Thread regarding Prudential layoffs

Is this true?

An email was sent last week to all US Pru employees advising a voluntary separation program.... you have to apply, but it sounds like some sneaky stuff going on.... the email talks of “new skills” that employees will have to learn.... VERY CURIOUS as to what’s at the bottom of this!

It's a bit hard to believe ALL US employees received this mail...

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Post ID: @OP+11w08GdJ

34 replies (most recent on top)

There are two separate Prudential Companies, one in the US and Japan called Prudential Financial Inc. Stock Symbol PRU on the NYSE and the other is based in UK called Prudential PLC with stock symbol PRU on the London Stock exchange, both are insurance and financial companies to add to the confusion.

This thread with the VSP is for the US Based Pru.

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Post ID: @4Ebmu+11w08GdJ

Art Ryan was no bargain for Prudential with the bunch of clowns he brought in when Chemical bank took over Chase. The stockholders took a bath while these guys made millions when they went public

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Post ID: @2Gbvu+11w08GdJ

By reading the posts on this board, It sounds like Prudential is in trouble. My advice to Prudential employees. Reach out to other companies in your industry and ask them if they pay consultants for business development. It does not matter what your role at this company is. Use you contacts and knowledge to help them bring in new clients. Don't spend time on this board trying to predict your future, You can make a good living doing business development.

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Post ID: @29gxn+11w08GdJ

The industry is changing and Prudential is struggling to meet that change. I worked for Pru for a few years but ended leaving for a Fintech. It's sad to see an iconic company go through these changes. VSP is just the begining

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Post ID: @26yaa+11w08GdJ

Used to be a company one could be proud to work for. Of late, it's more akin to being on the Titanic, with nobody at the helm.
So tired of the politically correct posturing, it is rammed down your throat every day. This company is more concerned with being "liked and admired" rather than offering solutions or solid products and services, and being profitable.
Constantly ten years behind in technology.
Prudential considers its strength to be the fact that it is 140 years old; when in truth, that is probably its downfall.

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Post ID: @22yza+11w08GdJ

Wouldn't it be in your letter?

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Post ID: @1Qmqa+11w08GdJ

I am trying to appeal my VSP. They denied me. Does anyone know an email address I can send my appeal to?

Thanks.

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Post ID: @1Bjbe+11w08GdJ

Hi all, I'm wondering if this Volunteer Separation Program was offered for Pru employees in the past or is this the first time? Also, is it ever referred to as a Leave of Absence in documentation?

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Post ID: @1wihm+11w08GdJ

When people post they should state if they are Pru employee with # of years of service otherwise it’s all quite silly. I’m a pru employee with 39 years. We are all responsible for our happiness and I am quite satisfied with prudential and the life they have afforded me and my family. Prudential is changing as is the entire industry. If you come from a position of knowledge please provide that info. I think they are doing their beat to transform , be customer- centric and be fAir to all employees. Only time will tell.

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Post ID: @1tsbc+11w08GdJ

Who has accepted the VSP? Thoughts? And those that didn't - any thoughts?

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Post ID: @1jlah+11w08GdJ

I took the VSP after learning from my manager that this wasn’t the end and he couldn’t say for certain if our jobs would be safe even after VSP. Felt I should take control of my future based on the information provided. Also told that all positions were being absorbed via restructuring only to find out that my position is being posted once I leave. I guess my job would have been safe after VSP. Would have been nice to have that information before I made my decision to leave.

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Post ID: @14pdw+11w08GdJ

Whoever thinks that this never would have happened under Strangfeld is dreaming. This latest move is a continuation of a pattern of continuous layoffs, established under John Strangfeld. Prudential is an ethically bankrupt company, with a solid PR machine that has kept the press from exposing it as the house of cards that it really is. Once it falls, it will fall hard and fast.

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Post ID: @13pnc+11w08GdJ

I am a 62 year old who was laid off without warning by Prudential in August. It was very clear they wanted to purge my salary for a younger person's or an offshore person. They had recently engaged in a search for an onshore partner to "free up onshore employees time to do deeper work". It was clear that it was the first step of offshoring resources to cut salaries. I was happy to get a decent package, but had to sign away all opportunities to sue which gave me a bad feeling given my age. Very curious to find out what sort of packages will be offered now. Anyone with insight please post some details.

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Post ID: @Unua+11w08GdJ

To the response that said this was only for employees who have a bridge to retirement: not true . Dead wrong . I was one who received and om far off from retirement. Company is playing catch up and they should be examined for how they treat employees "of age" not only here but for denial of opportunities for well qualified candidates. This company is so far behind in the race they actually think they are leading.

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Post ID: @Mnhc+11w08GdJ

Prudential refused to change for many years. This is the result. The culture is dysfuctional and unsustainable.

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Post ID: @Cxdb+11w08GdJ

pretty discriminatory that not everyone is eligible. YES, everyone recvd the package but not everyone is eligible.

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Post ID: @vkvp+11w08GdJ

This company is a joke. NOTHING but issues from the ground up. Its time to spread the news... I think the media should be alerted.

