Thread regarding FactSet Research Systems Inc. layoffs

@w5

"unionization substantially decreases payroll, employment, average worker earnings, and establishment survival" from the abstract of:

The Surprising Impacts of Unionization: Evidence from Matched Employer-Employee Data

Brigham R. FrandsenAuthor Info and Affiliations

Publication: Journal of Labor Economics

Volume 39, Number 4

DOI: https://doi.org/10.1086/711852

Abstract

This study presents new evidence on the impacts of unionization using administrative data matching workers to employers in a regression discontinuity design. Close union elections exhibit substantial nonrandom selection or manipulation. Estimates accounting for this selection show that unionization substantially decreases payroll, employment, average worker earnings, and establishment survival. Payroll and earnings decreases are driven by composition changes, with older and higher-paid workers leaving unionizing establishments and younger workers joining or staying. Worker-level effects on earnings are small and are reconciled with large negative establishment-level effects in a model of employer and employee selection into union jobs.

@sj as a fellow economist i know that there is a plethora of studies including multiple from the treasury and NBER showing that unions raise wages, fight inequality, improve benefits, and improve well being for non-unionized workers.

people making hundreds of millions like nba players, hollywood actors, f1 pilots all have unions but when it comes to job security of white collar middle class people making 100k suddenly unions are bad :D that's how stupid they think you are. unionize, unionize, unionize. otherwise one day when (not if, it's when) it's your turn to take the fall, they won't give a single flying fck about you or your family. when at the end of the fy sanoke or anyone in the elt makes 1 million less than they anticipate, they'll layoff 10 people making 100k to make up for it. they let go people expecting a baby in a couple months. nobody is safe if sanoke makes 59 million instead of 60 next year.

@s4 Speaking as an economist, long-term, unions don't add value. That doesn't mean they won't protect you in a given situation - but there IS a cost and over time it exceeds the benefits (across all firms, across all industries).

I don't think an adversal stance is the solution here. The free flow of human capital is the solution.

@rd thank you! People wrongfully demonize unions. In today’s world of constant layoffs, unions can give more job security and negotiate for better than 2% increases…

@jn found it. https://code-cwa.org/

Training session for organizers coming up in Dec. Good first step for anyone interested.

@jn so how do we unionize?

Is layoff happening again ?

Need to focus on the fact that raises are pitiful despite comp being at the top of every Glint survey, job security is nonexistent with big layoffs happening every few months and smaller headcount cuts happening in between, benefits are getting cut little by little.

We need labor protections. Full stop.

@j0 as opposed to all the non Indian nepotism? What kind of d-mb 4ass argument is that? You can’t beat me with low factor arguments.
Once I’m your manager and I feed you a fish curry and samosa, you will be on side.
I will get my ROI out of you, you just wait …

@g4 just google indian nepotism in american tecn industry. you'll know what's going on at factset. the entire world knows who they are.

@ar legal or not, once a company or any factset office (excluding Mumbai and Hyderabad as they are native) starts having Indians, it is generally a doomed place. Be prepared to take on their portion of workload while they spend time licking managements’ arses. All talk and no work done.

@ar Mgmt has said to me when we let 2 factsetters go who had been with the company 15+ years that all tasks will be shifted to HYD. When I brought up the amount of industry, process, and factset knowledge each person had I was told that someone in HYD could learn in 9 months.

No. No they can't. The projects are crawling, projects are falling behind in quality, data is full of issues. They cannot learn and just have everything rebuilt resulting in a worse workflow.

We are leaderless. RS just wants the numbers to look better so he could sell the company to PE and escape with even more money.

@ar I'm OK with that actually, but you don't get what you don't pay for. An employee in India can certainly be incredibly smart but s/he won't build the same relationships (on the customer service side) or have the same market knowledge (on the product side) as a UK or US (or another other major) market participant. That under investment catches up.

In 2005 Fidelity had 2000 employees and 4000 open positions in Bangalore. Not all of those were bad choices but many came back to bite them in the a$$.

my question is; while they're letting people go in the west round after round, how come they're AGGRESSIVELY hiring in india for the exact same roles/positions ? I'm seeing more and more people joining in india office for the past couple years while people in the western offices are disappearing. most of the people I used to work with was in us/uk office since couple years ago but now most of them are in hydrabad office and they've basically replaced the people who let go from us/uk offices. that's extremely suspicious as I know that there are bunch of other american companies that are facing lawsuits for malpractice in hiring processes because of indians. this looks like the exact same pattern to me. I mean is this even legal ? they shouldn't be able to just shift the workforce just because hiring in india is simply cheaper.

I've got a bridge to sell anyone who thinks the layoffs are over and done with. Wake up.