What has everyone heard on the number of people let go this week? I've heard 1200, also heard 50. If it's going to happen to me, I'd like it to happen sooner rather than later. The 50 number greatly reduces my chances.
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SS&C likes DST for its cash holdings. The products are the same if not similar with SS&C and its other companies. More than likely, they will downsize everywhere. First layoffs, then facilities, then depts, then sell the rest of the business to other firms to get cash. 6% layoff is a small number as there are over 14k employed worldwide. They will consolidate all the offices and move all the datacenters to connecticut. They wont allow the DST to have its own stand alone datacenters. It's too expensive to maintain. They will basically centralize the G&A functions to corporate leaving only the minimum staff. Staffing will be cut, recruiting will be zero, staff retention will not be a priority. The DST debt is huge and hurting the bottom line. To payoff the debt faster, they will cut everything possible. If DST management doesnt get in line, they will be let go without their packages. Sales and services will also get cut. They will move them to SS&C plans and then the exodus will begin because SS&C sales commissions are lower than the other subs. Benefits cuts, cellphone, marketing cuts will be high. If you don't like it, then leave is the attitude. There will be a hiring freeze. Postponing the more cuts will hurt the bottom line this year....either do it this year or next year it will be worse. Don't downplay what they have in store....think corporate raiders like Mitt Romney, Carl Icahn. They bought distressed companies and stripped them down. No different here.
I am a DST employee. Just got email on severance pay from the merger. 2 weeks pay for each year worked maximum 52 weeks pay. Noone knows if anyone is getting layed off . Part of me wants to go for getting another customer service job should not be hard and I have a long tenure so my severance should be dang good. Then again I built up a lot of vacation time. I am too old to start over. sad