More layoffs are coming in 2021. On top of the forced early retirements because NM will no longer provide retiree health benefits. Way to be loyal to long term employees NM!!
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Every company needs to shift and change but the fact that the Company preaches “financial security” for their clients yet many of their own employees will never reach that utopian state. So let’s force you to retire at 55, with little or no pension, with less 401k $, we will remove your retiree health care benefits and make you jobless in the worst job market ever. Yay - financial security?!
This company and leadership have lost their minds. Schlifske and leadership talk about innovation and transformation yet their following the same old strategy that companies have used for years. Layoff workers, offshore every jobs possible, and cut benefits.
Love the air taxi statement how true after the last cut John and family hopped on the jet for a water skiing weekend at $6000 a trip He made 3 trips already In August but cut some more Benefits
Each department head was asked to submit numbers to see how many people they can let go and still maintain some type of productivity. These terminations will be in addition to the "forced" retirements due to the change of retiree health benefits. Increase of offshore cheaper workers. NM you lost your way! No longer a great American company.
The layoff's actually started in about 2015. Anyone who was let go has seen the list - it must be provided to anyone who was let go. Title and age listed. It started with Mutual Funds (accounting, I think). They were primarily younger workers which helped with the 'we don't discriminate based on age' no's that followed for the next year. I could find myself easily on the 2017 list but my title was wrong. So, no confidence in anything NM reports. Since then I got a mailing to my address with someone else's name. Clearly, they are a mess!
People lose jobs and benefits, yet a company-owned, $50 million dollar sky taxi shuttles 'someone' back and forth from Milwaukee to Minocqua, WI.
The policyowners are starting to take notice.
How many people 50+ are left at NM? That age group has been a target since this started. I'm not sure how many rounds of layoffs happened in 2017, but I saw 2 layoff spreadsheets. There were just over 800 home office employees let go, and 60 percent were 50+. In the past 3 years I'm sure that trend continues.
Drastic cuts to employee and retiree benefits yet independent field sales reps who are not even employees still have the lavish company sponsored and funded pension plan and health insurance from years ago. The company relies on the secretive nature of these company provided benefits to field sales reps.
Forcing older workers out threatening retiree health benefits. Next round of terminations will be workers 40 to 55 year range long term employees. If I was a younger employee I'd watch what is going on at NM with lack of loyalty. Do plan on staying too long.
NM has retiree health insurance in name only. I was forced to take early retirement in 2017 and NM wanted me to pay $1,700 per month for retiree health insurance (family coverage). That’s just stupid. I realize people may not like government funded health insurance, but something needs to change. Plan on working until you die, being stuck with a $15 per hour job, and not being able to afford health insurance.
My couple of years at NM as a Director was the most miserable time in my career. Very insular culture. Change happens at a glacial pace. And politics is king. Never have seen a more insecure group of leaders or employees in my life. Guess what, retiree healthcare benefits went away in corporate America a long time ago.
This is nothing new. NM has been letting people go now for about 5 years. And yes, it skews to the older employees no matter how they slice & dice it. There was a post here on 7/24 about retiree health benefits changing that was removed, re-posted & removed again. Watch out, NM has influence to get things removed.
What are the changes to retiree health insurance? They currently have 2 options - different depending if before medicare age vs. medicare age. I'm a retiree and haven't heard about any changes for those currently retired. Is this only for new retiree's starting in 2021? You do realize if this is the case they are doing this specifically to get people to retire by year-end 2020!
It's a shame that they treat their long term employees so bad. NM used to always be mentioned as a top work place. It's not that way anymore. Such a lack of leadership. Who's in charge now? They really screwed up. So sad