Will Bloomberg LP Be Willing To Take Back Its Castoffs?


Now that Bloomberg LP is cutting employees for the first time, will the company rethink its legendarily nasty policy of not taking back former employees?

In the past the company refused to rehire anyone that left:

Vanity Fair: Even more striking is the manner in which [Mike Bloomberg’s autobiography] frames the [Bloomberg LP’s] relationship to the outside world: “When someone departs, those of us who stay are hurt.… We’re trying to feed our families, and his or her leaving makes that task more difficult. Him or her, or my kids? That’s an easy choice!” Later, Bloomberg/Winkler writes, “The Bloomberg philosophy may sound strange to ‘outsiders,’ but not to those who matter—us. We’ve always assumed that even if we’re paranoid, they probably are out to get us. While you’re reading this, we’re thinking about how our competitors are plotting to take the food from our children’s mouths.” If employees left to work for a competitor, “they’ve become bad people. Period. We have a loyalty to us. Leave, and you’re them.” There was even a policy against rehiring anyone who quit for anything other than family reasons: “How could we ever again look in the eye the one who stayed if we let the ‘traitor’ come back?”

Bloomberg chose not to comment when asked whether it would bring back fired employees, but a spokeswoman told us the 100 firings were the result of redundancies within the radio and television departments and the company is still hiring 1,000 people a year in other departments.

(via: RecessionWire)

See Also:
First Ever Layoffs Coming To Bloomberg LP