Thread regarding Thomson Reuters layoffs

Massive TR layoffs

Laid off in December, had to go on unemployment recently because I have still to find the right job. TR as a whole, thinks drastic change is always for the better (not true), and does not value their knowledgeable & loyal employees in the way that they should. No wonder they have such high employee turnover. They allegedly, had an outsourcing company make the decision on the recent December layoffs. Frankly, I don't understand how a third party, can precisely determine how much of an asset each individual brings to the organization by simply, looking at superficial stats, i.e. (how much they make, how long they've been with the company, what their job title is, primary office location, age, etc.) especially, if they aren't even a part of the organization to begin with.

Aside from the temporary setback that the massive layoffs have caused for thousands of employees, (including myself), the acquisition will have negative consequences on the product and the customer service across the Legal, Corporate & Finance business units as everything continues to unravel. However, it seems like Tax & Accounting had not been impacted by the massive restructuring and recent "Blackstone" acquisition. The good ole days at PL which later evolved into TR, are long gone, and it's a shame.

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| 4051 views | | 11 replies (last April 18, 2019) | Reply
Post ID: @OP+YBbVSr4

11 replies (most recent on top)

You pretty much lose your bargaining power once you got laid off. Headhunters are most likely trying to place you on consultant jobs instead of perm jobs. Applications through online job boards or company career sites usually are time consuming with little results. You would need to have good connections, since they all ask for it on the questionnaires.

Plus, if you are looking strictly what you really want to do (scope or level of work) and/or desired titles, that would narrow your selections as well.

I am still with TR and I have posted my CV online and applied on other companies job sites since last year. Sadly not much activity so far... :(

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Post ID: @2zix+YBbVSr4

What I am hoping for is that I get the best of both worlds. I hope they lay me off and I get a severance package and a couple months off with pay. Because I've been at the company a long time. Meanwhile, that gives me time to look for another job. While sitting on my a-- and going to interviews. That would be great. I don't care about this company anymore. They stopped caring a long time ago. Why should I care anymore?

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Post ID: @2ozn+YBbVSr4

@2laf: Rochester is closing, but TR wanted some of the public records employees to stay around a bit longer so they could have more time to transition the work to Eagan due to its complexity. Many of the people left and declined the severance - opting to accept new positions while the job market is strong.

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Post ID: @2dta+YBbVSr4

So is Rochester staying open after all? Or were the bonuses to move somewhere else? Or just to stay on until the announced closing?

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Post ID: @2laf+YBbVSr4

My thought is all of these employee cuts are tied to short term goals/profits for the current executives. They don't care what the long-term effect is because they probably won't be around to suffer the consequences. They probably get a huge bonus if they cut costs by a certain %. Closing the Rochester site is already biting them in the behind since they had no idea that the Public Records project was so complex. They had to offer bonuses to prevent the employees from leaving. Many left anyway - even after quadrupling the bonus amount - since the job market for technology in Rochester is pretty strong.

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Post ID: @2omi+YBbVSr4

It reminds me of the film “Up In the Air” where George Clooney is a guy whose job it is to break the news to employees that they are bring let go.

Booz-Allen was one such company that would do the recommendations as to who would be laid off. They changed their name (I do not recall to what) but if they are ever on premises with their clipboards start updating your resume.

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Post ID: @1kii+YBbVSr4

The result of constant "drastic change" is that no one knows what's going on...EVER!

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Post ID: @1eqz+YBbVSr4

Plus several departments in Ann Arbor were hit in November and December.

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Post ID: @tko+YBbVSr4

Not sure what you mean by "it seems like Tax & Accounting had not been impacted by the massive restructuring and recent 'Blackstone' acquisition." I was in Tax & Accounting in Hoboken until December 2018 and there were layoffs in T&A Editorial, Technology, Data Management, Sales, Product Mgmt.

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Post ID: @ysy+YBbVSr4

Sorry for the typos above ...

Need an edit function.

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Post ID: @kkd+YBbVSr4

They forget that all the loyal , skilled employees they treat like dirt and chuck out with the garbage may have influence at next employer and steer them away from TR products and services.

Personally this happens to me years ago. I knew the inside story on my previous employer and when engaged at large financial institution we never used their services again.

Was it because it was bitter ?

No far from it , but I Knew how they operated ,cut corners and took risks.

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Post ID: @bpj+YBbVSr4

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