Thread regarding Fiserv Inc. layoffs

Laying off people with years of experience and institutional knowledge is ki-ling us

The people we would depend upon to help us make informed decisions about our particular BU are no longer here. Internal processes keep breaking down.

This company keeps laying off experienced staff with the assumption we can just simply absorb their responsibilities but then upper mgmt discovers the undocumented dependencies only when something fails. Then we end up taking losses for it and those operating losses can exceed whatever payroll expenses they hoped to reduce by layoffs and turnover.

This company just refuses to make decisions that minimize long term costs. And if you want to simply workflows and processes, you need to retain experienced employees long enough to ensure the transition goes smoothly. You don't just cut people now and just hope the work gets absorbed elsewhere without issue. The problem too is a lot of the consequences of people leaving is less visible to mgmt if other people take on the extra workload, which gives mgmt the wrong assumption that we can operate with fewer employees tomorrow.

This whole thing of modernizing and simplifying things under Project Elevate will fail if you eliminate the very expertise necessary to make the transformation successful. The people deciding whether to retain an employee never see the full financial consequences of losing that employee. All they see is the expense number as it currently is on a spreadsheet. They don't see the operational damage that can be inflicted which will be more costly.


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| 162 views | | 14 replies (last 11 days ago) | Reply
Post ID: @OP+1m52r6wht

14 replies (most recent on top)

@OP They need to layoff mgmt.vs. the workers. The new Chase management are id--ts and don’t know what they are doing. All they care about is themselves.

Buypass mgmt is the worse; Mohit, Drew, and Noah. These folks should be terminated!

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Post ID: @2j0+1m52r6wht

20+ years of experience for me and I was just shown the door. What they don't understand is that Fiserv needs me way more than I need them. I will find another opportunity and move on quickly. It will take them years and years to replace the institutional knowledge that I am taking with me on my way out.

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Post ID: @ej+1m52r6wht

@OP This whole problem started the day FB took over and slowly replaced knowledgeable, original Fiserv management with his own cronies that knew nothing about the banking/CU side. We are so gutted, it is way too late. Now they are getting down to the lower level, where the handful of remaining experts are and soon they’ll be gone too. How has this been allowed to happen????

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Post ID: @ef+1m52r6wht

@b1 you lit'l POS. You cannot do half the things boomers can do and never will. Welcome to reality.

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Post ID: @ee+1m52r6wht

They thought all the years of experience could be replaced by AI.....I guess someone was sold a bill of goods at he expense of the actual jobs of the people that were keeping the lights on..... how ironic. Just because they were quietly doing their jobs while keeping their heads down and not shouting to the sky ever "good" thing they did seems to have backfired .....

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Post ID: @e6+1m52r6wht

@OP Great post. Every round of layoffs the people who are let go literally none of their responsibilities go away, they just get added to someone else’s plate. So why get rid of them? You might be saving money on salary but those left just cannot execute everything so it hurts the org long term.

“Oh I hear you do this now well I want this, this and this and I want it today.” Too bad, I got 3 other jobs so you need to wait til I have time. Expect this situation to get worse, not better.

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Post ID: @dv+1m52r6wht

@as for over 6 years now

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Post ID: @b7+1m52r6wht

Consider working at Fiserv a learning experience. Learn to never trust management, be selfish, like management, and never stop looking for your next gig. Aim for contract work, you're usually paid what you're worth, contract is more realistic compensation. As a contractor, leave at will, move for your sole benefit. Never stop learning.

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Post ID: @b3+1m52r6wht

AI will replace all of you boomers.

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Post ID: @b1+1m52r6wht

As long as it justifies the bottom line and execs can keep lining their pockets they don't care. This is the sad reality of being a FiServant

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Post ID: @at+1m52r6wht

You mean already has

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Post ID: @as+1m52r6wht

AI will save us. lol.

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Post ID: @aa+1m52r6wht

Share price and their own bonus is all they care about. Long term losses are their successor's problem once they move to their friend's corporation or take a golden parachute.

I really want to sit in MBA school during the classes where they talk about this approach and really see how this cr-p is taught and hear their rationale for doing it.

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Post ID: @a7+1m52r6wht

No sh-t.

This isn't new territory hence why this place has been su-king since FB merged the companies.

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Post ID: @a6+1m52r6wht

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