Layoffs vs Employee Assessment Programs

The folks at PE Wire made me laugh this morning with this snippet about recent layoffs at private equity firms:

We’ve been hearing rumors — or perhaps rumours — about Apax Partners, but the firm says that it is not making any cuts based on market conditions. Instead, Apax is going through an annual employee assessment program that typically results in around 10% of its staff being dismissed …

[via PE Wire]

You say employee assessment programs, I say layoffs, let’s call the whole thing off, etc.