Thread regarding Fiserv Inc. layoffs

@kqv How many are still here?

@fjn As someone who has been there wish you the best. It was terrible for morale for my group. We found the week of Thanksgiving and yes, people were already on leave so they came back to the news. While the salary, healthcare, and 401K were comparable nothing else was. We were just contractor personnel back to Fiserv with zero of the perks we'd just had and now working for an organization that barely talked to us and had no care for development.

In this economy I can see why people will take the offer. But many of those same people will also be looking for work elsewhere.

Going through a conversion from fiserv to infinite after 5 years on this company. But yes it's just money making tactic of leadership funneling money in their pockets.

No wonder fiserv stock is sinking. So with all the cheap labour that is being constructed to replace onshore workers definitely what ever ngmt is trying is not working for public just benefitting these sitting by of course mansions being made.

@441For clarity: no currently employed professionals can be considered by SCG.

@pm It isn't the same. the medical is close but worse. & we have to pay more.
also, You have to pay your deductible again unless you choose Cobra

Losing some KEY people who are working remote will not bode well. I know of at least 2 key people in Wisconsin who have worked for Fiserv for over 20 years and have no one doing what they do. It seems there is no plan in place to retain this knowledge. Good luck to those who stay.

@25h we were told we are loosing our position at Fiserv on 7/17, so pretty much if we do not except we are out of a job, I also agree this is a terrible way to treat long time employees, or anyone for that matter, a real slap in the face from Fiserv,

@16d I did not accept the offer with Infinite. this is no way to treat long term loyal employees. I guess we'll see what happens.

Anyone who decided not to accept the offer?

@16d all the ones Ive spoken too are accepting and Ill probably reluctantly accept it. More than anything I would love to tell them to pound sand and just leave them high and dry but I will probably just look for a new job in the next 3-6 months.

@jm I received my offer letter. It all looks good but again I still feel very betrayed by Fiserv. I guess they could have just layed us off with no options. Its just a slap in the face since many employees in my area were layed off 2 and 3 years ago and received severance and Im not getting the same.

I was one of the employees offloaded to Infinite. I have 15+ years with Fiserv and I feel very betrayed. I have been a loyal employee and have worked my butt off to just be tossed to the side. I am very suspicious of how it will be at Infinite even though they have comparable benefits. I havent signed yet but I probably will because we only received a few days to do it.

Anyone aware of an employee turning down offer yet? Were they immediately "resigned" or is management giving them any time?

My thought is contractors are the first to be cut at Fiserv and cut without warning. What happens to Infinite employees who’ve had their Fiserv assignments cut? Are they immediately dismissed from Infinite or are they reassigned elsewhere? And if reassigned, what happens to paychecks while we wait for the new assignment?

@pm I would reread the contract you think you are signing or keep drinking the Kool-aid. Some benefits yes but will leave you worse in long run. All situations different but depending yours versus mine specifically bad is out weighting the good.

@kp this isn’t true, we are being offered full benefits, medical, dental, 401K, Can’t say what the work environment will be like yet, but it can’t be much worse

@jw Not trying to scare people, but everything this person said is 100% my experience with an employee on my team that was moved to them when the Costa Rica teams were transitioned. 0 benefits, 0 raises, very angry when you work excessive overtime.

@k4 yes there are remote not affected by this plan.

I'm curious if there are remote employees that weren't punted to Infinite.

Infinite is essentially an Indian company, though it maintains a U.S. headquarters primarily for marketing purposes. It operates like a sweatshop, relying heavily on outsourcing and offering no internal employee benefits. The management is Indian, and decision-making is overly centralized, even minor approvals require the owner's sign-off, as if it were a small shop. The company uses outdated tools, and as an employee, you’ll lose all Fiserv benefits, including LP programs, bonuses, and training subscriptions. The only things that remain are Sapience and performance metrics.

@jm yes almost all I know that did their on boarding

Have any of you received an offer letter yet?

There’s no 401K match? Ewwww

Offer letters are coming in. Seems offered salary makes up for the higher insurance costs &
lack of 401k match

Approximately 400 remote and in office staff were informed today they’re being migrated to contractor positions with Infinite Computer Solutions effective July 18. Personally, I don’t see a downside yet but it’s early days. I’m willing to give them a chance.

What else is happening? Any more details?

"Infinite Computer Solutions, Inc. acquired systems integration services unit and Costa Rica Operations of Fiserv, Inc. for $49 million on October 17, 2022."

So they are offloading more staff and business units?

Personally didn't care for what they had to say today. We certainly didn't need 30 mins of their company information we could find on internet. They should of spent more time answering our questions.
Seemed most of their management wasn't from the US based on the call as well. Perfect time to leave.
Thank you Frank

@ac In flux?

Well that's one way to keep specific numbers of people in the office to keep the tax breaks. Since contractors, interns, and management level+ are exempt from WFH. This company is definitely in flux now.

Why?

Glassdoor reviews aren’t stellar. And I’m not sure why they aren’t more forthcoming with benefit information.

More than just remote, lots of managed services and on site employees as well.