I am curious as to how the current employees feel about the whole MofA debacle. Job security, company outlook and general overall view of the direction of the company!
Actually I don't care, but it would be interesting to see how the inside feels. lol
26 replies (most recent on top)
@11q the reason they talk so excidedly is due to the fact the board has set up incentives for Rich, Medhi, and Janofsky as they pull the levers of this massascre off. There are incentives & bonuses at various triggering events. THAT’s the reason they talk so excidendly.
@1qr Greed was told by several consultant not to move to an inferior FIS system. Even inferior than the 2021 MoA system at the time. Him, festog, severin, morority, bailey, rich, lear, donaldson, board all destroyed the company. Now Accenture in India is making a Bollywood movie of the next Act. Sales & Administrative Operations is a complete mess. Sales keeps focus on new start ups & plans under $1M. Admin Ops is a disaster zone w/Underwriters & IT flushed down the toilet. Plans put of compliance will sky rocket now. Time for me to go out to eat at Twenty Twenty Grill.
@OP I find this to be so incredibly sad. So very sad. I started with the company in 1986. I knew about the move to Florida before I took job. My first day on the job in Florida was when we moved And the building I’m broken sound. I retired in 2021, which was perfect timing. John Greed destroyed a company that have been operating fairly well for 80 years. And worse, the board did nothing to stop him. They are just as much as it fault. I have watched Mutual grow and grow over the years and now spiral downward at a faster rate and it really just breaks my heart.
Nobody believes that these posts are actually coming from people at MOA. So pathetic.
@1bk I wish they would live stream all the layoff meetings to the company so we can see these losers cry when they get the axe
@132 problem is, the buttons were programmed wrong by FIS & other vendors so you have to reengineer the entire process & then train, retrain. There is no reason in h,e double hockey sticks that mutual of america couldn’t have hired several engineers who could have reconfigured the entire software, process, with Artificial Intelligence. It would fix all the issues. Plus you must understand that these “low skilled” people aren’t low skilled. Many possess highly technical unappreciated skills which senior executives ignore and are cluless about. Ask any Exec Vp what my CRMs do daily & they don’t have a clue. These Ex VPs & Regional Offices have it good. They wouldn’t last more than a couple of months in any of these roles. They are the real over paid low skills people.
Why is the transition even taking this long. These jobs are the easiest jobs in the world, just push the buttons. It amazes me the MOA finds the most special people in the world to somehow mess up the easiest things. The Indians can't be any worse. The need to just get a grip already and lay the d-mb d-mbs off already.
@11p low skill processes with many errors will now transition to the Indians who will make even more errors.
@11p low quality people IT, wpc, deconversions, capital management, facilities management,
@11p Indian low skill revolving door temp agency. Their IT people not impressive
@11q No, Ace. Just you.
@11p they talk so excitedly about moving on from the employees they plan to take out back
Shannon confirmed all low skill processes that are being outsourced.
@y7 Plus adding sales staff, implementing SalesForce, buying that Texas Company, re-doing the Home Office lobby, cafeteria and new event space all at the same time and then having to reverse course. Power corrupts sound thinking.
Is Rich gonna talk about the lawsuit at the townhall and the defamation claim by Severance_Package ?
@xz impulse ! Like excessive spending during COVID. Boondoggles. Stadium suites. Flushing $5M down the toilet each year on client donations. Moving to FIS in 18 months. Firing 150 employees & changing the corporate name to Mutual of America. Like suing the former President & CEO, dismantling the various field offices. That wasn’t done by C-Suite impulse or was it just; Greed, Festog, Donaldson, Morronarity, Bailey, Rich, and others ?
