Thread regarding MetLife Inc. layoffs

Master thread for CoronaVirus and impact on MetLife

Thoughts? Comments? Where is this taking us?

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Post ID: @OP+13Nsc5xT

37 replies (most recent on top)

in the last lets talk... he said they are looking at all things including layoffs
so...

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Post ID: @2mmnm+13Nsc5xT

So the no (low) bonus no (low) layoff theory seems consistent with the "Let's Talk" talk.

Wish someone would ask straight out, "Are we on target to have a good year as far a bonuses go?"

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Post ID: @1jqke+13Nsc5xT

CEO says today says the "moratorium" for no layoffs is over end of May. Biz as usually from that point on in terms of org changes and letting people go. Hiring freeze still in place.

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Post ID: @1fggu+13Nsc5xT

OK, so first week of June, thanks!

No consistency on WFH on my end either. I've heard every scenario you can imagine.

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Post ID: @11psd+13Nsc5xT

ANON again – I meant is not the end of the world....

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Post ID: @11sjw+13Nsc5xT

The good news, if there is any, in all this COVID-19 world we are in now, "We the Employees" have proven (w/o a doubt) that Working from Home is the end of the world!
Depending who and where you work in the Org - you get various answers to "May I work from home a day per week?". Contact HR, and you get "That is up to the Managers discretion".
My experience my be different but that has been mine.

As for bad news? Maybe Upper Management may think "We can do this with fewer people!" - I will wait out the 60 or so days and see - nothing I can do if I am picked – or axed - or whatever the term is. Hope for the best, prepare for the worse.

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Post ID: @11abr+13Nsc5xT

60 days announced on April 6 or 7, IIR. So, 60 days takes you to June 5 or 6.

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Post ID: @11ygv+13Nsc5xT

When do we expect layoffs? They told us no layoffs for 60 days, so I'd say there is a 50% chance that we hear something on day 61. When is that BTW?

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Post ID: @11cdp+13Nsc5xT

well, when does everyone think layoff will happen

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Post ID: @11vjl+13Nsc5xT

Might be right and might be wrong. No way to know yet. You are definitely very optimistic though. I think there are many more layoffs to come, not just MetLife.

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Post ID: @10xhs+13Nsc5xT

I am reading a little bit into the dividend increase.

If they didn't increase in 2017 (was that due to needing cash for the Brighthouse spinoff?), then I'm assuming that COVID-19 is not affecting MetLife that much; otherwise they would not have increased the dividend.

So I'm seeing that as a good sign for continuing jobs at MetLife.

Am I wrong?

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Post ID: @10lno+13Nsc5xT

I wouldn't read too much into the dividend increase. It has gone up between q2 and q3 annually since 2013 with the only exception being 2017.

https://investor.metlife.com/stock/common-dividend-history/default.aspx

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Post ID: @Ykwn+13Nsc5xT

Dividend increase bodes well, but who knows?
Earnings out on Thursday, followed by a "Let's Talk".
What do u know? I'm listening.

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Post ID: @Ycrp+13Nsc5xT

Exactly. SALARIED. NO change in SALARY regardless of number of hours worked, regardless of if its more or less than 40 hours.

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Post ID: @Viaz+13Nsc5xT

Ummmmm salaried employees would not be paid more for extra hours because they are SALARIED EMPLOYEES.

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Post ID: @Vkup+13Nsc5xT

Yes it is OK to get the same pay. Do you get more pay when you have to work 60 hours in a week because something out of the ordinary is going on? It works both ways.

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Post ID: @Vzxv+13Nsc5xT

Not that this page is about capacity, but are we saying that because of Covid-19, it's okay for people to get the same pay, while working less hours? Everyone juggles alot these days, but having a job is a privilege that many no longer enjoy.

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Post ID: @Vqcq+13Nsc5xT

Sweeping generalizations? I too agree with the person who posted about tons of capacity.... been with the company for 13 years, and have seen alot of people getting paid to do alot of nothing, and that is not a half truth, it's the real truth.

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Post ID: @Tgwf+13Nsc5xT

Please, forget about Covid-19, there has been a "ton" of capacity here for years. There are the worker bees, and there are folks who just do the minimum. Happens in every company, however, regardless of the current situation, everyone owes it to the customers to create business continuity plans to keep things "business as usual", and paying premiums so people who aren't working seems a little unfair.

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Post ID: @Tzbo+13Nsc5xT

You're forgetting about the fact that this situation is completely not normal, people have shifted priorities right now, people are trying to homeschool their kids, queue to get food and stay healthy. So think before you make sweeping generalisations in future based on nothing but half truths and anecdotal evidence.

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Post ID: @Tnwr+13Nsc5xT

Checking up..... ? when you open Skype to send a message, you can see whose on, off and how long.... you don't need to be checking up, you just need a pair of eyes?

