With discussions happening tomorrow, any one hearing about this?
17 replies (most recent on top)
@2cno+1pfoCq54 Not directors and up, level 57 and up. They are not doing it out of any altruism for the lower level workers but pure greed. That said, significant number of high level developers will be impacted as well. The only Green BCG frat boys see have Benjamins printed on the front. The plus side is that petty office politics won’t play much of a role. The downside is that BCG is even more clueless, if that is believable, than upper management when it comes to which FTES are valuable.
To whoever wrote this: "The average back-office salary nationwide is $50,237 annually, according to glassdoor.com. To reach $500 million in savings, layoffs would have to be closer to 9,500 employees, or $477 million in savings." you're looking at it incorrectly.
They are targeting Directors and up for the most part. The average base for the target group is closer to $200K without including bonuses, benefits, 401k match etc. So, figure $200K on the low side all in. That works out to about 2500 employees.
I said for the most part because some non-directors will undoubtedly be hit. Individual contributors, legal, compliance, and training, for example, will see an impact too.
“The average back-office salary nationwide is $50,237 annually, according to glassdoor.com. To reach $500 million in savings, layoffs would have to be closer to 9,500 employees, or $477 million in savings.”
LMFAO. Not how it works. If you guys got the 25% reduction from this article then boy do I have a bridge to sell to you…
https://riabiz.com/a/2023/10/18/schwab-again-declines-to-say-which-staffers-will-get-pink-slips-by-christmas-to-save-500-million-in-2024-expenses-and-the-math-remains-sketchy
FYI, in case you missed it.
We were told 25% of the company. News articles speculate that it is too many to manage in day with limited HR resources.
For many people, a layoff results in a better position. The severance can give time to really focus on the next step and move on to greater things.
Good luck everyone- here’s to your greatness!
Every date seems like a bad date for them to do it: 10/24 - 10/26 is IMPACT; 10/31 is Halloween; 11/4 - 11/6 is another TG (is it 4 now?); and if they do not do it by 11/1, it will mean that 60 days won't be up by 12/31. I have heard from others 10/30. It will be either 10/30 or 11/1. Maybe a select few will be after TG4, and, for them, I feel especially bad.
Don’t forget to rate high on glint survey. It’s not anonymous
Did any of you simps clap for ECs for their great townhall meeting? If you did they will take your name off the “list”
I am sure the collected names will "bee" the ones to be layed off first. Sure have been busy bees. To bee, or not to bee. That is the buzz.
jay leno: have you seen this, have you heard about this?
Oh man Walt knows who we are? We’re doomed
I heard from Walt they have partnered with layoff site to collect details of all posting here. They would be the ones to bee laid off first . The numbers are something around 50 percent.
Yes I just heard that too, also from the leadership level, a Sr. MD. Very senior MD. We were talking at 9pm CT time at the water cooler, where the leadership levels hang out.
Has anyone heard that the size would be 15-20% of the workforce? I just heard that from a fairly good source at the leadership level. ( Sr MD ).
@1ytw+1pfoCq54 back in 2019 it was over several days, and there were only 600-700 employees impacted too.
It is EXTREMELY unlikely they will do it over several days. This will be one big rip
Being discussed here that there are meetings tomorrow, but I doubt it is "The Day". Most speculation is around 10/31-11/1. https://www.thelayoff.com/t/1pfBzb3i