Dow Jones to Outsource Finance Positions

Yesterday, IAPE members working in Dow Jones Finance departments received some difficult news.

During a hastily-arranged staff meeting, management announced Dow Jones has reached an agreement to outsource payroll, accounts payable, accounts receivable, collections and other functions to Genpact, a business process management firm that uses “agentic AI solutions" to perform tasks for clients. Finance operations, currently performed by Dow Jones staff mostly assigned to Princeton and New York departments, will be shipped outside the United States.

Additional details, though not many, were provided to staff during smaller team meetings throughout the day on Tuesday.

IAPE officials are scheduled to meet with representatives from the company’s Legal and People departments this afternoon, but Dow Jones has already advised the union that this new outsourcing initiative will result in the loss of approximately 40 IAPE-represented positions across Finance groups. Job cuts will likely take effect in late January or early February of next year.

Finance handled by AI. What could possibly go wrong?

The collective agreement between IAPE and Dow Jones contains a few provisions addressing outsourcing of union-covered jobs to other companies, but no measures to prevent those job losses altogether. Whenever more than ten positions are identified to be eliminated as a result of outsourcing—or the introduction of artificial intelligence systems—Dow Jones is required to provide employees with at least 45 days’ notice. The union must be informed at least 14 days in advance of any formal notice to employees.

No formal layoff notices were delivered yesterday.

IAPE-represented employees who lose jobs as a result of outsourcing are entitled to enhanced severance pay—an additional four weeks’ worth of pay on top of their contractual entitlement—and a greater level of retraining allowance than employees whose positions are eliminated through “normal” Dow Jones layoffs.

This is not the first time Dow Jones has opted to outsource jobs and functions performed by loyal, hard-working Dow Jones employees. Nearly 20 years ago, the company transferred Finance jobs offshore and did the same with several application-development and maintenance-support roles in Technology. The difference, of course, is those outsourcing plans were announced after years of belt-tightening and financial woe for a then-independent Dow Jones.

Now, of course, we are treated to quarterly announcements of record Dow Jones performance and thank you messages from senior management for “making Dow Jones a success story.”

Some thanks this is.

IAPE representatives will ensure that all contract terms and conditions are observed as the company continues with plans to eliminate jobs held by our friends and colleagues. Members affected by yesterday’s news are invited to email union@iape1096.org with any questions, comments or concerns.