Leaks from senior management team is UP is getting ready for two more rounds of layoffs to stay align with their fiscal goals for end of fiscal year.
17 replies (most recent on top)
i heard they are laying off all the hot dog stand managers. the end of free hot dogs? that's crazy man.
The Class 1s will end up with the regulation they deserve. I’m sick of Lance and Rob constantly shoring up the stock by price gouging and stock buy backs. If it wasn’t a monopoly, the company would be in real trouble. I don’t know of many companies where you can treat customers like c-ap and then call them to raise prices again. Good thing the C-suite clowns only have to compete against BNSF! Can you imagine if they were in a competitive market?
Transcript from cowen global transportation conference:
Rob Knight:
You know, this year, Jason, as our guidance was and continues to be that we expect to end this year at 10%-ish, better headcount year-over-year by the time we finish the year. So that implies, because by midyear that number was 6% for the first half of the year. So 10% on a full year basis implies which is the case that we expect to continue to make even greater progress in the second half on that measure than we did in first half and that is our belief.
Pretty clear what is going to happen the rest of the year. Thought I would share.
I'm calling the BS on this! The layoffs have never stopped and never will. They set a mythical goal, and will do whatever it takes to reach it. The chief sh1thead in Omaha even publicly stated he will do more reductions through furloughs and attrition if he needs to. Thats not made up folks. The thing is the NS just did a round of layoffs with TOP21. You see, the UP doesn't have to make large cuts or small cuts. Now with the NS doing their version of PSR, I think it's pretty safe to assume that sh– will hit the fan shortly. For all you conspiracy theorists commenting on rounds of layoffs, you need to knock it off. The layoffs never stopped. If the UP doesn't f— it up, then NS will. It's about to get very ugly for the RR's. The STB and the congressional subcommittees are already watching the class 1's. Again, not made up. There's been numerous high profile derailments, multiple fatalities, poor service, mounting complaints, and everything else. As soon as the NS starts their BS, then the attention will be drawn from the UP. When the NS fails at PSR, that's when the UP will try to quick pull out of PSR and bleed to death. As someone stated before, you can only cut so deep before the bleeding can't be stopped. My advice would be for all of you to take a step back and wait. I'd also advise most of you to read up on regulatory actions placed on the class 1's in the eighties. You don't need to be f—ing analyst to see what's going to happen next.
There’s some blowhards at the top that need to be cut and it’s just a matter of time before someone sees through their line of c-ap.
Agreement foremen
While I agree with these comments. I want to ask why do you think the company would ever offer 401k matching of any sort for its employee. They already pay 22.2% of every dollar they pay you into rrtm. Your contribution to rrtm is only 11.1 percent. Social Security is a 1 to 1. You are getting a government protected pension , as insane and unnerving as that sound. They only offers it to agreement employees as an incentive to take the shaft on both ends.
not good people!!
The OP isn't telling us anything we don't already know.
In October 2018, the C-Suite rolled out "Unified Plan 2020" where they stated organizational goals very clearly, and assigned a hard number to the percent of the workforce that would be reduced to meet those goals. Since they haven't met those goals with the end of 2019 approaching, they will be pushed to accelerate the cuts.
This isn't rocket science, and people don't have to make up stories about leaks from management. They literally told everyone exactly what they were planning to do, and they're doing exactly what they said.
Welcome to two years ago...
Wow some real geniuses on here lol. I believe you were all told in 2018 that layoffs would occure through 2020 so funny people acting as if never knew about this breaking news 😊. Next rounds comming and have not stopped, they are good about keeping things on downlow but several managers have been let go from Portland to Chicago and legal action in the works from what is very available to read online. From FRA to Newsmedia just look it up. Also quit the dumb passive comments as if you didn’t know and are surprised
it's not about the unions. UP treats all employees like c-ap. since you asked the question, if i owned the company and wanted to milk the cash cow dry before it tanked, then I'd do what UP is doing. If I was interesting in keeping and developing quality employees, I'd take a different approach.
If you owned UP. What would you do? Business is business. The unions have failed to negotiate in a business style. The union feed their own pockets while the members get screwed. The unions are stuck on pre historic agreements. Need to step up the bargaining and fight for 401k as well as the company. 40-60 thousand employees if they had a match basic concept would inevitably employees would invest into UP and drive stock price up. That's what most companies do!
Ha ha - just saw an ad on this site that UP’s hiring.
Is that really a leak from senior management? They're going to keep on laying off until they cut too deep and then they'll back off and try to hire a few people. "Hey kids anybody want to work for UP??? The most professional company you'll ever work for."
Right on, right on
It aligns with the time of year for the last few major layoffs. It will also inevitably boost the stock price for a good year-end result.