My Fidelity buyout package vs being let go due to moving my job out of state was a great escape. That was over 20 years ago. Based on these comments Fidelity culture has not improved.
7 replies (most recent on top)
"Layoffs at Fidelity were virtually non-existent when I joined"
I left when they introduced the first VBO's.
Back then, it was regarded as a once-off.
Then it became routine,
Then it was abolished, people were just put on PIP's forced out the door.
The past VBO's are why the company is in the shape it is in now. The drop in professionalism and qualifications. Watering down the series 7, etc. over the last 5+ years has turned a once proud company into a fast food financial enterprise.
'Historically this would've been the year the VBO was offered'. This is a misleading and short sighted observation - The VBO was only offered twice (in the last 8 years) vs the decades this company has existed. I know there was a lot of anticipation and hope that it would come around again but nothing is guaranteed. When considering the VBO each time it was offered, I had to factor (amount other pros and cons) in the probability of whether this brass ring would be there when I was more ready. Nothing is predictable anymore. I hope for the sake of my former colleagues there is another opportunity. The cruel fact is after the first VBO occurred, some of those eligible who chose not to take it were laid off shortly after and the severance deal was no where near what the VBO package was.
Layoffs at Fidelity were virtually non-existent when I joined…that was many decades ago and I left after having a great career and much success. Fidelity back in the day was very tight knit with everyone supporting one another and in many cases knowing one another. Third generation management change that or (she) lacked the oversight to see others were driving the change and the company in the ground. If you are white male with any kind of tenure…you best be prepared. Fidelity lost is focus on meritocracy. Quite a shame actually it was a wonderful company to work for.
Companies rarely offer VBOs several times. They are very expensive for the company. It is true they write off the cost over three years but it doesn’t mean they will offer one every four years. With so much uncertainty in the economy, it isn’t likely one will be offered soon if at all. Don’t count on a VBO. If they offer one, terrific but plan as if there will not be another.
It's fortunate that you were given an option. Historically, this was the year for a Voluntary Buy Out (VBO) would have been expected, but the firm appears to have shifted direction. Rather than extending the VBO's they seem to be encouraging voluntary resignations. Despite generating significant profits, they are withholding VBO opportunities from employees who are eligible, seemingly in the homes that individuals will retire or resign without any incentive. It's a stark contrast from how the firm has operated in the past.
Fidelity likes to lay people off then rehire them. Sounds like you might be in that club?