Those who are earning high salary and do not have direct reports. Positions with redundancy.
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I did the work of 3 other people on my team and I was the youngest and got walked to the door...or in this case a phone call to pack up and leave. 15 years hBbt. This was 3 months ago and it took 3 months for a new position. Everyone needs to be read polish the resume and get your contacts in order. Financial field is a mess everywhere it will take time to find a decent landing spot. Severence was only benefit out of this whole thing.
My guess, as would be the case for most companies:
- People on performance plans
- Overall performance rating score
- Shortest tenures
- Salary / value ratio (low salary / high value good, high salary / low value bad)
- Outsourceable
- Redundancies / consolidation (do we really need N number people in X role?)
- A specific dollar amount to hit per LOB / leader RIF requirement
- People that support a product or service that can be sold off or decommissioned
- Not mission critical (opposite of key person)
- And of course, politics / who you know matters to an extent
Was told all-good and less than 10 days later the opposite. You should always be looking for something else especially with this much disruption afoot.
@uch+1oOtIT73 you seem fortunate. Some LOB’s are consolidating 10 to 15 people under TL’ etc and riffing are sticking these people in some QC area that is nothing more than another checker checking a checker.
I was told I didn’t have to submit anyone because my whole team is safe
That’s how you know you’re on the list
I was told I didn’t have to submit anyone because my whole team is safe because they’re not targeting our job titles, small group I have 5 direct reports
Hard to believe this is how it’s actually handled. If human capital really makes these decisions it defies logic. They know nothing about the inner workings of an LOB. Typical SunTruist if that’s the case.
In my experience, each LOB is different - some it’s entire roles, others they’ll use some other barometer (to include performance, connections, pay, etc) At the end of the day, each area has a target and whatever path gets them to that is what wins out. So higher salaries relative to performance and peers would be most vulnerable
In a traditional business, politics certainly come into play. The company provides guidelines, the boss picks the actual heads to cut.
@swr+1oOtIT73 Shorter tenure for less severance?
When I last went through one, I was the younger of the two. I was fully securities registered, insurance licensed, Manager’s assistant, technical go to person to fix problems and even a Notary. The other person who was about 20 years older than me had none of that. I was the one laid off. It call came down to the producer she worked for.
In theory, they eliminate positions, not people.
In reality, they use the opportunity to eliminate the least useful.
Save all records. If they slip up and say they are using any personal metrics, consult an attorney.
Does your direct manager have any say?
There is now strict guidance around who to layoff, it’s based on performance ratings and tenure.
Based on my observations the metrics are age, wage and Atlanta politics/connections. Performance distantly lags these.
Is it who’s making the most on that team ?
Numbers on a spreadsheet.