Stephanie Ferris, CEO of FIS, makes about $21–23 million a year (mostly in stock). Since she took over, the company has cut roughly 25,000 jobs—from about 69,000 down to 44,000. The stock has fallen more than 50% from recent highs.The people still there who manage client relationships and keep the systems running are the ones generating the revenue. Upper management is pure overhead. Yet the cuts keep hitting the long-time employees who actually take care of clients, while those who remain say morale is low and they’re stretched thin.If her pay were cut to one-third, the roughly $15 million saved could hire several hundred software developers, business analysts, or QA testers—people who actually do the work and serve clients.Taking care of clients stabilizes relationships and can grow income. Experienced people who know the systems and solve problems quickly make clients more likely to stay and expand. Cutting those roles while protecting high executive pay does the opposite.
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They terminate experience and hire more to the executive food chain. It will not change as they are loading up for the golden parachutes when they start selling off the business piece by piece. When it is the size of a tax booth at a mall, their work will be done, they will be paid and we will be working for another company.
Front line employees were told several years ago, that they do not qualify for bonuses because they do not make the decisions that influence the business. Excuse me? The people who speak to your clients every day, who are responsible for retention do not influence the business? Evidently, that big bonus money for executives has to come from somewhere, why not take from those working the hardest, producing results and with no power to fight back?
several hundred? hahahahah. maybe if they were more low quality off shore resources.