The tremendous weight of very high paid upper management added to the company in the last year has added so much to expense that the only alternative is to cut a few thousand people who actually do the work. You can count the new SVPs and higher. Mike, Dhyvia, and Takis all a part of adding to the glut. Unfortunate but continuously repeated leadership mistake in some companies. Starts with a justifying rally cry for transformation. Leadership uses it to hire all new and unnecessary, high paid execs. Those execs become significant expense, but have added nothing in the way of revenue improvement or efficiency gains. As usual the middle management and working ranks of the company carry the majority of the execution burden in the company through all of this. The only answer is to cut deep in those ranks along with a few senior execs to get on better labor expense footing. People become demoralized, and the main result is a less productive company that still has all the new top level management to carry. In a normal company, some level of layoff or cut should be expected and predictable yearly based on performance management effectiveness and as a result of business performance cycles. This isn't that. This is mismanagement and shows that we are still paying for past and current poor decisions by people at the helm here. They just don’t think we are smart enough to actually figure that out.
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I worked there as a contractor and I was shocked to see so many Directors and VP's of Nothing. They needed to cut from the top and move those salaries down, but I guess they had other plans. I was recently laid off along with a few others. One day someone tells you today is your last day and that's how it's done. I actually liked my job and was performing well. I think big salaries were cut, so go figure. I would work there again.
@d9 September is the month for Takisgiving.
We have way too many Directors. Why can't they get rid of half of them?
To be fair, layoffs are an annual event at Fiserv. I thought they reserved them for Thanksgiving and Xmas weeks
@a6 more are coming too. They had to send us who were laid off dates of more layoffs. I know my team is gonna have a hard go at it without me, I was pretty much carrying them but the director kept her useless friend on the team instead, can’t wait to hear about it blowing up in their face. She is not skilled enough to handle the incoming BOA conversion.
management and above is acting like we’re going through a financial squeeze and the grunt workers need to pull through by working harder and more hours as if the entire problem isn’t caused by the parasites up top. I fear Fiserv has cut too deep this time and there will be devastating consequences, it’s written on the wall.
And we’re only chasing small, short-term wins instead of thinking long-term. Feels like Frank all over again.