What's the word on layoffs for next month? I feel like I might have missed something.
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There will be no cuts. 3M had a great Q2 quarter.
@hj 10% across a BG or the company?
Heard the consultant recommendation for the cuts is rather deep. In the ballpark 10~20% reduction. Quite massive if EVP adopted the idea.
Problem is consultant doesn’t know squat about what they are talking about in who to cut and external hire executives don't know squat about any of the functions and people being cut. They just blindly follow and get short term pats on the back for saving money. Later on they get fired with a handsome parachute like the dude whose son worked for consult firm.
@fm it is very true that consultant makes the recommendation which function is too fat and need to lay off. I heard there are some decision pending Esc pres to decide to trim as per consultant analysis. Its likely to come in year end.
Consultants choose who actually get laid off. After that it’s easy. The HR tasks could easily be handled by AI and an outsource company based in India.
@cv One could hope, but we all know HR isn't gonna lay themselves off.
Probably all of HR since all their activities can easily be outsourced to India and they have the very least to do with actual products.
Pay attention to TSA exit timing. Common sense will tell you that there will be layoffs in IT to coincide with that loss of exorbitant billing. The writing is on the wall.
Pretty sure IT has layoffs planned for August, or maybe September.
They're starting to wrap up the knowledge transfer to managed services.
@OP there is barely anyone left to be laid off at this point XD
The coming earnings call should be a good quarter Q2 results. So likely no need for a layoff in this quarter announcement.