November 10, 2008

 

S&P ANNOUNCES ANOTHER REDUCTION-IN-FORCE

 

S&P today served the union with a 60-day layoff notice that it plans to eliminate 10 Guild-represented positions in Data Operations and GraphMedia. All 10 of these positions are in our contract’s Job Security Group “B,” formerly known as Information Services.

 

The 10 bargaining unit positions that will be eliminated are:

 

 

Management gave the Guild a convoluted explanation as to why these jobs are being eliminated:

 

“As a result of function redundancy, re-designed processes and methods, or in association with re-defined organization objectives and strategies within ERS, a total of ten (10) Guild-represented positions in Data Operations and GraphMedia have been identified for elimination. Accordingly, the reasons for this reduction-in-force include economic reasons, as well as redundancy of functions resulting from new and improved methods of operation, automation and elimination of functions. None of the work scheduled for elimination will be ‘subcontracted’ or transferred to a separately incorporated business entity.”

 

After meeting with Human Resources, the Guild met with our members who are targeted for layoff. Some of our members expressed shock as to why this wasn’t considered a subcontracting event (which would trigger an enhanced severance package under the contract’s new subcontracting provision negotiated by the Guild). They told us that that the work will continue to be done, but be done by others—probably by S&P’s Capital IQ (an India subsidiary) and/or S&P’s Compustat in Denver.

 

Maybe that’s why management was so careful to claim that the work will not be “subcontracted” or transferred to a separately incorporated business entity.

 

The Guild will research the situation and take appropriate action.

 

Looking for 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 he or she doesn’t hold one of the affected job titles, should also contact Ed or Randye. In this case, there is no enhanced severance option for the volunteers - at least right now.

 

 

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11/10/08