Anyone gain any insights into what the executes are thinking from the Nov 9 "Let's Talk"?
18 replies (most recent on top)
Dec 1 LTL Summary:
- Back to home offices. Won't try again till (at least) May.
- Sell P&C business? Who said that? We don't comment on that. And, by the way, it's a great business and Darla is doing a fantastic job. (Anyone want to buy it?) But, I can't comment on whether it is on the offering block, even though their are major news stories about it. We'll tell you when it's a done deal.
- Oscar canonization (for sainthood). Un-real. Can't believe they wasted a whole "LTL" on that.
A lot of manipulation. Listen carefully. The last LTL was “accelerate” and China this and China that.
As useless as the surveys are, the non-sensical review of the 'participation rate' and the scores are '1 point higher' than last year - are even more annoying – it's all a dog and pony show. Years ago I would be honest and open in the comments - never caused me any grief, but early on in Cary, a co-worker of mine got called into an office to 'discuss her survey results'. Anonymous? Nope! I pretty much pick the middle score, only because the survey is a joke, and I do not take it serious. If I ever felt they would act on the opinions of others, I would share my thoughts. Hang on, get paid, and work on some of the most boring systems - and oh yes, be Agile! Be ever so Agile!
@Yep...... I ALWAYS provide comments that totally give exactly what's on my mind..... I don't care of they "figure out" who I am, and I refuse to lie or pretend. They won't stop me from being true to myself.
@anug+17Sgnl8v - Yep. The "my voice" survey participation rate is non-sense anyway. I only participate because they might judge my manager based on it and there was some pressure to do so. Whoopee. We got 82% participation (or whatever). Like that's a really big deal.
But, that doesn't mean that my survey results tell them anything. I don't believe in telling them anything that they don't want to hear. So my survey was pretty much "everything is peachy keen".
I figure, they know the state of things already. If they don't, and if they truly believe the survey results, then they don't deserve their positions.
Be careful about writing comments though. They can figure out who you are, if they want to. I treat the survey as if it asked only one question, "would you like MetLife to keep paying you?" and answer every question accordingly.
Ugh I so distrust the EG. So many useless Next Horizon and Let's Talk Live they make us attend and zero transparency from them. Selling P&C is something worth mentioning, especially if they are so close that the media is picking up the story. EG needs to stop with the window dressing and just be upfront with employees. Even the employee survey results are being sanitized right now to remove anything negative. They knew the participation rate every single day the survey was live and when it ended they needed a whole week to get the total participation rate and low behold, wow better than last year! Nothing fishy there. There is definitely a credibility issue with this EG.
A couple thoughts:
- @9uzh+17Sgnl8v, I think you are right that middle management is ineffective, but doubt that it will change.
- BIG PICTURE: If MetLife needs to economize by not promoting people, then things MUST be far worse than the happy talk we get at the end of each quarter by the CFO. I don't know what that means. Is there something bad that the numbers aren't showing? Should I expect to be enrolled in the Jelly-Of-The-Month club this bonus season?
So if the idea is for more of a horizontal business structure and only the ability to move laterally and not vertically, what will happen to all the layers of management? Much of middle management has been largely ineffective forever, and they do not provide "real" metrics to leadership...lots of smoke and mirrors.
@skilled, in my department they have been allowing pretty much only lateral moves for years along with useless cross training. they manipulate people to learn new skills and then just pile on more work. so nothing new there.
@Skilled - Maybe they WANT to encourage attrition and this is one way to do it.
Thing is, who are they going to lose? They will lose their best people.
Today's LTL was even weirder. So no more promotions, we can move around laterally in the Company for no additional pay or title but gain new skills. OK, let's see how attractive that approach is. How about the people who were promoted in the last few years give back their current title and pay, but they can keep their new skills. SMH
Met take on commercial real estate:
Not sure about getting rid of office space. MetLife holds lots of commercial real estate as an investment and it is probably taking a big hit right now. The office space that Met uses is a small amount relative to its holding for investments.
I believe a MetLife manager even said publicly that there could be an increased demand for office space because companies will need more space so that people can social distance. I'm thinking, "I doubt it". I doubt that the person that said it even believes it, but it does tell you that MetLife wants to do what it can to keep up demand for commercial real estate. Reducing it's own foot print could sent a bad message to the real estate market on the whole, and perhaps to investors in MetLife.
That said, each executive for which office space hits their budget is going to act in self interest and yes, they are going to want to reduce their foot print.
Another thing, I think MetLife tends to sign somewhat long term leases, say five years or so. That may postpone decisions on reducing footprint probably to a post-COVID era where they can then evaluate.
So, I kind of agree, but it's not totally clear to me what will happen with office space.
I gathered that they will hastily get rid of physical offices to save money in the short term and then continue to be less attractive to current and future employees when offices will be full again. Vaccine is around the corner and social distancing will end. They need to think about that instead of thinking this current situation will go on for the foreseeable future. What does the new hire from Foot Locker have to say???
The latest Let's Talk had a strange air to it. All this talk about change, the future, responding to markets, etc. The whole time it felt like it was a setup and we will learn more about 'the plan' in the near future.
I wouldn't expect any major announcements in 2020 but I think things will come to light in 2021 and beyond. Changes are definitely coming. Make no mistake about it.
One thing I feel certain about (and there were articles that came out about a month and a half ago alluding to this) is they are going to sell P&C. More often than not P&C adds money but it is volatile evidenced by the catastrophe claims this past quarter. Also, it is highly regulated and costs a lot to deal with so the money earned compared to the headaches endured may have finally convinced senior management to pull the trigger and dump the line.
Reports indicate they could pull in $3-4 billion in cash from a P&C sale and that's enough for maybe 1-3 Versant Health kind of deals and they'd still have circa $7 billion of cash hanging around for other types of movement.
I also wonder if they no longer have patience for certain international markets. MetLife is an international company now but they may feel certain parts of the world are either too volatile or would take too long to turn into serious money.
The last Let's Talk meeting wasn't the usual drivel with Liverpool soccer jokes and new employees being interviewed by Michel and all the happy talk about being part of the MetLife family. Nope, they brought out some big guns to talk to us about how MetLife needs to change and that kind of thing is usually the precursor to some rather radical adjustments.
Hold onto your hats.
It's obvious that layoffs are coming..... it's only a matter of when.