Thread regarding Fiserv Inc. layoffs

Losing my wonderful group

I am a director working remotely. I was given two choices today:

  1. Move to BH and keep my group and title. I argued that my group still remote and there is no value for me to NJ. This will not be a smart move as our kids are small. Thus, option 2
  1. Lose my title , benefits, and become an individual contributor.

I asked for option 3 , severance. I was told no! Due to poor margins , they are now careful with severance packages. Horrible , horrible! It seems like FB wakes up every day looking for ways to sc--w his employees.

I am going to take option 2 and look for another job!

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Post ID: @OP+1iXsmcCf

12 replies (most recent on top)

Many Directors are ICs…should not impact your base comp, your bonus some, but not much

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Post ID: @1ipi+1iXsmcCf

The real BS part is the loss of benefits. They should have kept the same stock/bonus as a IC. That was the case in OFS, you could be a Principal and get the same benefits as a Director. Not that they were great but at least consistent.

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Post ID: @cgh+1iXsmcCf

Sorry this is happening to you and your family. I can say with 100% certainty that this is not just happening to you. There was a directive for management this week to either be in an office or, like you said, be considered an individual contributor. Fiserv is not the company it once was.

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Post ID: @wre+1iXsmcCf

The OP story is painful to read and all too real. We're all adults in the real world. Business cuts happen. But the level of cruelty associated with the approaches here and disregard for not just associates, but business continuity and quality, is jaw dropping. Cuts for the sake of cuts. Forced moves for the sake of moves. A "strategy" without a thought and a company without a heart. Thousands of associates need to learn that "eff-it" here really means "Frank it". Find your best path, step back, let it burn. This next round will be monumental...on top of the past rounds...and rounds will continue until the actual lie and problem is left.

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Post ID: @gjz+1iXsmcCf

First Data and FB are really showing their true colors now. The Fiserv I departed in late 2019 is long gone, my group left on their own to new jobs and many who are still there are looking to leave too. Very sad. Hey, hope NJ is far from the best Fintech on the planet.

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Post ID: @ikp+1iXsmcCf

Moving from a director role to an "IC" role is pretty much torture. At least it was for me - it was unsatisfying to say the least.

It also makes it harder to get back on the management track,

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Post ID: @xzl+1iXsmcCf

What extra benefits does a director get?

Stocks and 20% bonus

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Post ID: @fyy+1iXsmcCf

What extra benefits does a director get?

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Post ID: @mle+1iXsmcCf

It's really a ploy to get rid of Directors. When times are tight, big companies look to lay off Directors. They are considered a dispensable "luxury" in the corporate world and big companies tend to be inundated with Directors (as well as VP's.)

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Post ID: @swp+1iXsmcCf

I am sorry this happened to you. It will be Fiservs loss.

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Post ID: @rvw+1iXsmcCf

Are all directors being asked to go into an office?

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Post ID: @nbs+1iXsmcCf

I am very sorry this happened to you. Everyone needs to understand this: bosses are in NJ. If you are not there you are not the boss and probably not in their future.

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Post ID: @vqy+1iXsmcCf

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