Anyone else hearing chatter about summer layoffs? Words is attrition isn’t high enough (for example, we have a CEO and a President…) and we will see reductions of lower performers in June or July.
7 replies (most recent on top)
Layoffs are year round. Don't matter what the season is.
I also received a surprise coaching memo.
Yep. I was a victim of a surprise coaching memo. Went from exceeds and getting LTI to being on a memo. The memo was vague and unsubstantiated and when asked for examples or scenarios, I was told it is confidential. I resigned because I am not putting up with this bullsh-t anymore.
Before listing some of the reasons I’ve heard, note that the majority of initial negative feedback have been in surprise reviews or coaching memos. In other words, no mention in 1:1 meetings or other less jarring feedback. And some of those being put into performance plans had received glowing feedback and awards just weeks prior.
The issues? Failure to use X fully, failure to participate in meetings, failure to publish enough documents, failure to close enough tickets, You get the idea. The meeting one was for someone who’d just returned from sabbatical.
Some reasons are softer. Have better relationships with this other group. When asked for coaching the victim, I mean employee, is told there aren’t any and that it is a general impression or that it’s confidential.
The playbook is consistent. It is fightable. And it is never about individual improvement. It is never about metrics or prior expectations. Ever. Even the HR policies we agree to follow as PLs state clearly that coaching memos are not positives and we should assess if any guidance was provided, if it was ignored, and whether the employee seeks to improve. The nonsense that has gone on for years with forcing people out for no fault of their own is not about better employees.
Written warnings for what type of things?
I can confirm part of what the previous person said. Management has been handing out written warnings like Halloween candy in my department.
Execs don’t count in determining who to cut. And Chuck seemed focused on AUM and other metrics to his legacy, not on labor or the growth of the company today.
It is clear that the industry, and not just us, are focused on cheaper with automation (business and tech) while making money on money. That’s it. Dark pools and voting control are tapping out. Index funds outperform experts. And when LAS is our “expert”…
We will likely see RTO5 first and that should have a three month warning. Given schools return in August that announcement should be soon.
There’s also continuing small layoffs quarterly and the already started written warning process. That will knock out a few hundred.