Headcount cuts close to 25% when all is said and done.
Here is one place where no one is looking. 4 months before getting fired, John Greed promoted his son-in-law to a vp. There was no announcement,no celebration. This completely secret promotion of a family member tells you everything about management’s state of mind. Greed and his goons knew his days were numbered. There are many levels of corruption in this story. It is the job of the Board to get to the bottom of the quid pro quo.
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What is the CHRO and the Board doing to root out favoritism and nepotism ? Nothing ! She collects her $600K per year, doesn't even release the last two culture and employee surveys, and doesn't even make an effort to visit front line field office and customer service staff. We need a CHRO who actually gets the skilled and talented people we need. Fire the deadwood, the inbreds, and the nepots.
Mutual should start using IQ and cognitive screening tests during the hiring process. Might cut down on the in-breds and nepotism.
Just because is "liked" doesn't mean he is productive, worth the cost, or is actually driving quantifiable results for the Firm. Part of the problem with the Firm is that Nepotism and Likeability are the two major factors. You can be a below average performer and be held on as high a pedestal as someone who is paid the same but does double the production work. It's a fraternity, family, mob, mentality which focuses on likeability, who you know, and who your blow. The company lets deadwood hang around forever, including Greed, and that is why we are in the mess we are in.
When you hand out jobs to family at $300k a year instead of hiring capable employees, you get what we have at Mutual of America today. Nothing but real estate to sell off. Nothing but assets to farm out. Sad but true.
Erik is a good guy and universally liked. But that awful daughter...ugh, she's an incompetent nightmare, but wnet from college co-ed to VP in about 3 years, passing over more talented and experienced employees. She shows a total lack of class and self awarenes by walking in there every day when her father destroyed the company.
I agree that they shouldn't be working there but it's not necessarily their fault. Lots of people get jobs through nepotism. They didn't play any role in hurting the company. It was John Greed and Chris Festog that did this. Not either one of them.
She changed her name to his. Their names are Wennerstrum.
If Greed's daughter and son in law still work at the company, why haven't they been canned yet ? I'm sure every night they are going back to their Daddy telling him all the sm--k that the employees are saying about him.
The spawn of Greed must have zero conscience to waltz around that place after her daddy literally destroyed the lives of hundreds of her coworkers. What kind of person can ignore that?
As the end was near, Greed developed a bunker mentality. Surrounded by Festog and Donaldson. I remember that he sent this org chart out and I swear i saw on dotted line it from Greed's box right to NYDFS and Letitty James office.
Nepotism at its best
How do Greed’s daughter and her boyfriend feel walking into work every day, knowing their careers are rooted in nepotism and the damage Greed has done to the company?
What keeps them at Mutual, and why didn't they get laid off????
I have been unemployed for almost 10 months!
Yeah the kid was not qualified but he was hired anyway. Then quickly, and quietly promoted to an officer position. Same of s%%# at Mutual. WTF was the Board when all of this was going on? Shameful...
Of course he kept that a secret! The only reason he was hired was because he was dating Greed's daughter, who also happens to work there. Greed also promoted his daughter to a position that she was not qualified for, causing several of the management staff to leave. Shameless amount of nepotism.