Economist Group Employee Reviews about "high turnover"

Updated Aug 10, 2020

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Found 11 of over 279 reviews

3.5
66%
Recommend to a Friend
69%
Approve of CEO
Economist Group CEO Lara Boro
Lara Boro
39 Ratings
Pros
  • "Extremely good work-life balance(in 16 reviews)

  • "Smart people, and until now lots of autonomy in regional offices(in 15 reviews)

  • Cons
  • "This place has a toxic environment, poor morale, no loyalty and high turnover(in 11 reviews)

  • "Poor management, politics within teams, they seems to be intellectual but don't know why, never focus on teams in support(in 7 reviews)

  • More Pros and Cons
    Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

    Reviews about "high turnover"

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    1. 5.0
      Former Employee, more than 5 years

      Amazing place to work if you are not joining the Digital/ technology department

      Nov 27, 2019 - Head of Department in London, England, England
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Having left the Economist and reflected on my experience working within the organisation, I would say the main positive about the company culture. There are departmental cultures due to leadership style, however I would describe the overall company culture in four words: inclusive, collaborative, There is an innovative spirit, however there is also an underlying common sense to know when to innovate and when not to re-invent the wheel. The learning aspect means people are not afraid to make mistakes and thus create an environment where idea and talent flourish. People learn from their own experience, learn from each other and learn from others. People work collaboratively and most importantly are always ready to support each other. There is a very good work / life efficiency I would say. People are not expected or look upon favourably if they stay late in the office or how many hours they do. What matters is the results, quality over quantity. As a result, there is a higher productivity across the board and there is a lot of goodwill. There are good development opportunities available, both in house or external trainings. However, this is not well communicated which mean many people are not aware. If you ask you get, if you don’t ask you don’t get!

      Cons

      There is also a conflicting culture within the Digital / Technology department due to appointment of a group of people at the Digital leadership level over the last three years. This group of people do not share the overall company culture, which has created many conflicts, a toxic environment and tension. If you disagree with this group and stand up to them for their unprofessional, borderline bullyish and unfair behaviour, be prepared to be reprimanded yourself as there are well protected. As a result this department has had a high staff turnover and lost many great people. There is hope as their protector has been shown the door, finally someone has seen sense! Let’s hope the new CTO will see through the politics and lies of the remaining twos. The company goal and objectives are not communicated widely and frequently enough internally. This lead to people often not knowing what they are working towards and what if the common goal. Compared to competitors the company is doing well as it remains true to its values, mainly providing world class journalism. However, due to the decline in advertising sales the company has not met its turnover and profit target in the last four years. Consequently, no bonuses have been paid in last four years and salaries have remains fairly flat. Let’s hope under the new CEO and CTO, thing will improve overall.

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      1 person found this review helpful
    2. 1.0
      Former Employee, more than 1 year

      Rotten to the core

      Aug 10, 2020 - Analyst in London, England, England
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Well known brand for CV. Good working hours.

      Cons

      Having always wanted to work at the Economist, it was shocking what the experience was like compared to what I imagined it to be. It’s pretty good for your CV but the organisation is deeply flawed. The business strategy seems to be - cut (expensive) talented people, relocate jobs to India, increase subscription fees and focus on a traditional audience with zero forward-thinking ideas. Some issues: Poor editorial For those looking to the Economist as the beacon of research and analysis quality, you’ll be disappointed. Editorial is out of touch, staffed by the old white boys’ club and written for that audience too, riding a wave of editorial glory that dried up long ago. Some of the research practices were ethically questionable (research quality) to turn over more profit. Diversity The Editorial staff is about 90% white and it doesn't get much better in the rest of the organisation. How can an org with this profile and narrow world view connect with the “globally curious”? Outsourcing of analytical jobs within the Group to growing office in India will not help with gaining local knowledge for different parts of the world. Turnover Since leaving, there was a major restructure with whole divisions being made redundant. Perhaps the move could be justified but the way it was done was atrocious. Some of the most brilliant people I’ve ever met in my life who spent years at the Group were let go. This place has a toxic environment, poor morale, no loyalty and high turnover. Poor HR practices Sexual harassment is rife – investigations into C-suite staff, dismissals of other colleagues for multiple instances of harassment. Some managers bully and discriminate against staff, which is difficult to address through HR - the standard of proof for HR investigations impossible to meet and the system is stacked against you. Incompetence within the HR team – can’t even write up meeting notes in coherent language and full sentences.

