During today's (October 2) Town Hall webcast, David Craig said something about 5% of staff will get sacked. And while staff will be reduced in some areas, at the same time, this will make way for new opportunities in other locations and focus areas like cloud technology and machine learning. He also highlighted that staff will be sacked professionally and with transparency and sensitivity. He gave a big thank you to those getting sacked, for their hard work, dedication and commitment over the years.
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With respect to US employees, if the ax does drop hard, and it appears that many sacked employees are over age 40, those employees over 40 have specific rights under the OWBPA section of the ADEA. If you fall under that category, do a Google search and make sure you understand your rights before you sign any severance agreement. You have 21 days if you are laid off individually or 45 days for group layoffs (which this would likely be considered) to review and either accept or reject the offer. For group layoffs, you have the right to know certain statistics such why you were considered as part of the eligible group, plus the ages and job roles of others included in the group. Once you sign, you waive your rights to certain things, such as suing for age discrimination or going to work for a competitor (for example, Bloomberg) within one year of termination. Read carefully and have a lawyer review it if you're unclear about anything.
"He also highlighted that staff will be sacked professionally and with transparency and sensitivity."
Cue: Hundreds of jobs being added to Refinitiv website.
From the Financial Times.
In spite of his spending plans, cost cuts will be needed. The debt prospectus described Refinitiv as “right sizing” the organisation — cutting positions and increasing the number of offshored jobs to Asia. It aims to save $300m a year by the end of 2021 from headcount and overall save $650m a year. In that period it also expects to take one-time costs totalling $500m.
“I don’t see it as offshoring; it’s about getting talent,” said Mr Craig. The company will also reduce the number of data centres and keep tighter control over procurement.
Keep your head in a swivel boys and girls- we’re about to hit some turbulence.
I’d imagine if you’re a straight, white make or possess a non vag--a and in any kind of management you’re as good as dead at TR/refinitiv.
Midmarkets is as good as merged and management cut and any salesman under 120% eliminated.
If there was ever a time to “identify” as a non white woman, now is that time.
Let’s hear who in NYC was shown the door.
As with these things the good hardworking staff who give a damn will be fired leaving a vacuum to be filled by mercenary contractors and management consultants on huge daily rates.. Bonkers....
You guys know they have changed leadership several times over the last 8 years right?
The poster saying that eventually Craigie will be gone is correct. He just needs to take a bunch of you out first. Like a camp cappo
Wonder if Walton still has a professional makeup artist visit prior to shooting an internal corporate video ?
Wonder if Rifinitiv will continue to fund that :-)
That's what I don't understand. Fire workers and keep Craig, Walton and the ilk that make the mess.
This is how it works.
Take ownership.
Use existing management to execute the cost cutting plan.
Once done; they are replaced.
Clean and simple.
Expect work life here to be challenging over the next year.
So he was steered F&R over the years to the point where TR had .little option but to sell off 55% to give the business a future. Then Blackstone figure he is best to run the new company.
Am I missing something ?
Unfortunately they didn't sack him or the clowns in senior management.