Thread regarding Thomson Reuters layoffs

I second this. .it’s a blessing in disguise.

I got laid off this past week and while I am scared to death to find something new after 19.5 years, I feel a freedom, a release. TR made me so miserable.

Not sure where the fear there will no packages (at least for 9 months). All of my former co-workers here in the US that were cut in 2011, 2013, & 2016 all received 2 weeks for every of year service. Not sure what contract they were on, but it says it on the HUB. I started (so did they) with Reuters and my package was downgraded by 10 weeks once we became TR.

I went through this in late 2016. In terms of severance, it's quite clear:

UK: the terms are in your contract. If you're not new, I believe you're entitled to 6 months pay + 1 month per year of employment. Pretty straightforward.

US: if you're Band K, you get 12 months. If you're Band J, you get 6 months. If you're Band I, you get something like 1 week per year of employment. I knew people who got 1-3 months in Band I. Below that, nothing unless you're on an old contract that takes into account years of service.

Overall, about 10% of those cut will receive a package (this was the case in 2016). If you're in the US, don't plan on it -- if you're not in the salary/role bands above, forget it.

The advice by Mr Happy below is good, follow it. TR has a good name in the market. All the disfunction that seems so evident and prevalent when you've been through multiple re-orgs doesn't affect the view of TR to the rest of the industry. Coming from TR or BBG means you've got a good chance to leverage that experience for something new. Good luck.

I agree with comment that BS didn't create the mess at TR, but who wants to sit around waiting to see them carve the company up, asset strip and reduce to a skeleton organisation that makes it unbearable to work. We know the package will change after 9 months with mew terms, so makes sense to me if you get a chance to take a decent severance packages, view this as an opportunity.

LAST POSTER! You are a complete douche bag!

Last poster- BS didnt create this mess, TR did. BS is the result, and it should have happened a long time ago.

If you dont realize that the company is there to make money, you better go looking for a government job. And neither are there to make you happy

Great posts. Thank you Mr Happy & Alpha Papa for the great advice. I have been with Reuters (than TR) for over 20 years. The thought of leaving makes me a bit nervous, but the more I think about it, right now would probably be the best time to go. BS doesn’t create employee friendly place to work, they use you until the last minute than despose of you like a piece trash.

Mr. Happy's advice is spot on (thank you for posting this).

On the US side, in addition to Linked In, there are lots of similar resources to those in the UK. This is great advice whether or not you retain your position or are given a package. If you're in the US, and you expect to be made redundant, then you should be working on this now because packages and notice here are much different than in the UK. The shorter the length of time you've spent with TR, the less you can expect. So, the financial trade off of stay or wait is dependent upon that. Even if you are offered a position to stay, you need to evaluate whether or not the new org or your new manager will be beneficial for your career. You may have a short term solution, but you need to consider what your long best interests are.

On the TR side, because there have been an increasing number of organizational announcements, including open positions (which then means other positions are being eliminated), there are fewer TR surprises when compared to the F&R side, where Craig has indicated that the org structure will not be announced until after the sale is completed. On the TR side, most I think have a good idea (or should if you stop and think about the future) as to their post-separation options.

On the F&R side, the F&R leadership has left everyone hanging. Craig can talk about how great the new name, brand, logo, funding, values, etc. are, but the lack of information as to how the firm will operate at this very late date leaves people to speculate as to the many possible outcomes there could be. Blackstone has publicly indicated to a number of news outlets that it will reduce costs substantially. This combination, Craig's absence of information, plus Blackstone's cost cutting projections, means F&R people need to plan for a change.

Waiting first for a package may be okay depending upon your situation. But since it takes time to find the next great opportunity, why not seek a new position while you're employed? Keep your options open. Take back some control in your life. Think of Craig as the Wizard of Oz. He wants you to see this all omnipotent, great figure and accept that he's some great genius. He's really just a little, rumpled man in a rumpled suit standing behind a curtain, desperately trying to figure out which lever he can pull to make Blackstone happy.

I would agree. If you get the opportunity to take a decent package, see it as a positive and move on. There is life after TR. I left in the Dec 2016 shake up and haven't looked back. The time it takes to get a new role (I can only speak fro London) will depend on various factors (e.g. Seniority and specialisations and whether you decide to go perm or contract etc). On average it takes between 6-12 weeks to secure a perm role. This is the same advice the management/displacement companies like Right Management etc will tell you, which you will be given access to.

Most of this time is spent building up relationships with agencies and getting your CV out there in the right circles. Dealing with recruitment agencies will be painful. Some are good but there are a lot of very poor ones out there. Be prepared for calls not being returned, CV's and applications not being acknowledged. Don't take it personally, just move on.

My recommendation if you think you are at risk are (and this may sound obvious but many will not have done it) :

1. Get CV updated - and be prepared to adapt it for the role. Carpet bombing your CV to companies does not work. Tailor the CV to the role.

2. Add CV to a few sites - e.g. Jobserve, CV Library etc. It will open a few doors with agencies.

3. Absolute must- update Linked in. Agencies and employers look at this to validate info and search for candidates who have indicated they are available. Turn your lined in status to 'available'

4. Approach some recommended agencies that specialise in your area and start building a relationship. The good ones will want to meet with you before putting your forward for interview,

5 Decide what roles you are going for - permie or contract. This will help when you engage with the agencies.

6 Start preparing for interviews. Practice for potential questions , so you have rehearsed responses- especially the ones you know that you are going to get - e.g. tell me about yourself ? You will be amazed how many people I interviewed and floundered when asked this basic question. Many of you will not have had an interview in years !! Techniques change - be prepared.

It will take 3-4 weeks for this all to kick in, so start now.

Finally don't panic. I know some that took 6-9 months to get the right role, but are more happier now.

Good luck !

I have only been in TR for a few years but there seems to be too many layers of " managers" replicating the same tasks ( i.e you get the same emails from various managers). We have to join Web ex calls which have no relevance to our jobs , asked/ told to do things with no bearing on our actual roles. Seems a great waste of real hard workers/talent versus those slapping each others back. It is a comfortable world for those with big pay offs & pensions on the horizon. It is croc of sh--... lets all plan a major escape!!