Lots of IT people cut in Columbus
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We went from essential employees, who were subsidized by the federal government during the pandemic to unnecessary expenses when the federal government wealth-fare dried up. How did the company turn a profit before the pandemic? They didn't let conmen and corporate raiders run the company into the ground. We are better than this tawdry travesty of virtue-less greed and haughty hubris.
Everyone returns to the office and the good ones will go on their own. EASY to do no cost layoffs that way. The dead weight will just report to the office and do nothing there vs. nothing at home. The ones that got work done at home or at the office will go to employers that want good workers. Employers that are not tied to expensive real estate and locality tax breaks that require butts in seats for their payout. Employers that would fire the dead weight vs keeping them on cause it is easier to ignore them than deal with HR to fire them.
Some one downtown is hitting the EASY button right now. We just haven't been made aware yet.
Who are they going to layoff? After the cuts in January and the VSP, people are stretched thin as is. There’s not a lot of fat in the org right now.
If they are considering it, they must be worried that there isn’t enough regulatory muscle in the org to win rate cases, so they’ve got to get O&M down somehow.
Word is layoffs around thanksgiving, delaying until after elections
Does anyone even care about the dividend? 88 cents a share? What is that like 3.5% a year? My savings account gets more than that
The reason people leave and come back is because there is no one left to cut. And they keep cutting the wrong people. Has anyone ever noticed that not one single TR person, or Minnesota resident (besides Sanjay for for being a crook) has ever been cut?
When people come back as contractors that is a poor representation of the managent of who they were under. You cut the wrong people and you have to bring them back just to get the work done. If you have to bring them back, then your decision to cut them was a bad one.
They keep wanting cuts, with no forward looking plans more than 6 months. It's like a crack addict trying to do whatever to get their next fix.
In this case they will do anything to pay that dividend and not show weakness on Wallstreet.
I would think they'll get rid of people based on their desires and not the employees. This is just a job now
TR was granted 5k shares on 10/3 worth 500k. Doesn't say why, sure as he11 can't be for performance.
At the town hall Bill said he is not a fan of the voluntary severance. He said a lot of people took the deal then came right back as contractors. Basically scammed the company. So if you were hoping for another VSP I wouldn’t hold your breath
Don’t want to alarm anyone but the severance policy and summary documents are no longer available to employees.
History usually repeats itself. Layoffs usually happen the same time every year for most companies. They try to use them to maximize earns and to show Wall St they're doing something about cost. Wall St doesn't care about quality or service levels, lower cost increases earnings and profits. None of this is taking place without that in mind Your job is a cost, doesn't matter what you do. However if you want the biggest bang for you buck, start laying off some EVPs. You can start with TR, IT can operate just fine without her
im sure we'll hear about layoffs right around thanksgiving time.
Corporate executives have become tyrannical in their delusions of grandeur. They extract far more prosperity than they have earned or deserve at the expense of employees and retirees. Their haughty hubris mocks and defiles the virtue of employees and retirees that make the company successful. We need to remind them that we can function without them but their company shall never be as successful without us. Their unearned, undeserved and obscene self-aggrandizement is brazen and bald-faced heresy.
Wow, you're expecting an ICP! I would not count on it. My best guess, next round of layoffs are going to be mainly managers. As the consolidation kicks off, you're going to see less managers as other managers pick up additional folks. The days of managers with 2-3 people is over. Come the end of Jan 2025 if EPS has not improved, maybe another round of layoffs but not until we see the results of 2024 and the outlook for 2025. Plus, throw in a Harris win and you can beat she'll push for higher corp taxes which will lead to job cuts.
Has anyone heard anything about more layoffs? I keep expecting something to happen but so far nothing.
So, I haven’t seen this yet…. Why don’t we unionize? I hate unions, but I think we need to.
Only purpose of survey is to cause more work for employees so they are not focused on leadership steadily extracting value from the company it took employees decades to create and amass. CEO has been here weeks and earns more than employees, who have spent a lifetime serving and sacrificing to make them rich. ICP shall be woefully inadequate and appallingly insulting much like the management we have been saddled with.