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Post ID: @Tsie+13Nsc5xT

Are you checking up on people then? I think people forget how distracting the office is. I would bet my bottom dollar 2-3 hours a day is spent on general office conversations and chit chat. Working from home removes all that.

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Post ID: @Sljp+13Nsc5xT

There might be tons of capacity, but I'd bet that any layoffs that happen will reduce headcount by less than 5% by say, June 30 or even Aug 31.

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Post ID: @Rkse+13Nsc5xT

Surprised that MetLife delayed layoff's for 60 days. Ton's of capacity in many areas, people "working from home" logged in but showing away for 2 or 3 hours a day including leadership.

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Post ID: @Rmbg+13Nsc5xT

Wow, mad scramble now to find busy work to cover up the ton of capacity that has been uncovered. Middle management removing any shred of empowerment given to the front line workers, as usual NO collaboration, what a circus!!

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Post ID: @Igrq+13Nsc5xT

The two month no reduction was in Khalaf's "Let's Talk Live" that you can find on "MetLife Tube".

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Post ID: @Gmhd+13Nsc5xT

60 days of no reduction in force. We didn't receive that message in Europe as yet. That's a real interesting way of polishing a t–d and announcing 'layoffs incoming'.

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Post ID: @Fhye+13Nsc5xT

Oh, one other thing. There ought to be some savings during this pandemic since the executive and executive wannabees are not able to fly, fornicate, feast and drink at the companies expense. (wish I could think of a word for drinking that begins with an "f" sound. can you?)

Perhaps the company will learn that all this travel isn't so necessary after all and save a boatload of money by grounding the executives and making them do actual work from where they are.

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Post ID: @Dsuv+13Nsc5xT

Believe @sniper means they are going after folks who track their time against projects.
Really, the are going after the projects, trying to do the absolute minimum required, and canceling or reducing the rest.

Then, it follows that the people who worked on those projects, if not on another project are not needed.

So, all the "spend time learning" and think about doing things differently is out the window. Improving systems, curing technical debt is pretty much out the window. Locking down your computer, however is very much in scope. Wouldn't want you printing anything before you are laid off.

But, instead of getting rid of the people that actually do work, they ought to get rid of people whose jobs are nothing but cheer leading. You know the type, they do nothing but post on Yammer.

CEO promised 60 days of no reduction in force. It would also look bad for an insurer to immediately layoff workers. But right now, management is scrambling to figure out what to do. Sad to say, but in some sense COVID is cover to do things that they wanted (need?) to do. Especially if they report a down first quarter and announce suspension (termination) of stock buy backs.

One thing I wonder is how much notice will there be? If we get 60 days for "peace of mind" (not COVID related, mind you. And CEO would never promise not to have layoff, mind you.), how much notice will laid off workers get?

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Post ID: @Dykp+13Nsc5xT

Question the numbers.

https://www.foxnews.com/politics/birx-says-government-is-classifying-all-deaths-of-patients-with-coronavirus-as-covid-19-deaths-regardless-of-cause

To the moderators: Sure, you have the power to delete my post. Doesn't make me wrong.

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Post ID: @Atpy+13Nsc5xT

@sniper how do you mean billable vs non billable?

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Post ID: @Atld+13Nsc5xT

I heard that management is going after billable vs non billable Employees in each team currently

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Post ID: @wqcv+13Nsc5xT

If this continues for more than 6 wéeks.. then be sure many will be laid off.
The company will protect itself. The stock price loss has already had a big impact... There will be a run up as the gov continues it's infusion of fiat currency but the second leg down will take the dow to the 5k range. So ..plan accordingly.

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Post ID: @uqaj+13Nsc5xT

People will be working from home for quite some time. Also there most assuredly would be job loss as this continues.

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Post ID: @uuah+13Nsc5xT

@Jeopardy Question Guy. This is no joke already. No one liner will be needed. By May 1, it will be very bad. Why would you minimize this? People are dying.

@Maui. I guess it depends on the manager. Thing is, with this, we'll be lucky to keep our jobs, let alone work from a beach. One sad reason that we might (keep our jobs) is that the virus will also wreak havoc on India and the rest of the world, too. I haven't hear anything (it's hard to hear anything when the admins can't hear anything!), but who knows what management is planning. Met could suffer from higher mortality, increased lapses, decreased bond values, increased bond defaults and lower equity prices (triggering guarantees). So, it's not clear to me that Met won't terminate some of us.

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Post ID: @qlzi+13Nsc5xT

Maybe they will see the light in the department I am in and allow us to work more often from home - as it is the 21st Century and all – I could code from a beach in Maui if needed - just can't get there during the virus!

They have been quite narrow-minded about working from home in recent years, as they pretend to be technically saavy.

My two cents....

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Post ID: @ozum+13Nsc5xT

By May 1 this will probably be a non-issue. All these travel bans are a complete overreaction. This virus will be a Jeopardy question in 10 years that none of the contestants will know.

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Post ID: @2lyc+13Nsc5xT

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