Couple of contractors were discussing that TIAA is going outsource the entire IT operations, including their full-time employees. The vendors will bid that contract and someone will win. I am not sure if this is true or just a rumor. Any Idea?
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There was a layoff within the IT department during the week of 4/9. I'm hearing Record Keeping Service will have layoffs as well. I'm guessing this will be mentioned in the 4/25 meeting or the meeting in May. Hopefully a nice severance package will be given.
IT outsourcing is directly related to costs of supporting the record keeping services. Those services are being sold to Accenture with an announcement coming later this year. Most of the employees will be laid off while others will be 'traded' (allegedly) and become CW's for the purpose of transition the business. Current day TIAA, tomorrow rebadged as a CW now working for Accenture.
there has just been a layoff of IT CW's across the country
this is not a rumor...and it isnt just IT being outsourced
I have heard IT jobs will be outsourced to Accenture or Infosys, but not a peep from management. Wondering if this is a rumor ?
did they ever complete nuveen middle office outsourcing to State Street?
To the person who asked if it’s possible to replace FTE with CW —- yes
About 50% of Verizon workers are CW
Leaders make extra bonuses when they show cost savings. Each full-time position costs 200k. India's resource is 45k. You do the math on savings 😦
Someone mentioned, outsource Operations to the Philippines. What area(s) or department? Is this happening in March as well?????
I haven’t heard things were going to be that extreme. However I can confirm that a massive amount (close to all) of US based CWs are going to be let go in favor of their India based counterparts as soon as March. I’m talking, if you don’t know someone in the C suite, prepare to lose your job. I was also told that FTEs aren’t necessarily on the chopping block… yet (but to plan like they will be). What a cr-ppy state of affairs for TIAA. This place used to be a decent place to work. That was when we had actual intelligent people making company wide decisions. Honestly, I would recommend everyone start to look elsewhere asap. You’re either going to be let go soon or will be forced to RTO 5 days (with the hope the hope that will quit). Godspeed everyone.
They also outsource operations to the Philippines
Nothing TIAA has ever outsourced was good for the participants or employees. Sad.
I heard they are trying to move a few business units over to tiaa India. So probably going to keep all the three levels down then all the workers will be in India. That just a theory. Not sure why we are building more offices if we are going to reduce head count in state side.
Is that even possible? To replace complete FTEs with contractors. I don't think it is feasible. They might stop or reduce hiring but they can't just replace 100% of their staff.