Why would anyone think that constantly changing jobs, and living in fear of losing your home/savings/health insurance is somehow good for you? Makes you stronger, or what? Nope, it just makes you stressed, a state which takes away from everything else. I get that many people bought into the idea that existential drama is great. Usually those who secured themselves three times over. But the rest of us, we need a break.
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If you think many of us here are NOT under constant threat of layoffs, you clearly do not work in the same part of the organization I do. The threat of layoffs in my business unit is all too constant / all too real. It's been happening multiple times per year, every year, for at least 5 years. One exception might be 2021 where things were steady for a year or so, but the axe soon began swinging again. Our latest round of cuts came between November and January.
Jack Welch from GE pioneered this.
Mr. Hassel was not a fan of Rank and Yank, but Mr. Scharf brought that culture to us. Many of the other investment banks, such as JPMC and GS utilize this too.
It certainly makes for a difficult place to work. It also seems to impact the wrong people. Folks that are floating continue to float and don’t care. Hardworking folks striving for performance take it to heart and carry the burden, even though they may never get impacted. And many folks in the middle who are not the “ideal employee” are Impacted in a negative way.
Probably some type A persona like Elon Musk. However I don't want constant challenge nor any other challenge. I just want the most amount of credit and money for the least amount of work.
The executives are not in constant challenge irrespective of what they say ... Robin needs to justify his 12 million pay package. What did he really achieve in the last 2 years ?
Show balance sheet manipulation and cost savings by letting people go ?
I agree it’s terrible. Shows poor leadership. Employees should not live in fear of all of this garbage. EC has no concern to what this ‘change’ does to their employees, which they claim they care about. Don’t promote mental health services when you’re the abuser. Extremely stressful to families, children, etc. Stop it.
The funny thing is that they keep touting our mental health benefits and the last Peakon asked a bunch of mental health questions. The bank is the one causing me anxiety!!! The benefit cuts, the constant threat of layoffs, P-M, RTO, inefficient management, etc. I need therapy just for working here.