Thread regarding FactSet Research Systems Inc. layoffs

Is sales responsible? Layoffs? Be the judge of that.

The problem is not the redundancy as other companies have done a lot more. However, the main issue here is with the sales organization and how the head of sales is managing it. Either the CEO is not seeing the performance or they are hiding it from him. Putting results aside, people are just not happy with sales and how it’s being run. If you do not believe then take an honest poll from the organization and let the results do the justice (not Glint). It’s bonkers but she does not have the credential being in sales and that should have been the question the board of directors inquiring about couple of years back.

The sales organization is a bloody mess and too big with a mix of teams that some have nothing to do with revenue and no glamorous results. Why would she want to have engineering, finance, product pricing, marketing, public relations, consulting, specialists, sales, operations, wealth and other unknown jobs like EGPs and EROs that no one knows what they do?

Having sales people who are selling for other sales people in the company might not be as practical (please do not be offended but sales got many acronyms that you need someone from national spelling bee to tell the rest of nation what they mean and actually do).

It is a pity but they could have saved a lot by just reducing some of the people in this organization. At the end this is not a sales strategy but looks like a behaviour of “land grabbing”.

I left last year after many years but everyone is talking about this including both current and former employees. Sorry for those who were let go. For those of you there, you have a choice - either can wait and see what changes or find other opportunities like many others.

One advice for the executives and senior leaders who read this: good and inspiring leaders send their own emails and communications directly to the organization and not ask an EA to do it on their behalf. It is important to be in touch with your people directly and not through behind doors.

Best of luck to all and cheers!

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| 2391 views | | 14 replies (last February 23, 2024) | Reply
Post ID: @OP+1r9jPMTw

14 replies (most recent on top)

CRO and her minions are not doing their jobs. None of her directs are fit for those roles. Sales people are working hard but no direction from these leaders. Bunch of unqualified leaders from Americas, Europe and Asia.

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Post ID: @4esw+1r9jPMTw

CRO has been MIA. Where is she with this mess? Probably working on another reorg. We should change our ticker from FDS to BCG. All of these changes and layoffs started when she took over.

She is probably working with her admin to put the legal team under sales as her next move.

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Post ID: @4qyb+1r9jPMTw

I was in sales before moving to product last FY & then getting laid off 10 days ago... My performance was always meets expectations or better. I can vouch for a few of these comments. Invalidating people's feelings or talking down to them isn't worthwhile and only serves to make you feel better.

There are problems all over the organization, but sales is a big contributor to them. FactSet should incentivize the sales teams on gross ASV while incentivizing client consulting to stop ASV from going out the door (a $1,000 bonus or $1,000 raise isn't going to cut it). Let's call a spade a spade... FactSet's incentives across the organization are misaligned.

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Post ID: @3qmr+1r9jPMTw

These are pretty useless comments showing a clear lack of understanding of what is an entire sales organization. If after one year, you are still commenting on your former employer, I am concerned about your focus on your new job!

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Post ID: @3mas+1r9jPMTw

Hallelujah finally someone putting forward a coherent view. Maintaining business is still selling believe it or not.
And in some cases dare I say - this is when our products are not delivering.
I’d also like to point out that we’re still growing and this is against a back drop of the guys and gals who pay our bills cutting budgets.
This is the cycle, we have been here before and we will get through this.

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Post ID: @3lns+1r9jPMTw

I don’t think most of these commenters understand what sales people do, and how much a role they play in retention, renewals and securing constant revenue streams for FactSet.

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Post ID: @3jwr+1r9jPMTw

I believe there are multiple L2s responsible for this era in FactSet’s history. I won’t name names, but some L2s are just not equipped to lead (and that’s okay, but they shouldn’t be an L2 or L3)… they don’t inspire confidence, they aren’t open to new ideas (or reject an idea when they find one flaw with it because it hasn’t been thoroughly thought out), and they are primarily focused on short-term results rather than returning value to shareholders over the long term.

I agree with some other commenters that poor performance isn’t rooted out quickly enough. That’s most easily seen in sales but I’m sure it exists elsewhere too. It’s very odd that at a corporate level, FactSet is eager to change course at the earliest signs of green fields or choppiness while lower down the ladder things take longer to pivot. IMO, it should be the opposite.

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Post ID: @2iba+1r9jPMTw

You either agree or disagree with a topic but let’s be respectful to each other and individuals.

You should not put all sales people in one category. Some are working very hard to move things along. They are hustling and in front of their clients.

Is everything going OK with products? I assume similar to many other companies, those functions have their own issues as well.

However, there seems to be a trend with some of the decisions sales leaders have made and the question is do they admit to their mistakes or stay in this path. BOD and CEO are the ones making the call and I bet they have all the information they need.

they might be fine with top down not growing vs competitors.

Looks like CRO is not as comfortable in this role and is constantly changing. Can you help her to be successful?

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Post ID: @2xhc+1r9jPMTw

What’s being said on B-chat:
That 6 people at a company that has 10k employees are having a winge on public site that has an audience of 30 people.
I also bet those analysts are going to winge that they are losing their b-chat and being forced to use Teams ;) because they are wasting time discussing this issue on b-chat - BWAHAHAHAHAHA

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Post ID: @2fqe+1r9jPMTw

That’s absolutely hilarious that analysts have picked up on this thread / site. Imagine them mentioning it on an earnings call. What’s being said on B chat?

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Post ID: @2tez+1r9jPMTw

Wow what a sore loser! Someone hit the nerve on this kid who cannot have a healthy discussion. Probably one of the Tax Electronic filer.

Did you get cut? Bet you are the bottom 10% and not reaching your goal.

Stale information? I bet you are talking about your sales pipeline and that’s why you are reading this thread.

You should have come to the office to know the structure dear person.

FYI H&R Block is hiring - tax season so you get 2x/hr by April 15... let Uncle Sam help you as You probably won’t see much in your bonus.

Be an adult and have a good comment here.

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Post ID: @1fvj+1r9jPMTw

This thread is a total pile of steaming sh*t.
reaching out to old colleagues who know nothing about the org structure or have stale information?

FFS get a life, do your job or just F* off somewhere else.

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Post ID: @1zaj+1r9jPMTw

I did not know what E-O stands for so I googled: Electronic Return Originator for IRS e-filing (Turbo Tax).

I reached out to couple of old colleagues and they said freelancer group and individuals within EGP that do advising. I asked what EGP stands for and they mentioned bunch of teams that were redundant but were not let go. Does anyone know? I think they were messing with me.

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Post ID: @1ttk+1r9jPMTw

Thx for providing some info here. Couple of friends said these feedback are floating around B chat and caught some of the analysts attention already. Board won’t do much as it has taken them this long to realize. Others and employees do.

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Post ID: @1gua+1r9jPMTw

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