Reduce headcount with AI strategy. Move non-AI compatible IT jobs to India. Reduce real estate footprint by consolidating data centers and eliminating duplicative platforms. You won’t find words like develop, retain, or grow.
Why do you still work here?
No one here in high management especially FB or MC know what AI is. So they make broad edicts about use AI to reduce headcount, etc etc. FB thinks AI is primarily a tool to su-k more expense and people out of the company. Not to develop new solutions for clients and actually make more revenue. We don’t do that here.
People may have missed the mark to change jobs now unemployment is actually over 7% not what 4.3% what they want you to believe. When Buffet does massive sell off time to pay attention. FiServ holds all the cards and they carry a lot of debt too
“Why do you still work here?”
Job market is terrible, and about to get a lot worse.
For a true understanding of KKR - read BARBARIANS AT THE GATE which is the takeover battle for RJR Nabisco many years back. Same story here.
Let's just hand our IT to a country that is buddies with Putin.
Not sound decision making. Greed is the motivation.
Based on the replies, it’s apparent that no one believes FB and Company cares about the long term. The recent celebration of 40 years was obviously a sham because they have no desire to see the business last another 40. Or even 5. The push to make the cash immediately is a signal that they have no long range plan. A golden parachute exit by top people within the next year would not be surprising. Nor would the sale of key pieces of the business.
One of the other comments said it best. The only strategy at this point is produce numbers for this quarter. Because they are trying to maintain this steak of quarters and prop up the stock you remove the opportunity for a short term loss for a long term gain because the only thing that matters is the current month and quarter.
KKR has made it abundantly clear: Reduce expenditures at all costs.
I believe this is why employees hear, observe, and conclude that there isn't any strategy. If your directive is to reduce expenditures and prop up revenue, you will always drive to the latest quarter, to the short term benefit. This means that there isn't any room for actual strategy which would include growth.
Silly executives look at AI and think it's a win for reducing expenditures, but just like offshoring/outsourcing, we all know the collateral damage that comes with that. What do you think will happen with AI "hallucinates" and causes significant damage? The decision makers will disavow themselves and shift the blame to the AI provider. If they can point to a short term gain such as "saving" a million or two, they will champion their "idea" and have a celebration while raising orange cups.
When AI causes millions more impacts negating the original "idea", there will be crickets - literally because it will just be the empty headed executives sitting on their thumbs wondering what they should do.
KKR is only interested in their value proposition. Acquire companies and extract said value from their investments. Plain and simple.
What makes you think they have a plan?
I think we fail to realize sometimes that the executives aren’t the ones running the show…KKR set the expectations and the execs ask “how high should we jump :)”
Fiserv is not a fintech company that invests in product and people. Fiserv operates as a private equity firm that acquires strong companies and su-ks the value out. Frank doesn’t know how to create value, but thinks he’s a M&A genius.
The AI is not good enough to sustain high resolutions. The AI requires humans to update the answers as products and technologies change.
The AI does not understand custom solutions and features. AI expects all clients to be the same. For some products this works really well, but the ones that allow customizations, multiple integration options, hosted and in house, the AI does not understand these nuances.