Post from TheLayoff.com
This syncs with what I'm hearing as well
13 replies (most recent on top)
The middle part is the main thing that I don’t think anyone knows. They can’t just shut down Denver and lay everyone off with severance right away. There will have to be some remote for who knows how long based on how important a persons role is and what extra capacity their is.
Right now, any IT related Digital members are being laid off. All existing contract workers are being replaced by Accenture contract workers. Slowly, associates in Denver are being laid off but the big news will be what has previously been reported on this site. Denver office is closing. Latest rumor has doors shutting by end of year. In the meantime, associates will be asked to relocate to Texas office - body count quotas need to be met. How soon any relocating must be in Frisco is unconfirmed. Relocation assistance remains unconfirmed No. Expectation is that news will come second week of August with a formal announcement tied into profit/loss in the September town hall - Bet365 has odd of CEO showing at 5%.
@1gdo+1tGw5wo7 - other than UM eating glue sticks in the corner?
Anyone know what’s going in in CS&T?
Go take a look at the jobs posted on the public site...49 jobs in the US. 48 in other countries, with 24 of those in India. Next, go look at what jobs are posted in India. You'll see Risk Management, Treasury, Corp Strategy...it's not all just processing or coding type jobs. Unless your an executive or directly client facing, there's a good chance your job ends up offshore in the next 5 years. This goes beyond TIAA...vote wisely!
@hck+1tGw5wo7 Same here. If you’re in Denver you may get your wish/prayer answered. Probably August or September.
Average isn’t the right stat to use which is why it doesn’t sound right. You want median or avg salary of jobs likely to be outsourced. We aren’t outsourcing the executive team, which would make up a lot of that average.
In India they pay at least 3000000 -3500000 INR(approx $40-45K) for good IT resources. Definitely they are saving some, but not lot. Also I don't think TIAA average base pay is 150K.
God please lay me off and give me a package. I will sign on the dotted line the minute the pen hits my hand.
Wouldn’t be surprised.
According to data released by World of Statistics on May 1, 2023, India has an average monthly wage of INR 46,861 (US$561.33). This translates to $6,736/year.
From around 2021 or 2022, the average base pay at TIAA was around $150,000/yr.
Back of the napkin math using these unconfirmed numbers shows that they can hire 22 India workers to replace 1 US worker. (This is before VC which would increase this number.)
I heard they layoff 50% of the workforce and moving most teams overseas.
Or was yesterday it?