Has anyone else seen the Geico subreddit? There is corporate emails being sent company wide to help stop unionization efforts. Most of their people aren’t getting pay raises this year, and they are overhauling their 401k.
8 replies (most recent on top)
GEICO is hemorrhaging customers and losing $. On their last earnings call they refused to answer an analyst question regarding customer loss/retention. The internal estimate at SF is GEICO lost 160,000 PIF in Q2 while SF gained 670,000. GEICO laid off all CA staff last month. Meanwhile Allstate has filed for its 2nd rate increase in GA totaling 40% this year, and has cut their advertising budget by 50%. Their Personal Lines President announced his retirement last week. Being a public held stock company can be brutal.
Something big is up at GEICO. Both the employees with their unionization and with corporate seeming to turn on a dime on their employees.
I'm fine with the insurance industry unionizing. Weve all just went though like 12 years of complete and total "do more with less" and watched a career turn into a high turnover, deskilled, position. Why wouldn't we want some collective bargaining? We couldn't even get an inflation adjustment from executives....just a guilt trip video on how inflation has increased costs (the only thing the farm cares of these days....)
He (last commenter) is technically right though.
I work at State Farm and it is a total sh-t show! In 4 years they downsized the claims workforce by over 40%, took the savings and bought policies. Grew too much with cr---y business that is now having claims and we have been in mandatory overtime for almost 2 years and having to rehire over 10,000 new employees. Our combined ratio is going through the roof! If you can breath SF will hire you....a total disaster. Shoving all the "woke" stuff down our throats too. CEO got a record $24.5 million cash bonus, the most of any CEO in the United States! Warren/Execs will get you guys trimmed down and send all the cr---y business to SF, Allstate etc....then starting growing like crazy again. Stay away from the Farm....
What? Do you mean to tell us that things are getting worse at companies whose names don’t rhyme with Great Parm?
Tell us more. What does “overhauling 401K” mean?
GEICO recently laid off every California employee, including sales agents.
Not happy with Geico, but the union sending goons to people's homes is worse. Don't do that sh-t, got it?