There’s been mention of additional layoffs over the last few months of 2018. Does anyone know if this applies only to those who received a delayed severance (those informed in July they would receive their severance if they stayed until October, for instance) or will additional associates be included?
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They are banking on the attrition rate being way up. Everyone is looking for another job. They know that.
Its a waiting game now. They won't have to pay severance because they know everyone is looking to find another job.
Don’t worry about getting laid off, I was in the June round and it was the best thing that ever happened. I was not management so no golden parachute. Ended up at a great company and so will you.
Yes after the one year grace period is over, they will put DST managers on notice. Do as Sssnc says or else. It’s a mess now and things are about to get chaotic. Deliver the cash and Any new contracts or obligations will be reviewed and scrutinized. Any spending over 5k will need ssnc approval. Don’t expect dst to hold that much cash as it’s ssnc cash now. 7billion in debt now. After two years of re organization, they will kind of forget about you as they will acquire more companies. But they will squeeze dst further for cash and expense controls. Payments will be stop per or slowed down.
Absolutely more are coming. The management team is unable to keep quiet about targets of specific people backs. Now is the best time to plan to get out while companies still have budgets and FTEs to fill before the end of the year. Don't expect the company to look out for your personal future going forward. Take charge of your own future and align yourself with a company have values its employees as valuable assets which no longer exist at SS&C DST.
Layoffs cause productivity and quality of work to go down.
Layoffs make people work harder.
“I volunteer as tribute!” will be heard all across the company when the talk of more layoffs picks back up.
You’ve got rocks in your head if you aren’t actively looking for a new job every single night.
Gotcha. Thanks for the clarification!
It’s refering to the servence package for associates that was agreed upon by DST and SS&C prior to the sale. Which is basically minimum of 10 weeks, max 52 based on years of service. As of April 2019 SS&C no longer has to honor that, so they (theoretically) give no seference, or a reduced amount.
What’s the one year grace period about? I haven’t heard of that!
They have to stagger the layoffs as ssnc is losing money per q3 earnings. More cuts on the way. Those who stay will get theirs in oct. but the rest that stay after 2018 will receive a lesser package. Also the one year grace period is over and the real cutting will start...picture a chainsaw cutting.
Two things I keep in mind: Stones comment about 3500 "hangers on" and all the talk of $150 million cost cutting before the sale. They intend to make deep cuts, and they can go a lot deeper than they have up to now.
All signs indicate that there are more to come.