Processes are fine. But under the TR wing they are top heavy with leadership unqualified to do the jobs they're in. Processes routinely change to fit the mood of the week as if SrMgmt have multiple personality disorders. It's hard for employees to follow any process when you have Sybil at the switch and it's there's no consistency.
Bill strikes me as a results type of guy. You need to have a process for everything, if one doesn't exist, create it. After that you better follow the process and know it. If you don't, you better have a good reason why you didn't follow it. I see we're going to get beat over the head in the coming year about process and did you follow it. Good luck to those that don't follow the documented process.
Agreed, doing the survey was a total waste of time. I always thought each level of mgmt should have been rated all the up to the CEO. Problem is most of the questions are related to the department level but few above their department. Personally I would rate my boss a 4.5, my MgDir a 2.5, the VP a 2.8 and Therace a 1.0. Bill would be a 3.0 for now. So the problem is not in our department, it's all above us.
The self-absorbed, self-centered, greedy conservative sycophant clique is embedding itself in American Electric Power the same way a Lyme disease carrying tick embeds itself in a host to gorge itself to the detriment of the host organism. Anyone have any conservative clique repellant, you know VIRTUE?
T Quote- "Yes, thousands of AEP employees lost their jobs and we are Millions over budget with far inferior support, but i got my kickbacks from TCS"
I'll take a middle-aged male who knows what the heck is going on over someone who doesn't know anything about the processes we use or Blue Tooth. She the CITO for Pete's sake, she's should absolutely know how IT works. She's worthless along with most of the cronies she brought with her, man or woman. Please clean house and get rid of her and anyone associated with her. Do not renew the contract with TCS. Stream line the hiring process and get real techs back into the company. Your employees will bust a$$ to make it work and the BUs will welcome it.
More middle-aged white male executives… joy.
If history holds true look for more BH executives heading to AEP. Therace brought all of her cronies with her and if she is forced out for a new CTO, look for some of her cronies start to leave but it won't happen overnight. At least they won't have her to save them. At least that's the hope.
Fehrman bringing his own guys on board with the Joe Moore hire. Those awaiting Therace’s exit might not have to wait too long once he finds a CTO he’s familiar with.
It’s funny that AEP got rid of the old process improvement org with the layoffs in Q1, and now they will need to staff an org to do much of the same.
Wait, there may be hope! Joe Moore has been named VP Business Transformation! Hope he starts with Technology group! We have a huge process mess to clean up. And, our BSA's and PM's are educated on process improvement and process documentation. Start with us!!! Please....
If AEP were a movie? Would it be like Wall Street or more like The Office? My take would be closer to the Night of the Living Dead. Any other suggestions?
In simple terms, leadership su-ks, they only look out for themselves and are rewarded an obscene amount of money with nothing to show for it. They make decisions that add no value to the community they serve. I will say one thing you got wrong, if you don't like the pay as an employee or contractor, leave. Go somewhere else that you feel actually takes you and their customers into account. Nothing and no one is keeping you here. I left and it's the best thing that has happened to me. You may get to see how a company should operate somewhere else. If you stay, good luck to you but don't hold your breath things will change. Bill is not the white knight everyone thinks he is.
Corporate governance has become a value extractor, not a value creator. If we ran our lives the way they run the company, we would all be bankrupt because we do not have employees and customers to treat like a cash cow to replace revenue squandered on bad business decisions and unethical practices. Our determination to overcome adversity and succeed is being mocked, defiled and squandered by self-absorbed fools, who swear allegiance only to themselves and betray our republic.
I see working at AEP as the movie wonderful life. Potterville has taken over Bedfordfalls. People are tools and cattle to this leadership team. We need more people like the Baileys. Speak up and hold bad leadership accountable.
