Digital Banking employees who had previously been given a final day of June 30th, then shortly thereafter extended to August 31st, received a letter this morning asking if they would be interested in being transferred to the third-party vendor. Deadline to respond is July 22nd.
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@f5 when you are rebadged you are employed by another company. FIS severance no longer applies.
@bj I can only speak for the job market for technical people. It is very tough right now. Many companies are laying off thousands of people to promote AI, so there are tons of people looking for jobs. Every job has at least several hundred applicants, if not thousands. An applicant might never get to speak with a human because AI filters out most applications. It's a buyer's market, so employers can choose to be very picky.
I got outright laid off last month. If they promised me in writing that I would still receive my severance if I rebadged and then got laid off, I would choose to rebadge and start looking for a new job. However, I doubt they will do that. The purpose of rebadging is obviously to keep you until they can find a much cheaper H-1 B visa employee to replace you. If you can't get that in writing, take the severance.
I declined offer to be considered for rebadge. I am taking the severance FIS offered. Rebadging did not guarantee any ongoing employment and my task for the last 3 months has been to train my replacement. My concern is that I would be benched and then released in less time than my severance. Cognizant wants to replace all US employees with less expensive offshore or H1B visa employees.
My group got this email. It’s a survey asking if you are interested in re-badging, as they “may” have an opportunity. If you select no, you elect to get laid off as planned. Select yes and it says they might send more info about rebadging. You would have another chance to accept or decline. It says nothing about length of hire. This is not security.
@OP do you know if this will be applicable for everyone or just digital?
@b2 if given a choice at this point, who wouldn't want to cash out and get three months COBRA while figuring it out. Talking this option also gives you the right to file for unemployment too. The job market does seem to be tough right now. Maybe some could comment?
Cognizant can't fill the roles they are supposed to. Don't give in and FIS will be hiring people back as FTE soon enough.
@b2 thanks. Earlier offers to go to third party did not get severance if they declined the offer.
@as Nothing. They get a choice between severance or a job. Rumor has it that most will take severance as FIS is spiraling out of control.
The numbers they were trying to achieve with Dolphin were about 20% of what was expected. This sounds like a way to backtrack and improve reporting on dolphin savings while also avoiding bad press on layoffs
@OP Yes. What happens if they decline? Those of us who received no option would like to know.
Asking if they are interested is very different from telling them that they are being re badged. It would be interesting to hear the details of the offer. It's a lot better than others have received.
Do you know if they still get severance if they decline?