70% of reps get an S rating- satisfactory
Bottom 10% of reps get an I rating-inconsistent
What is an "I" rating? And what areas are they focusing on, Fidelity is very large with many businesses.