The leadership problem is not a Republican/Democrat, liberal/conservative, fascism/socialism problem. The leadership problem is virtue-less leadership has abandoned the Founding Principles that enabled and empowered the possibility of the American dream. Leadership is obsessed with their unearned, undeserved and obscene self-aggrandizement. They are extracting immense amounts of wealth (prosperity) from communities and returning none of it in the form of raises for loyal employees and contractors. They are raising rates and siphoning off the increased revenue into their own pockets instead of funding the additional expenditures they used to justify the rate increases. This is the economic equivalent of strip mining communities which is not a sustainable business model. This is a hedge fund strategy that transfers immense wealth to the virtue-less un-American globalist corporate oligarchs by destroying our nation and our way of life because they can not deny their virtue-less self-serving base desires. Immense wealth authoritarian tyranny our forefathers rebelled against, absent the British accent, not the haughty arrogance. If I am being completely honest, I would swear we are working at Enron or WorldCom.
Some more quotes for the Therace site....
I personally increased the income tax base for the state of Minnesota through nepotism.
I take my conference calls in front of a bull painting as a subliminal way of conveying what I say is Bull *#%
My keyboard is broken and TCS told me to turn it over and try again.
I gave Steve a 99% discount on black Tee Shirts at the JCPenny fire sale.
I can't comprehend capitol accounting so I bankrupted O&M.
At Cook Nuclear power plant they have a gentlemans hanshaje with a nuclear plant just up the street. Tge leaders at Cook are blocking employees from intervuewing with the other plant. They are holding people back from oppurtunity. How can someone do this to an individual (family) and be happy with themselves. If this is not anti American tgen what is. Workers are not slaves and should have the right to choose where they work and have oppurtunity. If Cooks leadership is scared they will loose to many workers, look in the mirror, you are responsible for the culture, employee engagement and retention.
So what you're saying is we're run by a bunch of Democrats! They want to put us back in chains. They want to bring back the Jim Crowe laws and have the K-k ride again. And then separate everyone based on skin color. Yeah that sounds like something the Democrats would do. They say history will repeat itself. But can we get back to the layoffs?
The virtue-less leadership have proven themselves unworthy of their virtuous employees and customers, who they have failed to faithfully serve. They are an abominable darkness conspiring to eclipse the light of the American dream so they may extinguish our beacon of freedom. Their allegiance is only to themselves and their major shareholders insatiable greed. We must not allow them to indoctrinate, assimilate and subjugate us to their virtue-less un-American globalist corporate oligarchy for their unearned, undeserved and obscene self-aggrandizement. We the virtuous people shall prevail over virtue-less immense wealth authoritarian tyranny as did our colonial forefathers. We are not descended from fearful men. Embody Virtue, Defend Liberty, Demand Equality, Define Justice, Vanquish Tyranny thus Live the Virtuous American Dream. We are one nation and we are free.
Based on the outcome of the outsourcing, either someone got a lot of money in terms of a kick back to give TCS the contract or Therace is really stupid. I guess there is a 3rd option, both. She got something in return and is stupid to give TCS the contact. My understanding Sanjay took one for the team. He made sure TCS got the contact instead of Capgemini or Accenture. Where is he now?
You would think at some point the clowns running this three ring circus would come to their senses and cut their losses but that would require admitting to making a mistake. No self respecting senior executive could ever suffer that humiliation so we all just have to keep publicly smiling and drinking the kool-aid. God knows you can’t ever admit to not toeing the party line about how we all love our cherished “co-sourced labor partners” that struggle figure out which side of the keyboard they are supposed to mash their fingers against. Sure does make everything cheaper though, getting rid of those damn Americans that demand decent wages.
It will also be interesting to see how they spin the latest culture survey into being a positive since of course the last Gallup poll “didn’t accurately express” the message they wanted to send.
Another Glorious Day at Outsourced Electric Power comrades! Long love the Dear Leader!
American Electric Power (AEP)
No. of Employees to be Laid off: 1500
Industry: Energy & Utilities
July 2024
About 1,000 American Electric Power employees have taken the company’s voluntary severance offer, which it says is necessary to reduce costs. The company recorded a one-time charge of $94 million, or 18 cents per share, during the April 1-June 30 quarter to pay for the severance program
Hope it was worth it.
It is "Incredible" how close that looks like her. She is a little weasel on how she runs things into the ground. I wonder what people who actually worked for her in her early days as a manager actually think of her. Rating all of the CIOs that we've had, she would be on the bottom for me and not just for the outsourcing, but the whole package.