Principal Financial Group....
- Thread starter dosry5
- Start date
unless you're one of the 75....
but in all seriousness....it VERY much rocks the boat. The morale boat.
On a lighter note- I'm enjoying the nice uptick in stock price as of late. Mid-20's by July and you'll see this guy smiling.......
yeah, it's pretty sad when you ask your boss, who is a director, if there is any light at the end of the tunnel for the company and he just looks at you and shrugs his shoulders....
It's all in 1 area. It's an area that's been doing rounds of layoffs for about a year now.
We're talking about less than 1,000 Layoffs in the past year out of over 15,000 people. It sucks, but there are companies in much worse positions...
We're talking about less than 1,000 Layoffs in the past year out of over 15,000 people. It sucks, but there are companies in much worse positions...
That is one thing about how Principal is doing this that makes me wonder what they are thinking. The dripping it out method is much worse for moral and their image as an employer than on large (perhaps even larger than needed to be safe) cut.
What is the total with the last group? I think it is less than 1,000 so let's say last November or December they announced 1,000 cut world wide or about a 6% cut. Would we still be talking about it now?
What is the total with the last group? I think it is less than 1,000 so let's say last November or December they announced 1,000 cut world wide or about a 6% cut. Would we still be talking about it now?
Obviously nobody wants to get cut...but it's to the point that the rumors are so persistent around the campus that it would be best--you almost want them to--just make one big cut and get it all over with. Morale went away from here along with the clocks.
Here's the problem with that: when you do a corporate wide action, the high level execs tell each Business Unit to cut a certain amount of money. You had all Business Units lay people off due to pressure from the top.
Now, they are letting the Business Units handle it on their own. The thing is that there are a few bright spots in the company that are doing well, and it wouldn't be fair to try to force those areas to cut people when they don't have it. I think that's why they do not just go ahead and do another big corporate one...
Last I heard they were not. They had a good quarter, but I think they're still being cautious...
From people I know that work there, they are basically "trimming the fat". No offense to any that post on here that may have been laid off. But, I know someone that is fairly high up that had a couple of subordinates doing work that she basically could have. I know that she has taken a pay cut, and that they are having to put in more hours. But, it's a small price to pay to have a job in this market...
I understand what you are saying - if you didn't get cut, you are going to be looking over your shoulder. But honestly, if they did it the opposite, do you think you still wouldn't be looking over your shoulder?
Also, it goes to forecasting. Perhaps the initial round was to be their big cut, and they simply forecasted incorrectly?
Hard to know the intentions and plans of a company.
I have a friend that just got hired out at WF taking incoming calls from people who are unable to pay their mortgages.
I'm glad he found a job, but it sucks that they have to add staff just to keep up with the load of those types of calls.
I'm glad he found a job, but it sucks that they have to add staff just to keep up with the load of those types of calls.
I'm just tired about how much negative pub there is about a company that has cut less than 5% of their workers overall. Look at some of the peer companies and how much they've cut. Look at other sectors like the auto-workers...
I certainly wouldn't worry too much about how the company will keep functioning. My employer just took a hit much deeper than 5% and I have been surprised at how smoothly things have just rolled on. That isn't to say there haven't been some challenges, but it certainly hasn't shut down the whole show around here.