Same thing can be said of failures
Great things are not done by impulse but by a series of small things brought together
@qm great way of putting it. They are a temp agency. ACN is. Firing employees who are licensed and replacing them with contractors who are not licensed AND have to follow MoA’s exact procedures maybe fully 100% illegal. If they are doing the same work. The same way. Working with variable contracts. Mutual funds and not US citizens & unlicensed just maybe illeagal. It’s about control. Misclasification to hire entire temp agency. moA is trying to have its cake and eat it too. Pay contractors cheap. Control them. Unlicensed. Fire licensed employees. Might be labor law & legal implications. Has finra, the sec, & nydfs approved this ? Does the IRS know ? ❤️to see an IRS audit.
~~@OP Accenture is the ultimate Temp Agency. Cheaper Labor, less skills, Indians coming & going, high turnover. The arrangement will place huge pressure on the managers who are training. Managers will get blamed. These managers will log longer hours. Will have to clean up errors. Senior Execs will blame them for not training the ACN people correctly. they will be marked down on their reviews. It will be the manager’s fault now The Execs said MOA employees lacked skills and were leeches which is disgraceful. They will constantly have to train & retrain short timers. Quality will suffer. Errors will suffer. Workflows won’t get much better.~~
@op It's so frustrating trying to work with Accenture. Their workers just seem to come and go. In the past two weeks, Aarav, Vihaan, Aditya, Ishaan, and Arjun have all left. Now I have to start all over working with Rahul, Rohan, Amit, and Vishal.
@OP for those who downvote, put your money where you mouth is and give us your take instead of hiding behind your downvote
@kg at the upcoming news conference, Rich needs to level straight with his remaining employees who see right through everything he says. he is turning into Greed. just come out and say firing 150 employees will save $8M per year, and based on rising health care costs, wage inflation, continued net outflows of $1B per year, and eroding premium, the company had no choice if the firm was going to balance the budget. the board gave Rich an ultimatum & so did the regulators and the Rating Agencies. that is why Fitch did’t downfrade again. the ACN deal was the only lifeline. even if the Indians are 75% as competent as the fired Americans, it is still $8M per year towards profit.
Rich needs to look everyone in the eye and be TRANSPARENT. that he knows TIAA’s experiment with Accenture has flopped & we hope to not repeat 50% of the same mistakes. TIAA spends $125M per year on Accenture and Sastry knows TIAA is getting a raw deal. employees at TIAA will tell you to a person the ACN deal sux. But you & the rest of the Executives will get big bonuses when this is all said & done & your remaining front line managers will be working 65 hours a week just to keep up & your CRMs will be rioting & going on strike.
Rich: LEVEL WITH YOUR REMAINING EMPLOYEES. the FIS deal will flop & this ACN deal is high risk. employees already can call your bluff.
BE TRANSPARENT STEPHEN. Lile your first press conference. BE TRANSPARENT.
@je we find it ironic that Rich is placing emphasis about Accenture in that they will be able to implement workflows. Memo to Rich: you were in Capital Management. You don’t have a clue that Salesforce was launched in 2019 & tons of workflows have been built out. what you don’t get is that we only have built out 50% of the various depts with workflows. you don’t get that if we eliminated paper withdrawals & loan forms, we could eliminate 40 more jobs & reduce costs & improve customer satisfaction. You have a blind spot. Much of the issues stem from an over reliance on paper and Accenture can’t fix that. before you turn it over to Accenture, you must fix this issue. otherwise, most initiatives will flip flop
The digital transformation has flopped. Moving to FIS was supposed to solve it. It didn’t. It got worse. Moving to Accenture is supposed to solve it. It won’t It will get worse. Clients keep leaving. Workloads for CRM & others left behind will increase. Training of Indians 12 hours a way is like training a new hire fresh out of high school. The change is ALL to save money. It is ALL about $$$. Don’t be fooled. Many Executives will receive large bonuses over this. Many are close to retirement & will walk away with millions in pension & 401k and leave a wake of destruction behind them.
@OP Rich is a holdover from the Previous Administration. So is Bailey. So is Moriarity. So are half of the Board of Directors. Accenture is slow. Low Skills. Cheap Labor. Client Losses Continue. Group Account Reps are not selling. CRM are getting smoked with workloads. Health Insurance Costs are going up. Website still sucx.