https://www.paymentsdive.com/news/fiserv-makes-staff-cuts-layoffs-employees-payments/628821/
"Thoughts and prayers" to those left behind...
19 replies (most recent on top)
I would like it if it called out some of the poor business decisions. I don't have experience running a fortune 500 company, just balancing my own meager checkbook but spending millions to build a new office in Beaverton just to shut it down a few years later and then pay out hundreds of thousands or millions in severance to those employed at that building seems to be poor planning on managements part. But what do they care when they can just do more layoffs to make up the difference
It is obvious to me that Caitlin was not able to get a true sense of the number. If you have nore details regarding the layoff numbers, you can reach out to her.
Tech services layoff yes sure ask about account processing. Hammered. At some point leadership must show a number substantially less than 44k the article points at the separation costs 2022's numbers will be far greater.
link also found here.
https://www.linkedin.com/news/story/layoffs-latest-companies-making-cuts-4830593/
They are going to "try" to hire inexperienced people. No one said they would succeed at it. That is the difference between strategy and outcome.
In one post it says they are getting rid of all the old experienced people in order to hire young inexperienced people. And now you say they won't be able to hire young people. The haters need to get their story straight. At least the 'shills' all say the same thing.
They won’t attract young people…this company cannot offer enough to attract young people…there is no joy…the Omaha floors are practically empty..dead zone air…
43800? Look at what WorkDay shows. LOL
Still have 43,800 so what is that less than half of one percent, huge!!!
Whats missing in the cost story is the fact that Fiserv has let tenured associates go just because they do not live near an office and are replacing them with people whom have less experience but command a higher salary package in this job market.
I needed to let 4 high performers go and replace them at a 20-30% increase in salary only to run them through a 6-8 month ramp up.
Self-inflicted wounds caused by a CEO who is out of touch.
I know three who were laid off on this last round and they worked in Fiserv offices.
Amazing how the only "bloat" was cut TWO YEARS after the acquisition occured.
And I'm sure it's purely coincidental that MOST of the people cut loose were "remote" workers. Right?
Don’t be the bloat
If you read the article its says they are cutting the bloat as part of the integration of First Data. I know that it doesn't make anyone feel good to be called bloat but the fact is when you merge two large companies there will be some redundancies. Sorry to those that lost their job but you are entering a great job market and should be able to bounce back quickly.
They won't be isolated after they remove the old team.
So much for collaboration when we are being told our new positions need to be filled in NJ when the rest of the teams are elsewhere. New hires would be isolated
Good, but so much more for those that dig...
Yes, good article. All of us in the know, know that there were more significant cuts than she was able to verify -- all people are looking for is honesty.
And, it isn't just job cuts, we know, about positions not be refilled due to voluntary departures. Which i bet the robber barron in chief reviews as closely as he does the badge swipes.
Expenses rising? By refilling positions in one of the most expensive job markets in the country? Huh? Who'd of thought?
Good job. Caitlin Mullen. Not surprising that you got the standard replies from spokespeople.