September 14, 2007

 

RIF: S&P SHEDS AT LEAST

22 JOBS, 14 OF THEM UNION

 

During the past few years, McGraw-Hill has placed a greater emphasis on the global market. It has become a drumbeat that echoes throughout the company. Therefore, it was only natural that our Domestic Industry Surveys should expand and embrace the whole world. And about five or six years ago, the company added Global Industry Surveys to its list of the already 50-plus Domestic Industry Surveys.

 

The number of Global Industry Surveys grew to 54, while our Domestic Surveys stood at 52. It’s difficult to extrapolate the importance (as well as revenue stream) of this service (and others), mainly because they are embedded into a number S&P’s services, which include S&P’s Net Advantage and S&P’s Advisor Insight. Both of these data-intensive services may include Stock Reports, Dividend Record, MarketScope, Outlook, Bond and Mutual Fund Reports, Corporation Records, as well as Global and Domestic Industry Surveys.

 

On September 12, 2007 (after citing economic concerns), the company announced that it decided to cutback its Global Industry Surveys to 10 from 54. This has resulted in eight Guild-covered job eliminations. Concurrently, and in an effort to garner additional savings, S&P axed an additional six Guild-covered jobs that were peppered throughout Investor Services.

 

This past spring, S&P announced that 11 Guild-covered jobs were being outsourced to India. With the help of H.R. and S&P management, we were able to find jobs for 10 out of 11 that were affected by the reduction-in-force (RIF).  The 11th person, who had no interest in staying with the company, took an enhanced severance package.

 

Now, two of those whom we placed earlier in the year find themselves again on the new RIF list! Talk about swimming against the tide! There were 14 Guild-represented Employees targeted in the most recent layoff. Management does not disclose the number of non-Guild staffers who lose their jobs in a RIF, but from what we were able to learn, there were at least eight non-Guild employees let go, including four mid-level managers.

 

The Guild-represented positions that are to be eliminated in the most recent round OF cuts include:

 

o                                          Associate Editor (2)

o                                          Copy Editor (1)

o                                          Customer Service Representative (1)

o                                          Designer (1)

o                                          Financial Reporter (1)

o                                          Financial Writer (3)

o                                          Production Coordinator (1)

o                                          Senior Copy Editor (1)

o                                          Senior Financial Writer  (1)

o                                          Senior Industry Analyst (1)

o                                          Typist Clerk (1)

 

SEEKING VOLUNTEERS

 

If a Guild member in an affected classification is interested in leaving the company, contact Unit Chairperson Ed Fannon (3-3804), Grievance Chairperson Randye Gilliam (3-3806) or Local Guild Representative Bob Townsend 212-730-1532 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, Randye or Bob.  In the past, Human Resources personnel have worked with the Guild to move people around to save a job.

 

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9/14/07