Thread regarding Fiserv Inc. layoffs

Delaying raises?!? are you brain dead??! fiserv had bad or no raises for 5 years before first data! how long do you think they should be delayed??!?!?!?

Friday I will ask for 3% increase. If I don't have it by 4pm I will let them know I'm done effective immediately. I interviewed last week have an offer to start on May 15. I would rather stay at Fiserv for now but this is just ridiculous being May and no raise yet.

Zazks - 'The company repurchased 5.2 million shares for $612 million in the reported quarter'. Where did the 1.7 B amount come from? My issue with buy backs are they continue to inflate the stock price while adding no value to the associates or client base. We are dying in here from lack of resources not even replacing people who leave. My department has lost 6 people since March another gave notice this week one leaves Friday. While one or two have mentioned compensation the real issues are stress, workload and the impossible goals of new sales, commitments and client satisfaction. I am back to not sleeping well, Mondays are he-l dont even think of taking a day off you pay for it for days. The people who I have worked with for 20+ years go out of there way to do a good job for our current clients! Given our LTR we know its not happening and the realities are its getting worse. Happy with my compensation but at this point I would work for half if it came with less stress and realistic demands. Doubt I stay past EOY even with projects I would love to see move forward, sad.

I benefit a lot since I’m a VP and they give me gobs

Exactly right. Act like an owner, buy stock, benefit from the buy backs and win

Just so you understand yabukkeee’s whole business model was buy back stock and if you have any stock at all you probably want the company to deploy capital in the best way...so get smart!

$1,700,000,000 to buy back stock...

That's $38,000 per employee!!

So instead of using that money to give us all raises, they gave most of us nothing.

And raised our healthcare costs.

And took our 401k contributions.

And took our ESSP benefit.

And most people did not get benefits.

And even if they give those things back, will they backdate it to make up for 2020? Nope!!

I'm calling bu–––––t on the attrition. The team i'm on and teams i work with have about 10% of the people they did a year ago. The report you are looking at is now showing you a true picture.

Bonuses typically come from the sales side of the company as a business consultant. You make it sounds like the company is giving bonuses to everyone in the company. The bonuses went to a select group of people.

BTW, if i had Jeff's money, i would not be on this board. Bi–––––g about getting screwed last year.

The enterprise agile coaches are a joke until you can start integrating CI/CD into the environments.

Nope not true, attrition at all time low levels —– less than 10%, half the rate of ofs. 1700 job openings doesn’t even replace attrition and we have won new business which requires new associates. This is investment. Funny company paid hundreds of millions dollars in bonuses and you still try to find something wrong. And as for medical again no money saved just getting lower premiums to lower paid to make it fair and more affordable. Sorry Jeff I know you are upset you got let go but stop posting lies.

@jaj+1aumw0aR I'm sure you are omitting some facts.

The company didn't need to furlough workers because people are leaving at an alarming rates, do they really a need to layoff workers? On Glassdoor there are 1.7K job opening, which is three times the amount of job openings since 2019. Also, Frank and company let a bunch of WFH employees in 2019, and other employee's prior to the pandemic to trim the fat.

The bonuses thing is skewed because the bonuses that trickle down to associates and managers are much lower than VP's. Most of the money maybe went to Senior VP's of the company, and the crumbs went to the managers. If the manager felt generous. He may have sent some bonuses to his associates.

I'm glad essential workers got a 25% increase in pay, and that is well deserved for hazard pay.

Looks like you support the improved glass ceiling that this company created for people that make more pay more. Maybe instead of cost shifting on associates. They should pay more into the medical programs like every other successful Fortune 500 company.

What am i missing here ?

Listen up HR. If the company is so great, then...

• Stop buying fake Fortune awards and rubbing it in our faces.
• Stop enlisting your own associates to push Clover.
• Stop paying NASCAR big fat chunks of money to advertise products.
• Stop tampering with our 401K.
• Stop funneling tons of money into affirmative action programs.
• Stop hiring "Enterprise Agile Coaches" to push outdated methodologies.

It’s a fact of all business. They grow and age. Very few stand the test of time. Fiserv like very many has reached a stage where it’s being used as a cash cow for as long as possible. But it’s growth and energy is long past. If you’re riding out 5 years max to retire keep your head down and you’ll be fine. But if that’s not enough, find a company in a growth phase

Maybe not missing but again omitting facts that don’t fit your narrative.

• 7000 employees medical benefits premiums ere lowered and yes 7000 employees went up. That is franks philosophy of you earn less your premiums are less....you might not like that but Frank is entitled to price benefits that way.
• company paid hundreds of millions of dollars in bonuses in the year of the pandemic, I am a manager snd I got one.
• company raised essential worker pay by 25%
• company gave those same people 10% permanent raise
• company did not lay off or furlough one person during pandemic

How about start there with “What am I missing”
You lose credibility for your argument when you leave out the total picture.

I agree, i work with very good teammates from both sides of the two companies, and have seen some horrible dysfunctional teams as well. I'm not sure it is pre–judging when you have a 2 year track record. Since August 2019 Frank and team decided to create a culture of uncertainty and doubt, by telling every employee that we don't trust you. They did this by installing spyware on computers, and HR was giving the right to let anyone go regardless if they were a key members,managers or directors of specific teams. The powers to be decided to take away the ESPP and 401k match during one of the best stock market rallies in history. When that wasn't enough, the Fiserv Senior management crew decided to increase medical costs on people that earn more to offset the cost of mandatory minimum wage increases. Then they with hold cost of living increases when inflation is going up, when this company pays minimally for employees.

Now Frank made 12M in total compensation in 2020, 1M was in salary and 10M was in stocks. They CEO decided to do 1.7Billion in stock buybacks. His executives and buddies got generous bonuses.

Throw me a bone here, his track record is to line his pockets and take from the hard working employees at the company. He doesn't seem like the person that gives back to his employees. I'm not surprised people are less motivated to work at Fiserv, and outages are at an all time high.

What am i missing here?