Get your resumes/ CVs ready as you wouldn't know when will be your turn in Layoffs. This company is sinking down as it has been since Frank left. Stocks are down. Fiserv is scamming government by hiring # of people every year throughout so that they can earn tax incentives for strategic hubs. If this company were not to get tax incentive - it doesn't even have the budget to expand in North East and would have just stayed in Omaha. There were 98 laid off just this month from Berkeley alone.... unfortunately severance wouldn't provide much after taxes, and the outplacement services su-ks. They have taken an advantage to layoff people during September as we already know that the job market out there isn't good. If you feel that you have been retaliated - piece of advise - keep records of it and don't sign release of claim - talk to your attorney on what you can do with wrongful terminations. AI is driving this changes and they are simply worded as "reorg"... which doesn't make sense. I have even heard of stories when Managers were specifically asked to give bad ratings to their associates so that they can be on the list of future layoff. It came down from SVPs to their teams. There is ALOT going on internally at this company and HIGH level POLITICS. Just keep your CVs ready so that you are not scrabbling last min.
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Stock down to $44 while the rest of the S&P is up 1%... ouch.
@bw that's fu--ing wonderful.
Despite always getting highly rated performance reviews, I got fu---d and got laid off.
I remember watching an SVP have no problem laying people off.. cold hearted.. but different story when she was tagged too…crying and carrying on..too bad
@bg Told you so a while ago. The ratings, PIP, layoffs.. none of it is based on the person impacted. It's a rigged game.
@cq absolutely... compare the return received by Fiserv from a 200K+ paid VP with 2 US based real good core developers' returns to the Fiserv..
Too many VPs and SVPs at very high compensation levels.. to cover it technical work is being sent to India to get a cheap, substandard work, attire, customer service that clients don't like.
I'm in Coral. Florida is a no fault/at will state.
I can't sue them for eliminating my position and give it to a minimum wage worker in Pune.
If you think this round of layoffs are bad, wait until Q3 come out. Given the increased pressure by Jana Partners, it will be a bloodbath.
You can't as a company send everything to India to cut costs. How about cutting middle and upper management positions.and executive pay for a start?
@b9 I remember receiving an email about that some time ago. So, somebody was ALWAYS going to be rated rather low.
@bg You literally HAVE to rate someone a 1/low and mark that person for a layoff.
@OP I noticed a glaring typo. When you said ‘left’, surely you meant ‘arrived’.
‘This company is sinking down as it has been since Frank left.’
My manager told me point blank that they are forced to rate according to a bell curve. Fk this place.
@a6 it’s actually spot on, I too have heard and seen associate ratings being manipulated because they can only score so high and so many on one team can have this rating vs a lower rating. Its all a scam.
@OP You sound like you need to put the can down. Seek help Lil Buddy. It's going to be okay.