Hundreds of employees to be rebadged, WFR’d and few retiring…Across business units of Sales, HR, accounts, shared services and IP. Mostly old dead wood or white elephants. Buckle up for the ride ahead as this would continue every month until end of 2025. No level is safe, including execs.
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what happened on that KS account? that is a longtime established account
It might not have been correct date by OP but definitely it is happening in different pockets of Gainwell. KS account is a good example.
@383 OP stated March 16. Didn't happen. OP is full of sh-t.
@383 bingo. People that think they’re untouchable will be sadly mistaken. 2 years ago they moved the whole accounting dept. that we worked with to India. Those are supposed to be secure jobs. Not anymore.
Just bcos your group is unimpacted don’t get complacent. It is just a matter of time - watch out for the big showdown in months ahead as OP stated.
@1t2 glad to hear that
Just fear mongering from the trolls.
Did this happen or just more noise? My group was not impacted and we didn’t hear any rumblings.
I just wanted to follow up. I did get my severance. You just have to wait until the next pay period so it could be 2-3 weeks after you submit the forms to them.
The day isn't over in the USA yet.
Nothing happened, more fake-panic news.
May 16 - major shakeout or nothingburger?
They offer severance, but don’t actually pay what they promised. Shouldn’t be that surprised after seeing their aging.
are people not getting severance anymore?
There were 40 people WFR’d this week
They must be hurting bad. They never paid me my severance.
I stop at noon every day.
Gainwell doesn’t deliver at all so I don’t deliver at all as an employee.
I’m having a beer right now.
What a life it is working for Gainwell.
The people left in the US have to pick up all the extra work so they’re not very happy either. Our “replacements” don’t have the intricate industry knowledge to handle problems/get on calls that need to be done so the people left in the US have to do it all. Job doesn’t stop at noon.
The ceo doesn’t have an idea . You can reduce workforce no problem make the company great again but do you even know who you are laying off and rebadging? The key important players have been rebadged when they quit you will lose a few states .
Gainwell refinancing their debt is pretty uncertain.
Lots of factors are not in their favor.
Continued credit rating downgrades have happened over the past 4 years. This reflects Cashflow deficits and their lack of ability to meet financial obligations. Without some favorable conditions their rating will continue to slip.
Their recent exposure for being unable to manage the state and federal funds is another factor that is not in their favor.
Lawsuits and whistleblower reports coming out recently will be a factor as they get more scrutinized.
I can’t predict what will come before October of 2027 when their loan of $4.23 billion comes due. But if these trends continue their ability to refinance will continue to shrink.
Their situation is far from rosy.
That’ll just refinance the debt. Interest rates rising is what really did them in (in addition to what others have mentioned here). We actually told them with to do to mitigate but they declined. Verities has the final say in every thing.
I want to see more info about WFRs and rebadging. All I see here are rumors about a huge shakeup or WFR, and then maybe 1 person will post they got a WFR. Please post if you got let go due to WFR and when, and any other info you are comfortable sharing.
I would be interested in knowing what GWTs plan is for that debt. If trends continue and they continue to lose more business at the same rate they will only have around 19 states at that time. They will have far less revenue. They will have a huge portion of employees overseas.
Just how are they going to pay it? Along with all of the developing lawsuits and whistleblower issues?
More than $4 Billion coming due…
The debt's due in 2027? So you mean I can continue to do nothing for the next two years as I always have? Thanks Gainwell!
Agreed no need to make the same post over and over.
But Oat is right.
It’s sinking alright. Pretty undeniable data.
Oat we get it you're butthurt.
No need to make the same post again and again and again...
Gainwell is a sinking ship.
The decline has been happening since Gainwell was established. It hasn’t been an increase it has been a decrease in business and number of states they are involved with.
In 2021 Gainwell had 43 states. Today they have 27.
More than $4 Billion in debt is due in 2027.
Offshored over 2,000 jobs so far.
Constant turmoil and misalignment between departments.
Over 80% of accounts are on a corrective action plan.
So many missed SLAs.
Sales lie to land the contract with no intention of delivering.
More business is being lost than is being gained.
Lawsuits are being filed for fraudulent practices.
Whistleblowers are coming forward now.
Bloomberg has exposed their incompetence and no intention to deliver.
The leadership have intentional fraud in mind. It’s all about money.
They have flat out stolen from the states and federal government. The proof is in the lawsuits and whistleblowers reports.
The vast amount of fraud going on is becoming apparent.
The ship is sinking.
If you’re not afraid start to drop names of managers who should have not kept their job while I got rebadged. I’ll start - Ant….West, what do you do besides pretend to actually work because you are actually working other fractional roles while Gainwell covers your entire $$$$ salary for doing nothing
My team lead with tons of knowledge and 10 years with the company was WFR'd without notice today. Right in the middle of a project they were leading.
I see lots more lawsuits coming. They had to pay out an ex employee almost every month for something or another.
Many Dirs/VPs do not deserve to be paid by tax payer $$$. Again timing is perfect as Gainwell will save on bonus payouts. Way to go!