Thread regarding Fiserv Inc. layoffs

Fair or Unfair?

I read a lot of posts here and see a lot of negative comments. I understand the frustrations as I can relate to some of them personally, but some of these comments lack context. I'm typically a "glass half empty" person that's skeptical of everything. However, when I take a step back and look at this, it's not as bad as it could be.

Fiserv and First Data merged. This means job redundancies and consolidations. People are upset about being let go but this is business as usual for everyone. It's possible the company offered relocation options to keep a job or another position may have been available to stay on with the company.

401K and ESPP gone. People are mad because the money they're supposed to be using for retirement isn't currently being matched by the company, or they can't purchase company stock cheaper than the public. While it's a type of loss when it's not available, it's a job perk and people tend to forget that. The company saves lots of money by doing this and possibly your job.

2020 and COVID-19. This is the only time in my life that I can remember a world wide pandemic. The economy is limping, businesses are laying off employees because they can't stay open or working at half capacity, unemployed people are dealing with chaos and it's quite a mess right now. It's a hard time for everyone and I read about not getting a 3% match on 401K. Some people's priorities aren't where they should be.

As an employee of this huge company, I can say I'm thankful and grateful to still be employed and draw a paycheck. Right now my priority is to get through this mess, take care of my family and put the petty things aside. Once all this is over, we can talk about company perks instead of company layoffs.

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Post ID: @OP+17wrgNPb

9 replies (most recent on top)

The OP sounds like a shill.

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Post ID: @2hkm+17wrgNPb

In 2013 we were voted the 9th worst company to work for , that hasn't changed

Google it you'll see

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Post ID: @2lkx+17wrgNPb

https://www.washingtonpost.com/business/2020/08/17/retirement-401k-company-match-coronavirus/

89% companies kept 401K matching in Q2.

Also, when the company makes an extra $1 of profit, the execs disproportionally benefit from it. So moving employee benefit money to fund brand image as a way to stimulate stimulate sales is really moving employee money into exec’s wallet... Sure some say if the company underperforms, there will be cuts so better give up a little benefit to keep the job, but doesn’t that also reflect poor leadership and the lack of sound growth strategy?

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Post ID: @2dmx+17wrgNPb

The original poster is exactly the kind of no backbone hack that Fiserv is looking for. Someone who will accept table sc-aps because they can't or won't search for a better job. An individual who is spineless and will thank management for removing benefits and pay. No matter how much truth is posted on this forum they will ignore facts and continue towing the company line. Don't get me wrong I agree that there are way to many whiners and complains on here but you are something else entirely. BTW I'm thrilled that they raised everyone's healthcare cost so they could lower the cost for smokers...I'm saving money as a result of all the non-smokers premium increase!

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Post ID: @1efq+17wrgNPb

We find ourselves in the middle of an epidemic and the "BLM, ME2, Social Justice, Social Media, Political Correctness" phase of the decade. Promoting and acknowledging social issues promotes the company's standing because it makes people feel better and makes the company look good while doing it. The executives taking a pay cut and donating to these causes is noble and helps the community. Some employees receive 25% more pay to go into an office facility during COVID-19 and I understand 401K matching and ESPP will be back soon. Insurance prices are going up, so Fiserv is matching 50% of those increased costs by paying a lump sum payment to those affected.

You have to remember this is a large business with a board of directors, a lot of employees with a lot of overhead but the bottom line is profit. Companies that are not profitable, go bankrupt and we don't want to see that happen. While layoffs are hard and choices are limited, they're doing what they think is in their best interests to keep things moving forward.

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Post ID: @eip+17wrgNPb

I agree you, we should be thankful to have a job, but there are other companies doing a much better job at taking care of their employee's. Employee benefits were raided to help promote the Fiserv brand, and buy back stocks. A slight hint of redundancy in a job, you will get walking papers. So this company is laying off people like everyone else. I also have to agree it is a perk to get 401k and ESPP, but isn't that a factor when you considering joining a company? If i don't get those benefits, then i wouldn't you ask for a higher pay as a substitute during negotiations. Fiserv is a business, and the CEO is looking to promote it's image so they can bad their wallet more. They are cost shifting from employee benefits by taking money from it and promoting special programs. My favorite one was that Frank and Jeff took a base salary cut. They didn't mention that this only makes up less than 4% of what they earn (figured based on the annual compensation for Jeff and Frank in 2019). So is it fair that we give up a larger percentage of our benefits compared to the CEO and senior VPs? The CEO could leverage some money from the quarterly Stock Buyback or take a little less in bonuses for the year?

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Post ID: @wme+17wrgNPb

“It's possible the company offered relocation options to keep a job or another position may have been available to stay on with the company.”

Nope. Senior level in Alpharetta, was told “my position was eliminated” and then walked to get my package. Not offered anything else, although if I did find something else I had to give back my severance. Given the years of service it worked out better to just leave and find another job.

I don’t carry any sort of grudge but many people didn’t have an option.

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Post ID: @nql+17wrgNPb

Thank you for your post. It is the most fair minded, balanced and reasonable thing I’ve read here in awhile.

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Post ID: @wff+17wrgNPb

You make a few assumptions here, one being that opportunities were give to stay with the company. I cant speak for every BU but this was not the case from where im standing and hast been since Fiserv took over so Covid cannot be used as justification.

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Post ID: @lsr+17wrgNPb

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