More information in this article about severance than what we are being told form management. Not sure if it's true or just to spin the news in a more positive way.
https://www.siouxfalls.business/fiserv-discontinues-operations-in-sioux-falls/
15 replies (most recent on top)
I’m not buying the response that Precision clients understand this is a business decision and are ok with it. These are clients who have worked with specific teams and individuals for decades. I’m calling Bulsht.
Frank doesn't understand the significance of "reputational damage". Bankers have long memories.
Do you really think that Fiserv leadership cares what Precision clients think? They have been at this for at least 2 years with all the cores and have no intention of stopping.
How happy are Precision clients going to be when they finally realize that the plan is for 96% of Precision staff to be brand spanking new next year? So far it looks like less than a handful of people are moving.
anyone willing to relocate to new jersey is desperate for a job.
I think Sioux Falls was specifically told they were not getting enhanced severance. I still can not believe that leadership thinks it is a good idea to decimate institutional knowledge and start again with rookies. No wonder the competition is capitalizing on that knowledge in their marketing. D-mba**es.
They don’t deserve your knowledge transfer
Why can they not come out and say these announcements to all… everything is in secret silence…can’t believe what they do actually say
Severance is given in exchange for a contract that an associate will not bring legal action. "Enhanced severance" means whatever the corporate lawyers think they can get away with while maintaining control over termination dates.
My condolences to those in the Sioux Falls office. As someone that has worked in an office and now remotely for many years, I remember the ptsd of finding out people were being laid off left and right in the office. It still hurts knowing I’ll be losing my remote team when I’m replaced in the near future for failure to relocate, but the feeling is different when it’s an office where you’ve been working side by side with your peers for years. They are your work family, most times in and out of the office. The impact of your office closure impacts your community as a whole.
Article should read
"Sioux falls closing to focus on tax breaks. Frank Bigsucknutto believe he can better serve clients with tax breaks than hundreds of years worth of experience and knowledge".
Leave look out for yourself
That is not what we were told. If you stay you only get standard severance, nothing additional.
What you said might be true. It could be that they miscommunicated yet again, just like every other communication they have done about the process.
Enhanced means if stay on and perform knowledge transfer/train replacement, you'll get more than the standard severance at your end date. You do not have the option to leave and get standard severance before your end date though. Stay, train and get $ or leave before and get nothing.
“Enhanced” means anything they want it to mean.