Thread regarding Edward Jones layoffs

Conflicting Messages from leadership

Aside from the doublespeak (giving words different meaning), we were told the purpose of ER was to ‘reduce layers and increase spans’. We were told, ‘this isn’t about money or profits, the firm is doing great!’ But now we are being told each area has a dollar amount they are aiming at and so associates may be moved into lower grades. The way it was explained to our team was they can pick a couple lower grades to keep versus keeping one higher grade associate. Therefore, some leaders will choose to move people into lower paying grades to keep more people — which seems counterintuitive to what ELT is trying to do (reduce layers, et. al). We’re not allowed to say people are ‘laid off’. They are ‘retiring’. It feels like we are living out the book, 1984. The thought police are telling us what to think and none of it makes sense.

We are also told leaders have ‘care and compassion for how we are feeling and want to create the best colleague experience’ but they have 9,000 to communicate org changes to and it ‘has to be done in 2 days’. This is a self-imposed deadline. It doesn’t have to be done in 2 days. This isn’t about care for colleagues. The HC division town hall had a nice little planted question around “what have leaders learned during this difficult time?” And then spent most of the Q&A pontificating on what they have learned about how awesome their leadership team is. But they didn’t give hardly any time to questions from associates. Suzan McDoofus is so proud of her role charter and ‘accountabilities’ but the reality is, she is accountable to no one. Is her pay affected as she creates a toxic work environment for the whole firm? Does she go on a PIP?

How are they positioning comms in other divisions? If this is the associate experience being led out of HC, and they are teaching all the people leaders at the firm, do we ever again envision EJ as an employer of choice?

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| 2629 views | | 12 replies (last August 15) | Reply
Post ID: @OP+1k2n7tjar

12 replies (most recent on top)

@e1 it varies by state but a change in responsibilities, reduction in pay, change in location, etc can be considered constructive dismissal. If your job changes significantly, you may be able to resign and still claim unemployment benefits. Obviously, do your own research and see if this applies to your situation.

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Post ID: @ef+1k2n7tjar

Does anyone know how unemployment benefits work in the event we receive a deduction in pay? Would we be covered to get unemployment if that happened? Obviously if we don’t take the offer for the new role and “quit” in their eyes, we wouldn’t qualify. But what if we’re involuntarily demoted?

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Post ID: @e1+1k2n7tjar

@OP Never forget our ranking on best places to work is largely based off the field, and moreso FAs, than HQ people. Very few HQ people even receive that survey. It is a great place to work if you're an FA and will continue to be.

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Post ID: @cs+1k2n7tjar

No her pay is not impacted. None of ELT pay is impacted yet they gave themselves a needs improvement and are accountable. Just hollow words. I am sure they will figure out a way to pay themselves even more.

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Post ID: @bb+1k2n7tjar

It is not a conflicting message. It is purely telling lies. And they want associates to trust them? Cmon now.

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Post ID: @az+1k2n7tjar

@at don’t forget to come into the office three days a week now, ya here.

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Post ID: @ax+1k2n7tjar

@ar it's designed to make employees quit rather than terminating them. Employees voluntarily leaving helps reduce unemployment insurance costs.

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Post ID: @at+1k2n7tjar

@ap

I’m not saying you’re wrong but that strategy is pure idiocy. People will of course accept the lower pay because if they don’t they get no severance. But any employee that has their pay arbitrarily cut will just quiet quit until they can find a new job and leave. Makes no sense.

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Post ID: @ar+1k2n7tjar

They will make very small changes to the work you do and justify changing your level. You’ll be told to take it or move on. I think they pulled this on some folks during the last reorganization. If you are still in range you will keep your current salary but because you will be further on the new salary range you will get smaller percentage for bonuses and annual raises in the future.

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Post ID: @ap+1k2n7tjar

They'll go off salary, not grades. Or are you saying they'll demote you and your salary?

You'll see how all the experienced people will be the majority that's axed because they make more.

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Post ID: @a8+1k2n7tjar

Wait. What? You say "associates may be moved into lower grades". Would those associates continue to perform the same work that they had been doing? I think I must be misunderstanding something, given how grade scales have been touted as reflective of the market for the work done.

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Post ID: @a6+1k2n7tjar

I figured that was the part that wasn't said...

I was surprised by "offer letters..."

SMH

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Post ID: @a4+1k2n7tjar

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