Memo to Board of Directors: you may want to sell the company now before it gets way worse. Check this out from recent TIAA employees on The Layoff about their failed experiment with A~S~S~Centure. Buckle up ! This is what MoA is in store for.
Headline
Massive layoff after Accenture falling out Having lost millions due to Accenture outsourcing not going as planned the management is now planning layoffs and even more offshore and outsourcing instead of taking responsibility.
Shitstry should be ashamed n be immediately fired!
#Accountability #Layoff#Management #Offshore #Outsourcing
6d ago by Anonymous
20 replies (last 19h ago ) | Reply
1970 views | 13 reactions (+11/-2)
Post ID: @OP+1m327nxmv
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@zs The irony in all of this fiasco is that TIAA CREF did have the money to transform & modernize internally without the need to seek out & outsource cheap, untested labor. We were already on our way to many JD Power Awards on pur own ! With our own people ! Talented Stateside people !
When sales executives flash dollar signs, charts, spreadsheets, and power point presentations saying they can save 30%-40% on labor & employee benefit costs, & promise better quality & the same productitivty, it is a natural adrenaline rush. Euphoria. They got sold & took the bait. Instead of running parallel systems for a few yrs & testing a few areas, TIAA went all in.
Then, compounding the mess was the miscalculation of the success in Frisco, and the loss of Jacksonville & Denver. You are spot on that in order for the Accenture relationship to exceed in the first place, EVERYTHING had to be mapped out right to the last decimal point & that didn’t happen. You have to optimize your processes first before handing over a half baked and broken process to Indians who have absolutely no clue about how anything worked. The one offs. The special rules. Nothing could have prepared them for the disaster.
What we should have done is built is spend the money, bring it the best IT Engineers for 5 yrs stateside, pay 50 of them $500K each & they would have absolutely figured out how to do this in stages over 10 yrs instead of cramming it into 2-3 yrs. Quality has suffered & for the people who are left, they have had to train, retrain, pick up more work. All those 30%-50% cost savings are eaten up in errors, rework, mistakes & lost clients.
It is going to get far worse with the Shroeders deal w/Nuveen. Schroeders has some insanely antiquated systems.
The only thing that can change the ship from a direct iceburg hit is a new Board of Directors & the filing of all the EC including the NY Liberty’s #1 fan, TBD.
19h ago by Good night & Good luck.
8 reactions (+8/-0) | Reply
Post ID: @12d+1m327nxmv
+8
All of this goes back to budgeting decisions made with Roger followed by incorrect analysis from the new C-suite on why we were behind other companies. Strategic projects under Roger’s leadership were funded on an annual basis. This created a ton of half-built upgraded processes increasing the number of systems being used. We definitely had a deficiency in good people leading these major projects, but a lot of the overall issues were tied to never having money to fully finish strategic work.
T and Sastry came in, looked at these issues and decided it was all our people that caused this. It was a “we thing”, we didn’t know what we’re doing and we couldn't handle these major changes. Now as we started doing major projects that were fully funded such as Toggle, somehow internally we were able to handle it. However complex operational process projects were viewed as a TIAA people issue. This turned to us making the deal with Accenture.
Moving our complex issues to a group that didn’t understand the issues or processes shockingly turned into a bigger mess. We also didn’t show them all the existing complexity. By moving to Accenture we effectively moved backwards a decade+ because they need to learn all of these one off situations before they can even attempt to take out waste and automate.
The Accenture savings aren’t materializing but it’s not all Accenture’s fault. We don’t have processes easy to automate. If we spent half the money we spent on Accenture to fix the processes before we moved work to Accenture we’d be in a much better place. Instead the C-Suite is once again proving they don’t know the reason for the issues and our going to keep fumbling by removing people who understand and couple fix these issues.
1d ago by Anonymous
7 reactions (+7/-0) | Reply
Post ID: @zs+1m327nxmv
+7