Thread regarding Fiserv Inc. layoffs

"Closed 70 sites to save money"

Imagine how much money could've been saved on severance and relocation expenses when those sites were closed if they would've let the employees WFH. As well as money saved on new hires and building the new campus. As well as knowledge retention. What if the money was spent on innovation or employee merit increases. Where would the company be today, where would the stock price be? Guess we'll never know

Five days a week in the office isn't so bad. It makes it so much easier to unionize when everyone is already in the same place. You ready for Fiserv to be a union shop? You want your resume to say you worked in HR when Fiserv unionized. No one wants someone with that black mark on their resume.

I wonder if the union will make demands about being able to work from home....

@fws+1juMeIJV - That is patently false. The working landscape has changed, for the better I might add, and many many jobs are no more effectively done from an office than from home. People WANT flexibility.

Even with a recession, WFH is not going away. Because smart employers have figured out that they can hire talent from anywhere using this model. It benefits both workers and businesses.

Does this apply to every industry? Of course not. But for a FinTech? It absolutely does. So you can continue to glop on the tu-d polish, but nobody is buying it. If you want to sit under our fearless leader's desk, more power to you but it's not going to end well for Fiserv if 5 days a week RTO becomes the policy. They'll lose more talent than they already have, and some areas are barely functional.

Most CEO’s want their employees in the office regardless of the industry. Period. Talking technology, Apple, Google, Tesla, Amazon have said as much. What we are seeing with the continued work from home and/or hybrid offerings from many employers across the country is their effort to navigate the employment market as it is NOW. trying to hire and retain talent NOW. This WILL change. As the labor market tightens and the recession further takes hold, the tide will return to normal and we WILL all eventually be working in an office 5 days a week again regardless of the employer and the industry.

Plus banks are hiring remotely and doing hybrid as well. They're also having smaller branches and leaving a smaller footprint. With all the digital services we fintechs offer, how many people actually go into a branch anymore. Pretty much anything else that isn't face to face customer service at a bank can be done from home these days.

"70% of Bank CEO's say that full return to office will happen. See KPMG study." Fiserv isn't a bank. Plus most Bank CEO's are old school. They probably also say 90% of people in the office want to wear suits everyday. The in the office strategy for a technology company will not work. Fiserv will continue to hire short-term workers that will eventually want to work from home or maybe get a decent raise or promotion. The problem isn't just working from the office, it is clear they don't care about their employees.

@bsz+1juMeIJV

Are we a bank? I thought we were the greatest Fintech on the Planet (tm). Pick a lane.

Of course it does! IBM started using this model decades ago.

And Fiserv under Yabuki spent a decade flattening/closing offices and making people work remotely. IT MAKES GOOD BUSINESS SENSE. Which is why Frank the Tank doesn't do it lol. Our leadership literally runs counter to most every positive business trend going today.

It's like watching a school of fish try to drive cars.

Most boomers don't care. They just want to see you scan your badges and take dumps in the company bathroom.

My job at Fiserv was totally amenable to remote work. When I was in brick and mortar, I realized that I didn't interact with anyone in the office, and I spent my entire day working with people in Schaumberg, Lake Mary, and remote locations. It made sense that I could easily do that job at home.

However, my current position outside of Fiserv requires me to interact with people in the office. Remote work would be more of a challenge for me....as I have learned during COVID quarantine and on snow days.

That all being said, I have always believed that upper management tends to view remote workers as slackers. Yet, the salient benchmarks are productivity. If the work is getting done, who cares if George runs to the grocery store during working hours?

Closed 70 sites to save money . 70% of Bank CEO's say that full return to office will happen. See KPMG study.

Operative word, MOST. It could had been a win/win for everyone.

Most companies are taking major saves in selling off real estate. Not Frankie, he is just taking money in places like BH and Milwaukee