Thread regarding State Farm Insurance layoffs

I’m not sure where you get your information but they aren’t going to outsource ET. There will be plenty of ET jobs kept in Bloomington.

They are planning on outsourcing ET anyway so everyone will be “outside!” It will work great then.

Real outside experience in ET? Is that FA? I said real outside experience not trumped up qualifications and experience.

Ignorance on this board never ceases. You do realize the investment department manages SFs own company reserves and portfolio, and not the employee 401k? Comparing it to the S&P 500 or your own investments is moronic. Btw, the investment department has basically kept this company afloat (and no I’m not in that dept)

You should see the big fat bonuses executives got based on 2017 results. It is bizarro world.

Our 401 investments stink

You must be in the minority on outside experience. Recently a new outside senior executive was brought in to ET. Not sure they were as excited as you.

The Executive model is clearly not lean enough. We are suffocating under their big egos and lack of real outside experience

Hard for me to agree that the investment department is good. I have funds at Thrivent and Vangard that are far outperforming my Equities investment. None of the the State Farm 401k funds doing very well. The investments for our policyholders succeed because of volume-I think my 2year old could make money with 90billion to invest. They should be making more.

@1ars...As Warren Buffet constantly points out, an S&P 500 Index fund outperforms almost all actively managed funds over any 15 yr period. That’s not even close to being a State Farm anomaly.

If only State Farm offered an S&P 500 Indexed Fund. Oh, wait.

Investment department acumen is also weak at State Farm. A simple S&P 500 index fund typically outpaces actively managed funds by so called SF investment experts.

Ok, quality is a different discussion than quantity, fair point.

It may no longer be the number of top level executives, although for awhile there was a new VP every week, but to me it is more that the ones who led us into various large initiatives are STILL HERE! There are no consequences for them. And that is totally unfair to the policyholders amd employees.

Slenderman is looking for you.

Lean executive model? Are you nuts?

Lean is relative. And when 90% of your executives s---, you either have too many, or you have the wrong ones, or both.

Pointing out that it's lean is sort of irrelevant. Slenderman is also lean but he'd happily kill you.

I wouldn't go so far as to say it's a lean executive model. We've created several new SVPs in recent years over P&C (KP), Administration (AM), ET (FA, SA, AP) and Innovation (MO, previously of Systems). And the creation of other depts has created more VPs. Let's say our Executive model may be less fat than it once was.

You must have been in a coma the last few years-glad you are awake now. When the Company went from zones to market areas SVP’s were reduced by 50%. When the Company went Enterprise wide claims and underwriting there was 30% reduction in VPOs and 60% reduction in OVPs. There were 3-4 reductions at what was then called Chairman’s Council or about 25%. Since then there have been additional VPO and OVP reductions. It just wasn’t front page news anywhere. BTW, a few years ago we had 3 Vice Chairman today we have none. It is a lean executive model.

@rvj, Must be nice being up in that rarefied air where you can tell others who/what they are. I guess that you're up so high the altitude is preventing you from putting together two cogent thoughts. Seriously, I read your reply 3 times and still can't follow it.

Short version is leadership got the company into this mess, do we really think they're capable of getting the company out of it?

Let me just say if you are writing this note you are not a Christian. That is why I tell you not to worry. If people are upset and they have sharpened their skills over the years then go where the grass is greener. But as you know it is not always greener but take a risk if you have the guts. If you don't go then stop complaining . Too many people are complaining and work hard to get into leadership to make changes. It is up to you .