Once again Senior Leadership has brought up coming layoffs on a public earnings call before letting employees know what might be coming. Hiring freezes in effect already, and it looks like layoffs will be somewhere in Q2/Q3. Check the transcript, Q&A section for more info.
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Couldn’t agree more - Inflation affecting basic staples, job market is shut down no one in tech seems to be actually hiring… if anyone from the ELT is reading this, please for the sake of people’s livelihoods consider moving people to new roles instead of letting them go. Think about the families/children, mortgages, and overall livelihood of employees.
What really didn’t sit right with me is that after announcing layoffs a week before Christmas with so many folks OOO, was the distasteful holiday wishes email from Helen. Why is us getting ASV used twice in the holiday greeting email and video as a “har har” one day after you announce that we are going through another round of layoffs? Common sense would tell you that was poor timing and not funny or cute.
A lot of vulnerable people are going to lose their jobs, people providing for their new borns, people paying student debts, people on work visas, people paying their mortgages... just so Phil and his a*s kissers can get their millions. They couldn’t care less about employees. They see their employees as minions, slaves. That’s why they don’t even bother to properly announce these layoffs. Disgusting people.
15mm/~150k = 1000 people
Also, it’s insane that they announce these on the earnings calls. Then they have a “post earnings Q&A” when probably half the company is OOO, no recording.
FactSet has a tribalist culture. They hire college grads and then they never leave, work their way up the ladder by "getting in line", and then they can't function bc the company has zero external influence. The benefit of outside hires is they bring in new ideas. When you are THIS embedded with leadership that has literally never worked anywhere else, they think the only way is the FactSet way. Then you have the leadership incompetence we are experiencing today. The company may be 10k+ employees, but it's being ran solely by a handful of kids that were promoted without any actual real-world leadership experience. Not to mention the stock price is WAY overinflated right now and they doubled-down on the AI trend for reasons that make no sense. FactSet is gonna have a rough landing in 2024 and the employees are taking the fall.
What an insult for them to even mention no longer providing milestone anniversary gifts to people. Just trim some executive compensation, they’re raking in millions and can afford a little haircut
the reason why they're not saying the % because this time it's a lot. if it was something small like 3% they would say it, why wouldn't they. they said it the last time why not now ? they know exactly how many people will be affected but not giving the % because this time it will be a lot. I'd say at least 10%. good luck to everyone.
The best thing Phil can do is resign and let someone else take over who knows what needs to be done. All these ELTs' care about their compensation and bonuses, and scapegoating employees.
so nobody knows how many people will be affected, nobody knows when it will happen, and nobody knows who it might effect...... the only thing everybody knows that it can be anybody. nobody is safe. and given that circumstances, they want everybody to work as if nothing had happened and then accept their fates when the time comes.
Now read this with a straight face; "Our people are our most important assets" -FactSet.
Tech companies need Unions!
Agreed! Phil is a typical sociopath of a CEO. Take a close look at the ELT during the call today - they look to Phil before they agree with something, they look to him to see if he's laughing before they laugh
ELT is raking in millions in total compensation while letting people go so they can hit some fictitious margin % to make Wall Street happy.
one odd thing to add; for a reason I don't know, while all these was being said, Phil was very happy, laughing and joking around throughout the call. I don't know if it was just me but his reaction to all that was really awkward. Why would a CEO would want to come across as happy in that situation ? We know you don't care man but at least have some morals. Shame... This man is clearly not fit for leading the company.
From call today - “As Phil mentioned, we continued to execute disciplined expense management to support strategic investment to grow our top line. Accordingly, we expect to take a $10 million to $15 million charge in the second quarter of fiscal 2024. Focus areas for expense reduction include both variable and personnel related costs. Despite the uncertain environment, we remain confident in our long-term growth.
Yes. George, it's Linda. We're not going to talk about headcount reductions via firm types. The main reason being that we haven't made our full decisions yet. We're looking to put our investments toward our higher value and our emerging opportunities. And obviously, we're looking really closely at products that we may have had for a while or opportunities that maybe have not lived up to everything that we had hoped for them.
Also, in terms of where that headcount might come from, obviously, we have to look hard at our onshore locations to make sure we're getting the best use out of our resources there. But again, all this is in progress right now, and we'll have a little bit more information as we go into the Q2 earnings call. But we haven't made those decisions yet. And I don't think we're going to give that degree of granularity even when we get to that time. We're looking to take out $10 million to $15 million on cost. We're going to do it very thoughtfully. Senior management of the firm is looking at this with great caution to make sure that we're really thoughtful about what we're doing. This doesn't come easily to us. So we want to take the time and get it right. And I don't think we're going to go into too much more detail than that.”
Saw that!