The next round will be in March. I am not worrying about when it hits. But I am worry about whether they will be as generous as the package (esp after June) they are handing out now.
Does anybody know if this is true? And if it is, which areas will most likely be hit?
Hey ex F&R peeps, sorry for off-topic but I wanted to ask you what was the focus of the F&R business under TR? Seems like Refinitive is about "data, analytics, trading, and risk assessment" and AI, while the TR F&R sounded like it was about compliance no? Anyone noticing change in strategy and focus? Ex-TR here so wondering what's going on there these days.
Any more updates on when the supposedly next round of redundancies will be, have heard March as this article suggests but speaking with my boss nothing confirmed so far?
What is happening to Product Management? I have heard rumors that they are removing this function or severely cutting back on PM’s.
A very quiet start to round 2 of the layoffs. I'm hearing a few people saying good bye in some locations and posting to LinkedIn to share the news.
The new company name should be "Recidivist" as we go at it again.
Asia sales kick off was cancelled in favour of location events and had to stand as a group and say the "Refinitiv Oath" before proceedings in a number of locations. The Refinitiv Rap was also played as background before some presentations. I suppose it's important to convince staff before you can convince customers.
HI guys,
I'm doing research at Ph.D. Level and thought of writing a case study about this whole thing, would like some honest feedback here especially those who have real insights / inside information as to what went wrong , much appreciated for any feedback....I will articulate my whole research around strategy and leadership ( how come the same people who brought us to where we are still in power?
@gfas if you stayed until the end of December, then your bonus would not be prorated. I left at the end of November so I got 11/12th payout.
All in all, I can't complain about the way it was handled. I think my severance was generous.
Yeah, it was politically motivated, because I disliked my manager and he disliked me. He was widely disliked but had social influence with an important person. When that person left, my former manager's days were numbered. I heard he was unceremoniously fired the day Refinative came to be...he'd alienated too many people, and without his rabbi, he was toast.
If it weren't for him, I'd probably still be there. Jury's out...maybe I should thank him someday. Remains to be seen what kind of place Refinitive will become, but with Dave and Deb still at the helm, I'd expect more of the same old F&R.
I went at the end of 2016 (London) and was paid a 100% of my bonus - it was not pro-rata'd.
@ enab
I was cut in 2016 too and got a pro-rated bonus as you did. I'm not sure Blackstone will do the same.
Correct.
When I was made redundant in November 2016 I got a proportion of bonus paid at 10% of salary.
That is not true! the bonus must be paid with the package, doesn’t it?
They are probably laying off people in March so they don't have to pay out bonuses to those people.
According to remarks made to a client by Debra Walton, there will be more layoffs in 2019 and 2020 !
She said that all staff will be renewed at 70% by 2020.
My US-based opinion - severance isn't a reward and it isn't to tide anyone over. There's a mandatory notification requirement - https://www.dol.gov/general/topic/termination/plantclosings. And to avoid legal claims like age, gender, race discrimination etc., they come up with a payment scheme. Paying out this way is cheaper than defending legal claims. My US view - don't pass up an excellent opportunity that is professionally and financially worth it simply to get severance. If you're waiting to get severance, then that means you think you'll lose your job sooner or later. Unless you're planning on retiring, there's no reason to not look for a new and hopefully better position elsewhere.
Here's the ideal severance scenario - you get a great offer letter but before you can advise your manager that you're leaving, you're told you and your job have been eliminated and your last day is "today" (or whatever immediate time period they tell you). You try to look downcast while on the inside, you're doing your happy dance and thinking, I wonder if I can book a quick beach vacation on before I start my new job...
Although I hear the same from some others. think it is still better to stay put until you really got impacted if you have many years of services. If not, it is not a bad idea to look. But honest with you, you don’t get as much perk from other companies...
What makes you think that Refinitiv is laying off more people in March? Is this an educated guess or did someone above indicate this? What types of jobs and/or what areas of the world are you thinking? We know that some people left in the company are really just there to "maintain" things until they can see how their position can be outsourced or to help with more transitioning and then get laid off or even a transfer of skills/knowledge/etc, that you get from being around a long time.
I plan to leave in 2019 but if there is a good chance of layoffs in March (I was thinking after June so Refinitiv can lower or remove severance packages in some areas and save even more money), I may hold off accepting a new job until then.
Please let us know!
The last post was correct, start looking at what other companies are looking for in a new employee in your field and learn or brush up on those skills.
The last post was incorrect, also. If severance was a "tide me over", everyone would get the same amount of weeks of pay, but since it is based on how long you have worked there (at least in the US), even the company thinks that you should get a little extra for being so loyal until they don't need you anymore.
It comes down to how marketable you are. I had already decided to leave in 2019, so I was ecstatic to be found redundant. I definitely consider my severance as a reward. I realize my situation is not the norm.
If you're worried, the solution is obviously to start looking now. The whole point of a severance package is to tide you over until your next job and to avoid liability, it's not some kind of reward.