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Post ID: @vljp+11w08GdJ

With a few exceptions, the Voluntary Separation Package is being offered to all US employees hired before January 1, 2018. Those who apply will be notified of acceptance and their employment end date on 12/19/2019. The employment end date will be one of four dates between 02/19/2020 and 09/30/2020. So, they’re not just targeting old timers. That said, severance is based on length of service so it’s much more lucrative for long term employees. That’s especially true of those who will be retirement eligible.

With Pru’s recent acquisition of Assurance IQ for $2.35 billion (with a B), the handwriting was on the wall. A senior exec at Pru said we’re not going to turn Assurance into Prudential; we’re going to turn Prudential into Assurance. There’s a reliance on automation and big data. Little value is seen in the knowledge and experience of most human resources, and human resources that are deemed necessary will be mostly offshore.

They’re certainly looking for younger employees that will work for less money. It seems kids these days are more interested in working for a “cool” company that provides a break room with an espresso machine and a foosball table than competitive compensation and benefits. And because there’s no longer any expectation of employer/employee loyalty (which cuts both ways), as soon as someone’s compensation begins to creep up, they’re out to the door and they hire another young kid for pennies on the dollar.

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Post ID: @ohdm+11w08GdJ

The employees are eligible for packages and have to apply for it in November. They will be notified in December if they get granted the package. The expected separation date is in February.

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Post ID: @ovaq+11w08GdJ

11w08GdJ-1ptq clearly is misinformed. The OPTION to take the package is open to young and older employees. And everyone accepted will have their separation date in DECEMBER so they have time to prepare. This is the most fair way to downsize. Amazing how people will find a way to gripe no matter what. Such a victim mentality these days. If you are unhappy with Pru, do them and yourself a favor and get another employer. And yes, I come from a position of knowledge as a long term employee.

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Post ID: @okwu+11w08GdJ

Whats the risk of not taking the voluntary separation package that you were "selected" for and continuing to work hard as I've always been? I'm only 8 years away from my target retirement date. This hurts, hard!

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Post ID: @ayht+11w08GdJ

They have a vision of following the Amazon or Google automation structure without adding any of the benefits of working for either of those two great companies. They want all of the reward and don’t want to pay for any of it.

So sad to see a company that established its roots selling life insurance to blue collared workers now acting no better than the Wall Street banks that led us to the last recession.

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Post ID: @7tyg+11w08GdJ

I knew something was up when Strangfeld retired..... if he, or Art Ryan, were still there this wouldn’t be happening. What a smack in the face to the employees who have put up with this company’s sh– for so long!

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Post ID: @7vml+11w08GdJ

Glad I got out when I could!

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Post ID: @4jnu+11w08GdJ

The 'new' work culture is toxic and dysfunctional. I speak from direct experience. If you are below the rank of VP, expect to be abused. Nobody is looking for that.

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Post ID: @2avk+11w08GdJ

With all of the layoffs and re-orgs on, I'm not surprised. Prudential failed to see the future, now they are paying for it.

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Post ID: @2npq+11w08GdJ

It really does not matter what the motivation is to cut jobs. Stop focusing on the why and start focusing on your next opportunity. This is how businesses work, I been through many of these of the past decades. S— it up and move on!

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Post ID: @1rae+11w08GdJ

First, because @11w08GdJ-1jwj has differing opinion than another person I imagine that automatically makes some of us “trolls”. Or perhaps we are speaking from a position of knowledge. You have no idea and should refrain from name calling like a 5 year old if you hope to go anywhere in this life.

Second, the way the package is designed (with the date of separation anywhere from February 28th through September 30th at the descretion of Management) only targets the older people who can bridge to retirement. Younger employees looking to leave an obviously struggling company can not begin to search for a job because they do not know what the date of separation will be.

The sad truth is that management has been blind to what both the street and the younger generation of employees want from a company and an employer and are grasping at straws trying to meet or beat earnings at least for one quarter.

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Post ID: @1ptq+11w08GdJ

The trolls on this board should stop speculating on what the intention was (ex: purge older people) The wording of the email was accurate (IMO) describing the direction the company is heading and the details of the package provide equal incentive to young and older employees.

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Post ID: @1jwj+11w08GdJ

You have the “option” to apply for separation, but may not get approved. A good way to tag employees for the next lay-off. I would run away from this company. It’s being gutted, and will soon be only a shell, supported by offshore employees. Ironic considering their newest marketing campaign focuses on financial wellness through keeping your employees happy. Ha.

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Post ID: @1odv+11w08GdJ

Such a shame that a company with Prudential’s storied reputation feels they need to do this. I may rethink my many policies there.....

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Post ID: @1ufy+11w08GdJ

Yes this is true. Every employee in America received the email. Everyone except high level execs and some business groups such as investments can take the voluntary layoff.

My suspicion is this is meant to get rid of older employees so they can hire younger, cheaper talent that will accept the new work culture.

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Post ID: @1wbq+11w08GdJ

The email WAS definitely sent to all US employees - I know for a fact.

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Post ID: @esa+11w08GdJ

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