Didn’t see this mentioned here yet, but 3 offices closing and reducing footprint at 3XSQ, while in-line with the direction from a few years ago of decreasing real estate footprint, is a bit newsworthy.
As far as I can tell, no layoffs... yet. But it’s about that time of year, so I can imagine seeing some posts about that coming in soon.
Everyone in those locations seems to have been made permanent WFH, but has anyone gotten wind of any layoffs?
You cannot grow if you are constantly in liquidation mode. That is what TR has been in for several years – slow, painful, liquidation.
Thriving resilient businesses for the future understand the value of RELATIONSHIPS. It's not about this week / year's numbers alone - its about the experiences.
For a company that claims to offer insights into business management – what did they call it – for the knowledge economy – so poor on the execution.
My own observation - the higher BP got, the worse it got for TR. Not a relationship builder....
The Hoboken Office was inevitably going to be closed. After they announced that Carrollton and Ann Arbor are strategic locations and so many people in Hoboken chose to become full-time telecommuters it made no sense to keep that office open.
The company long ago reached the 3200 jobs they wanted to cut through layoffs, retirements, and attrition. Yet they still have a taste for blood.
Layoffs happening today, many departments wiped out.
Yeah that strategy was supposedly two pronged; decrease our real estate portfolio and decrease the deep layers of management. The second prong never happened , in fact they’ve added more and more layers of six and seven figure salaries
The company displayed lack of foresight and direction when it started using money to buy back shares. In a company with a foresight for growth would have invested the money into growth areas , some with risk and others not. Buying back shares displays those looking in that we have no direction.
There may be 3 locations in close proximity, as you say, but the rent in Hoboken is probably a portion of what real estate costs at 3X Square which is why Hoboken was a hallmark of the TR RE strategy in 2015. The Company needs to invest in bringing superior products (people, places, things) to market vs. using layoffs to manage costs.
November layoffs look to be a standard accounting strategy. They plan a budget for the following year and then decide how many more they need to cut. Having said that, closing the three offices isn't that bad an idea - better to cut rent than people. 3X Square is about 7 miles from Hoboken, about 35-40 miles from Stamford, and about 220 miles from Boston. That's a lot of expensive real estate in a very small area.
Yes, there are usually layoffs in November with this company. Don't we know it. However, they have been going on for nearly a decade now, which begs the question: Why? TR management get paid large salaries and all they can come up with as a growth strategy are annual layoffs and dibbing away at expense accounts etc. A fine long term strategy that has proven to be. The company has lost so much organisational knowledge through layoffs, it's not funny. Then there is the disruption caused by these layoffs and the resulting low morale and low productivity. Outside of these layoffs, where are the long-term growth strategies? If there's a plan apart from layoffs and cost cutting, we would be interested to hear it. When are they going to have a cull of a very top heavy management? When are they going to hire managers who actually have tertiary qualifications in management and business, rather than those who have been promoted through the old boy network. Why the increase in micro managing? A good example of outdated management techniques. So many questions, so few answers.
Oh come on, there are usually layoffs in November.