Have they started to layoff ? I heard some people were put on PIPs, are those the ones that will be laid off ? Anyone heard anything ?
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Heard some rumor on potential 'RTO'.
Last summer someone wrote a script to find out the number and titles of people getting let go. Does anyone know how to be recreate that?
We won't know anything until it's over. Does anyone know how aggressively FactSet enforces non-competes? I'm willing to bet we all have a clause in our agreements.
One would think, but instead look at the agenda they sent out. It's going to be the same bullsht townhall that we've grown to know.... leaving 5-10 minutes at the end for half-assed answers that don't answer the questions.
Global meeting announced for Feb 21, surely this is when they're announcing this right?
Here’s a radical idea for them to keep knowledge in the company while reducing expenses… offer on an OPTIONAL basis for people to get a 4 day workweek with a reduction in salary.
Dire times call for creative solutions
They could also start raising prices. FactSet is the cheapest of the competition. Or you know, not let wall street expectations dictate everything. The greed will always be there, but these short sighted layoffs are only a temporary bandaid. Soon enough there won’t be enough people to roll out high quality products / support them.
If FactSet doesn’t meet margin goals again we’ll see this nonsense again without a doubt. It’s now an established precedent.
Where is the accountability on the leadership team? When are they going to get rid of even a fraction of the ineffective ELT that make the most out of everyone on the payroll? He-l, just cut the stock compensation for them.
Do you guys think we will have another layoff round within this year ? Upvote this if you do, downvote if you don’t.
(Also yes most of the layoffs are and will be in NA region that’s because of 2 things; highest paid region and highest employee count region. That’s not only us, that’s pretty much every USA based company.)
I would bet that almost all "layoffs" occur in North America in Tier 1 or possibly Tier 2 cities and by year end we have more headcount in CoE. This is what happened last time.
Yep timing of that email was suspicious.. but what they’ll probably do is promote the interim person.
Rachel Stern is the first victim!! I hope we saved $1million here but might be more expensive to get her replacement 🤔
Assuming an average consultant is $80k USD annual, $15million USD ≈ 187 people from front offices. We have 33 (?), let’s take it as 27, some regions like Australia has 2 offices so we could combine resources. Each office will take away 6-7 people. If we take 10million USD≈ 125 people, each office around 4-5 people. This is now a place which value sales people, so start observing which 4-7 people in your respective offices, non sales will be the most risky ones. Pray for them
replying to myself here;
Forgot to count the other countries so actually that might not be the case in offshore offices like Philippines, India etc. theirs might be less than 50K when converted into US dollar so yes, you are right, I would now also expect the total number to be greater than 300 to hit 15M mark.
I have a doubt about that number. if they layoff 300 people to save 15M, that would mean those people are getting paid 50K per year. I don't think that's what an average employee at FactSet is getting paid. It should be more than that, hence the number should be less than 300. isn't it ?
It’s possible, but the concern is that they stated 10-15 million needed in the Q1 earnings call, so that most likely will amount to more than the ~300 people let go last summer.
I don’t believe they went the PIP route last summer - probably doing it this time to “save face”
Did they put people on PIP in the summer '23 layoffs ?
I read some articles in the FT, BI etc. they say this year it is expected that there will be significantly less layoffs after the mass layoffs in 2022-23. I hope this applies to FactSet too and there won't be another layoff round by July-August.
Very well said. It’s like 2 camps of people. The majority that’s now unmotivated, scared to lose their livelihoods, and the other much smaller group of people who are going at it triple time to try and make themselves look good. What they don’t realize is that ELT / HR look at a spreadsheet - no names, just metadata like IDs and salary figures. If you have the misfortune of working on a product that isn’t meeting the ELT expectations, tough luck. That happened with the layoffs in summer ‘23.
The ELT hasn’t learned anything - they’re living by Wall Street margin expectations. FDS used to be a growth company in the 90’s/00’s, but you can’t stop the aging process, it’s a mature company now that’s still growing, it can’t grow double digits forever. The sooner ELT recognizes that and comes to terms with it, the better off the whole company will be.
It feels like everyone is unmotivated, which is sad, I don’t even have the heart to chase people to get back to me anymore because I’m one of those. I am a diligent worker throughout the years but how the ETL is handling this without empathy is very much disappointing. When times come, it will come. Even if I’m not removed this round, I wonder ig anyone will still recognise this company with “great culture” “nice people”. We have become another typical corporate world.
A PIP is almost always a way to force someone who is underperforming (in their eyes) out of the company and then they can say it was “for cause”
Don’t ever get fooled by whatever bullsh*t they spew. Confirming am a manager, they gave out talking points to managers during the summer layoffs.
That said, haven’t heard anything else for this round. The execs are keeping their cards close on it.