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      4 people found this review helpful
    3. 2.0
      Former Contractor

      Digital

      Feb 25, 2019 - Anonymous Contractor 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      High quality and ethical content Global reputation

      Cons

      Significant skills gaps in mid-management leading to no clear direction High staff turnover

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    4. 1.0
      Former Employee

      EuroFinance, conferencing subsidiary of The Economist Group

      Dec 5, 2016 - Anonymous Employee in London, England, England
      Recommend
      CEO Approval
      Business Outlook

      Pros

      The EuroFinance subsidiary only has around 20 members of staff and they produce around 20 events globally, which is amazing, given that the business earns around £20m revenue. That's an employee ROI of £1m each. That makes this lean firm very successful on paper, on par with the likes of organisations such as Apple etc for employee ROI verses revenue. Staff at grass roots level are lovely, hardworking and it's a multi-cultural firm. An odd, but noticeable quirk, is that the male to female ratio is skewed with the firm being predominantly female (around 70%). I'm not sure if this is because of cheaper salaries and several female part time and remote workers...the salaries at grass roots level are low. EuroFinance is a respected, though viewed as traditional, conference organiser in the corporate treasury and cash management space, where they face competition from newer, more innovative organisations. They are at a tipping point where they realise they need to change to remain viable in the market.

      Cons

      There is a high turnover at EuroFinance management team level, which is an early and visible indicator of problems at leadership level of the firm. 1. The EuroFinance senior management has been at the firm for decades and is resistant to change, polarised and rigid in thinking and makes impulsive business decisions. This is the reason for the departure of four members of the management team and the single obvious common denominator in the firm being at its current tipping point. 2. EuroFinance has to change or shrink and disappear. While key members of staff stay a long time at the firm, the firm is so lean and skeletal as to be entirely dependant on a few lynch pin contractors and staff members. That puts them in a vulnerable position should those staff members leave. It also puts undue pressure on the remaining staff to maintain business as usual, which is what has happened after four management staff members left. People at grass roots level are forced to take on their manager's work, while remaining at the same salary. It's incredibly stressful, it’s easy to do long hours and weekend working just to keep the company afloat. 3. EuroFinance is also vulnerable for takeover (as they were when The Economist Group bought them). Unfortunately the parent firm is cannibalising the EuroFinance business by providing their clients with wider solutions from the parent group. It looks like EuroFinance might erode into the Economist Intelligence Unit eventually. 4. There is an Economist Group wide culture of intellectual and literary snobbery which I did expect as part and parcel of The Economist brand. On the downside of that is the arrogance that comes with that attitude. There are a lot of alpha males and females with giant egos engaging in power struggles and games, empire building and creating a cacophony of noise in meetings. The underbelly of the brand is not so attractive.

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      1 person found this review helpful
    5. 2.0
      Former Contractor, less than 1 year

      Pretty poor

      Mar 28, 2014 - Finance Manager in London, England, England
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Prestigious brand, free magazines, everyone leaves work at 5:30 on the dot!

      Cons

      Really outdated systems, lack of career development and no training . Very high turnover

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      1 person found this review helpful
    6. 3.0
      Former Employee, more than 1 year

      Promotes fast growth internally

      Dec 4, 2017 - Anonymous Employee in New York, NY
      Recommend
      CEO Approval
      Business Outlook

      Pros

      - If you have fresh ideas there are plenty of opportunities to grow (far more than at many other companies)

      Cons

      - High turnover for a number of reasons (which often contributes to the growth opportunities above)

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    7. 2.0
      Former Employee, more than 3 years

      Ad sales

      Jul 25, 2016 - Ad Sales in New York, NY
      Recommend
      CEO Approval
      Business Outlook

      Pros

      A Well-respected brand that really shines on your resume. Minimal staff gives one the opportunity to get one's hands dirty.

      Cons

      Constant reorganIzation, high turnover and a culture of back-biting and vainglorious delusion made for a fairly miserable climate in which only sociopaths could succeed.

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      7 people found this review helpful
    8. 2.0
      Former Employee, more than 3 years

      Account Executive

      Oct 13, 2015 - Advertising Sales Executive in New York, NY
      Recommend
      CEO Approval
      Business Outlook

      Pros

      No one micromanages you. There is a support team of integrated marketing and research that is helpful in the sales process. If you make the opportunity happen, you can meet a lot of brilliant people.

      Cons

      They definitely have their favorites and "golden boys". Those people are the only people that get the time of day by the higher-ups. HR is completely not helpful and extremely condescending. There is a high turnover rate and no room to grow. They would prefer to hire from outside instead of promote within.

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      2 people found this review helpful
    9. 2.0
      Former Employee

      Lots of opportunities in a difficult, often hostile environment

      Mar 18, 2015 -  
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Interesting work, genuinely talented colleagues, good pay in a struggling industry. There are opportunities to advance within the company, as long as you impress the right people

      Cons

      Extremely competitive, with low levels of trust among colleagues and between teams and groups. Many employees struggle under excessive workloads. Replication of work or futile revisions are a norm. Lack of clarity about what management want from workers or values in them. Constant change in the company's identity, lack of clarity around internal policies, high staff turnover.

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      2 people found this review helpful
    10. 3.0
      Current Employee, more than 3 years

      Great Brand but ...

      Jul 16, 2014 - Anonymous Employee 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      - Prestigious brand, free magazines, great products - Some good people - A great line to put on a resume

      Cons

      - Low pay and low benefits - Unclear career development - Lack training and development programs - High turnover - Poor management - Constant changes, too many job cuts

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