So I sat through a benefits video that said HR had worked to 'unify' the benefits between First Data and Fiserv, so we all shared the same benefits going forward. Today I learned that Original First Data employee costs are a lot lower than the cost Fiserv employees are paying for the same medical plan. Check out the different costs here:
myalex.com/fiserv/2020/ofd
myalex.com/fiserv/2020/fiserv
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How to
The new First Data leadership that is now running the combined company is very bad. Some have posted here about moral being an issue & they are correct. The first data leadership is riding Jeff Yabuki coat tails & working toward padding their wallet. We will see what happens but they are not good.
Now that the new year Has arrived, here is how it’s going to go. Each BU is going to be given a hefty “stretch” OPEX budget (reduction) target. After all, it is how merit increases and ACIP Bonuses are funded. Really, the only way to reduce OPEX by the unrealistic targets we are talking about is to reduce labor - essentially one head = $100k reduction. Each leader will have to contribute a number of heads from their Group by the end of January. Reduction in force packages will be in a rolling format so the lay-off numbers stay below a Federal reporting threshold. Anyone who has been at Fiserv for any amount of time knows the history behind this drill every February - March. In fact, look up the history and the timeline - although layoffs happen randomly throughout the year - there is a heavy pattern historically in February. Look it up! This stretch targets have already been issued and they are larger than they have ever been before. No rhyme or logical reason of who or how much it will hurt / break the the business. As a (so called) leader in a heavily micro-managed company - you are given a number of HC to reduce and you have no choice. AND - workloads will not change - in fact - they will probably go up. The less vs more tactic is heavily in play here. We leaders are smart - we eventually figure it out - figure out how to survive but quality suffers. Look this up too - you can clearly see when the quality issues hit - February through July / August typically. It takes half the year to recover from the chaos. We can’t even spend the Capital that we received during the first half of the year because of the chaos so that creates an overloaded in Q3 and Q4 and, wait for it - more quality problems!
A couple of years ago, there was a foolish program called LTR - which stood for Likely to Recommend. How do we get clients to recommend Fiserv instead of what was / is happening - telling 10 people about our Quality problems. Someone should go back and look how that $25M was wasted. Large buckets of money paid out to vendors with absolutely no return on values. BTW - we have even more tech debt now than we had then - none of that $25M went to retiring tech debt and / or reducing risk. What an embarrassment! Check my facts. Look at the outages in 2018 - a banner year for quality. HUGE outages in February and another HUGE OUTAGE IN JUNE. Follows the pattern I describe above. It is embarrassing and irresponsible what we do to our customers!!
“Unlimited” R&R so it doesn’t accrue or be paid out is my guess, but you need manager approval to actually get time off, so few can take it. Imagine the worst combination of FSV and FD policies from the perspective of the associate.
I'm curious which direction the company will take with time-off benefits. From what I've heard Fiserv has more time-off for tenured employees than First Data offered.
Yeah this whole merger is a cluster, and i would expect that Employee Morale will be down this next year (i.e. people just wont care, and level of effort will be at an all time low). Good luck with those project being done on time and under budget. I have been seeing some of the really talented employee's leave and heard others that have potential offers in the coming new year. Fiserv is going to be a revolving door of associates this year, and would expect their customers will be the ones to suffer.
Fiserv also tiered, but it appears the tiers are at a high employee cost.
FISERV IS NOW FIRST DATA
This isn't always the case. first data tiered their insurance plans by income. So for me as a original First Data employee , i'm paying more than $112 dollars more per pay period period than I would if I were an original Fiserv employee. If I had went with the PPO option, i'd pay more than $231 dollars per pay period for the same insurance.
Fiserv gets screwed again. This "merger" is ruining the company.
As a Fiserv employee I will pay almost $50 per pay for the lowest individual medical benefit with UHC. But if I was an OFD employee I would pay less than $20 per pay period for the same benefit? That is crazy, I thought we bought First Data but it sounds like they are running the company.
"Unify" means to pay the higher costs between the two. Honestly this merger is a f— job to all of the employees, all 50K, now more like 44 and soon to be 42
I worked for both companies but left years ago. At one point my husband worked for Fiserv and me FD. We always went with FD insurance because the premiums were less.
Is it a lot more than last year?
I never worked at Fiserv or fd,, but from reading theses posts it sounds like an epic mess on every front. I picture entire floors of people not talking, surfing the internet and taking 2 hour lunches because people are fed up, angry, confused or just don’t care anymore
Yep just looked at the offerings and there is only Kaiser for CA and it’s more than double what I have now. Guess the official sign up starts tomorrow. First Data wasn’t great but this is worse.
I found out the same thing . Honestly it’s a bunch of bull sh!t.