Earlier quoted context omitted.
I worked for a large US bank that has a 10% biannual attrition target at all levels across the company. Twice a year they PIP 10-15% of staff, most of whom take a substantial buyout. Institutional knowledge is constantly being lost and experienced staff are being replaced with fresh cohorts of new grads, who then get replaced themselves right as they start becoming useful. I knew multiple people there who made more i…
Oh, I think I know who is this. The CEO is fantastic (he is very technology oriented) but he is super convinced this is the right way. It has all kinds of perverse consequences. The constant loss of experience shows everywhere. Cliques are formed as means of protection. People focus on being seen, rather than in doing a great job, etc.
There are good reasons the Founder-CEO has stayed in power as long as he has, he has an amazing business sense and is why Capital One made it through 2008 unscathed, but he tries to manage every org like it's management consulting.