December 4, 2006

 

S&P CONTINUES TO WIELD AXE

BUYOUT VOLUNTEERS ARE BEING SOUGHT

 

Last week, Standard & Poor’s announced a reduction-in-force, affecting eight Guild-represented employees at 55 Water St. The job classifications targeted included a clerk/typist, administrative assistant, and six industry and/or senior industry analysts. The company cited economic reasons for the downsizing.

While the work for the clerk/typist and administrative assistant was clearly being eliminated, there was more of a question about the analysts’ jobs.  The company originally attempted to pass it off as a reduction due to automation, but after questioning by the Guild, admitted much of it was as a result of outsourcing to Capital IQ, a subsidiary S&P acquired in India a few years ago. As a result, the new subcontracting language in the Collective Bargaining Agreement has come into play.

It marked the second time the language has been used since the contract was ratified late in June. The first was when S&P closed its printing plant on President Street in Brooklyn.

The new language requires the company to meet with the Guild and consider any alternatives the Guild may suggest to the subcontracting plan. If subcontracting goes forward, the provision provides enhanced severance packages (for those employees who desire to leave) and other job-security safeguards for those affected employees who want to stay. The S&P analysts who desire to stay will be grandfathered at their current salaries provided they secure another Guild-covered S&P job.

SEEKING VOLUNTEERS

If a Guild member in an affected classification is interested in leaving the company, contact Unit Chairperson Ed Fannon (3-3804) or Grievance Chairperson Randye Gilliam (3-3806) for a confidential evaluation of your particular situation. Any employee who would like to explore a severance package even if they don't hold one of the affected job titles should also contact Ed or Randy.  In the past, Human Resources personnel have worked with the Guild to move people around to save a job. 

 

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12/04/06