More people are leaving than ever. Has Fiserv lost control and can no longer keep anyone, or is that what Fiserv really wants - as many people as possible leaving on their own?
17 replies (most recent on top)
Jeff has a beach house in Malibu. He wins
Anyone who is still at that company is a bonehead. Plain and simple.
Why are you comparing Jeff and Frank? Both are terrible CEOs, each for their own reasons, but terrible none the less. Jeff didn't invent offshoring or layoffs and Frank has used both strategies as well. Jeff got paid a lot, Frank was paid more at First Data. Both are focused on increasing the stock price and cutting employee benefits is just part of that equation. I could name 10 other things but I will stop because it is obvious smart people realize both Jeff and Frank are losers.
Ok you want more to talk about instead of wasting money on stock buybacks, so let’s start with the lack of investment in technology that Frank and Guy now have to clean up. Frank and Guy have invested more in modernizing tech and retiring tech debt in the past 12 months than Jeff invested in 14 years.
How about lack of concern for clients…again our new team puts clients at the center along with associates. I could name 10 other things but I will stop because it is obvious smart people on the Board selected Frank for these reasons and more…
When Jeff took over in 2005, he restructured the company to create a pipeline to executive compensation. Jeff started the first company-wide layoffs (in 2009) which have never stopped to this day. He purchased companies for "synergies" and then laid off entire departments regardless of the performance of individual employees in those departments. Jeff started the heavy reliance on outsourcing to "offshore" labor (we were not allowed to mention the country these new employees worked in (i.e. "India" or "Indians"). Under Jeff, Fiserv greatly expanded the number of foreign workers in the U.S. (from the same "offshore" country) using H1-B visas which were good paying jobs not given to Americans. When Jeff took over he forced EVERY employee to read the book "Who Moved My Cheese?". Jeff has been quoted as saying "If you don't like it, there's the door."
All the cost savings Jeff dumped into stock buybacks which increased his compensation to the point where his compensation was over 400 times that of the average front-line employee.
The junky ESF just crashed offline and is causing all sorts of problems. Of course, the ESF team jumps on the support call just in time to say "not us!" and point the finger instead of actually helping solve the problem. ;-)
Fiserv is rapidly losing control-units by the second.
The only reason stock buy backs were happening is because Fiserv was great at generating cash and profit. Now personally I don't like the stock buy back action as some of that money should have went to the employees. If you think though it was poor management on Jeff's part, it could only be done because we were making significant money. If you want to point to poor management by Jeff, find something new to talk about other than stock buy backs. Examples, taking away profit sharing, poor client net promoter scores, taking away ACIP because he felt like it, not holding townhalls, etc.
Sorry Jeff, the board already voted you out! It has been two years since the merger, best for you to move on! Your “campaign” should focus on getting your own ceo job, good luck, better find a company where stock buybacks where the only trick!
Fiserv has become an absolute joke! All these initiatives that are branded as a benefit to employees are bu-----t.
Frank and Guy only care about Frank and Guy.
For the 100 yahoo’s on here, not my words because I think this is the only true communications forum, how do we band together and campaign to GET FRANK OUT?!?! He is DETERMINED to tank this company and take his hundreds of millions with him which he siphoned off the employees.
BYOD- fu-k you you cheap bastards!
Remember to post on Comparably and Glass Door!!
Don’t complain on the survey, they will find you
Those BYOD meetings were the worst, "we are doing this for you". How insulting, if you were doing it for us you would give us a choice. The fine print was the best/worst, basically you are giving Fiserv the right to take your personal phone. Nope. You can call/text in an emergency but that is it. Schedule a last minute meeting, not going to see it. After hours email that needs a response, sorry. Just another First Data way to strip another benefit of working at Fiserv. Hey if we take away cell phones we can buy back more stock now. What did they do with all the money they saved on travel? Heck if it is up to Guy it will be bring your own computer soon. What is after that, bring your own benefits. Oh and don't forget sit in our cr---y offices because WFH doesn't work. It's all about power to Frank and Guy, they want to show they own you. Can't wait to see the survey results and magically I am sure the numbers will be better than last year.
Fiserv's policies are becoming more and more ridiculous by the moment. First it's BYOD, then it's "upload your personal information on this rando vax tracking website". Next it'll be some Sapience 2.0 software that checks in on your webcam every once in a while. All of this is because HR is losing control.
They are losing people that don't like how the company is managed. I do not like the NYC management. Not that Yabuki was great by any means. I think we all disliked him. I do not like Frank or Guy at all and their management style. You can tell it is all about them and their ego's.
I wonder how much of those town halls where Frank said he was Jeff's BFF and they talked everyday, how much of that was just for show? Apparently a majority of it. I also think Jeff was ready to do something new. I don't see Frank leaving unless he is forced out.
The hint is Frank closing 300 plus positions for hiring during a trendy job market. He don’t care. Expects us to pick up the slack. I’m not. I’m not skipping breaks. Or lunch. And not burning myself out. Quality is suffering. If he doesn’t care. Why should I?
HR posting on this website is a sure sign that control has been irrecoverably lost.
Hilarious 43,900 of the 44,000 come to work everyday, enjoy helping their colleagues and clients and 100 of you malcontents come here and try to talk with authority over things you know nothing about. Why don’t you just leave?
It is hard to say. It seems like they really want attrition to occur and are doing everything possible to get people to not want to work at this, now, sh-t ho-e.