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Fidelity Investments I joined FIL on 08th August 2022 and hence was eligible for appraisal but even after a good feedback, I was told that there is no increment in salary as well as bonus because of "Too Soon To Decide" rating. And this is being followed not just in our team but in whole FIL. This is the first time I am hearing such kind of thing and didn't found any thing like this on "HR Hub". So, if anyone of you know about this or have received similar gyan from Manager, please share your experience. Fidelity In
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My wife joined Fidelity in 2022 December. It was going awesome- WFH, good WLB, free cabs. We were both working remotely from our hometown. Until the mail came which said 9% reduction (1000 employees) in headcount to be informed by june, co-pay for cabs, 8 days a month in office along with increase in work load. Out of total 10,000 employees, 4500-5000 are based out of India. My wife has gone into so much stress, that she is working non-stop without a leave thinking if she doesn’t- she will be fired. A company which we thought was amazing in the beginning is a reason these days for increased stress levels.
Yeah 9% head count reduction is announced and there’s cost cutting + new work policies (eg: free cabs now moving to co-pay model, flexible WFH to 2 days/week mandatory etc)
Not a good time to join FIL. There is a lot of panic around the firings and the 1000 people layoff is just the starting, it will be followed by more layoffs in coming months.
Moreover, there is no financial growth in current situation due to cost cutting. The indirect message is be happy that your job is safe and don't expect much in terms of money.
Layoff will definitely impact the all the businesses and location. They do a lot of firing in Risk as it is just a cost function and no regulatory requirements.