Recently the company has been pressured to acquire a couple of businesses who would have disrupted the ECM industry. These purchases required onboarding significant debt, which wasn't an issue when the interest rates were low. Now that interest is ballooning the company isn't running the 40% profit margin the PE firms see as profitable, as a result they massively downsized, axing 20% of their workforce. Additionally teams were being promised that once their product is offshored they would be directed to new, initiative-driven projects that are important to the organization. This is false. Entire teams were gutted, with future end severance dates to tie them there. They're being asked to teach their product and hand over their code bases to teams outside of the US. Meanwhile the company continues to do ridiculous things with money. Remodeling the cafeteria (when there is nobody in the office. Paying a local artist to come in and paint a mural of the city skyline. Leasing live plants to decorate the Westlake building which are serviced regularly by an outside company. Installing electric car chargers (for tax breaks, but was the offset enough, seriously?). Replaced all of the common area furniture. Installed monitors all over the office. This has resulted in several glaring issues. - Destruction of trust in executive leadership due to extremely poor business decisions. (Massive loans with variable interest rates. Massive hiring, freezes, and firing. Offshoring entire teams work with the promise of more interesting, important work on company initiatives, but laying off instead.) - Massive employee dissatisfaction due to double or triple workloads in certain business units. (And now there are job posting to rehire people.) - Death of culture. One of the companies core values is "Our employees are our family." We did treat each other like very close friends, while the organization treated us like family in some respects. I'd say the company excelled in this core value by keeping salaries low, freezing well earned promotions/raises, (You'd work cheaper for family, right?) and providing garbage-tier benefits to save money. (50% of 6% match on your 401k, which is below the national average) It was finally acknowledged at a recent meeting that yes, that core value is a misstep, if not a complete prevarication. - At a time when Epic is planning on unleashing a disruptor of a product to bounce Hyland out of their biggest vertical, the company is laying off. Once Epic pushes Hyland out of the market with this new service it will significantly impact the company, which is why Thoma Bravo is making moves to sell the company. Lastly, the good folks who are still here are leaving. They're actively searching. The job market is still fairly good and nearly every job I've interviewed for had better pay and SIGNIFICANTLY better benefits.
