This manager has been here for two months and it's already a little strange, considering he's a good manager and Fiserv doesn't seem to want good managers here. I can't even remember all the managers who changed in a very short time. Why is that so? Isn't it in this company's interest to at least keep good managers?
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The company doesn’t pay out vacation or sick time when you leave unless your state requires is. Many states don’t
I have had six managers in eight years and I’ve never changed positions. They actually approached me to be a manager and I refused. Actually surprised they haven’t RIF’d me! I can only wish.
They started for directors and above last year. This year they added managers and advisors
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When did they announce the switch to unlimited PTO?
You are correct. The formula will NEVER make sense, it’ll be way south of 100%. And when you check the DEF14 filing you’ll find the executive bonuses are never less than 120%. 2 sets of books
Let’s not forget “unlimited” vacation time. You will use less than you had previously used and if you leave the company, there is no unused vacation time to pay out
@dns, yep that about sums it up.
I was a manager for 5+ years at Fiserv (OFS) and left late last year, here is why they can't keep managers:
Managers only bonus 5-10%, of that typically half is stock and half is cash. The bonus never pays out at 100% so lets say your a manager making $130k @ 80% payout (typical) your cash bonus before taxes is $2,600-5,200. Now take away 40% for taxes and the bonus almost nothing. Other companies will pay 20%+ cash bonuses to Managers + stock. Mangers just get part of their cash bonus in stock, no actual stock incentive like the VP's and up get. Think of it like "You should get 10% bonus, but we are only going to pay out a fraction of that cash we are taking away half and you will get it over 4 years as stock". Sure would be nice to just get the cash + stock on top. Oh and you will never know what metrics they use to compute the bonus percentage payout, but it will not be 100%.
You can be a high performing manager or director and you will never get over a Meets rating. Your leadership will always have an excuse but this will limit any additional bonus money that some of the Exceeds and Far Exceeds sometimes get. They say there is no forced ratings at Fiserv, there is 100% a cap on Exceeds and Far Exceeds and requirements to give Meets Most. No matter how they try to spin it, there is a forced distribution.
There really isn't any perks to being a manager, you have almost no authority now. No budget, and no ability to replace someone if they leave.
You will have employees constantly looking for more $$$, promotions and you have almost no power to get them for them. You have to beg your management and HR. When they do get a promotion it will be disappointing as they will get less than you requested.
It is clear Fiserv doesn't care about their employees. They reduce benefits, take away work from home flexibility, install spy software, monitor badge swipes and have the best timing where they take away a benefit but announce historic profits.
I left because I couldn't be positive any longer about the company, they already took away anything that was good or even the ok stuff.