February 6, 2004

Ratings Information Representatives

Targeted for Layoff

Company cites decrease in call center activity and an increase

 in on-line information gathering

            Late last week, John Gillen, Senior Director of Workforce Initiatives for Standard & Poor's, notified the Guild that two ratings information representatives in Credit Market Services, would be laid off if jobs are not found for them within the organization by March 31.  Typically, the two most junior representatives would be those let go.  The company gave the Guild data showing that more customers are using free web-based services than are referring to the call center where the ratings information representatives personally answer questions. 

Volunteers Sought 

             In the event of a reduction in force, several contract provisions come into play: 

·        Standard & Poor's must enact a 60-day hiring freeze within the job title or comparable job titles. 

·        Two other ratings information representatives may volunteer to take a severance package and leave Standard & Poor’s instead of the junior staffers.

·        If no other ratings information representatives step forward, the company will consider volunteers from other departments and other positions, where a job swap might work out.

·        If there are no suitable volunteers, the targeted employees can apply for any open jobs within the company, for which they could be trained. They would receive training in the new position according to their length of service, as specified in the Guild contract. 

Want to Help? 

            To explore the possibility of volunteering for a severance package and helping a co-worker to avoid involuntary layoff, contact Unit Chairperson Ed Fannon at X33804. All inquiries will be kept confidential. 

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02/06/04