Since it is becoming very obvious that the company is trying to make savings in every way possible, I wonder how far we are from significant cuts. Any insights?
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Thanks for the link @vtgk+1mOtNgTj. So TCS is taking bribes to hire workers.
A company that is willing to take bribes to hire workers likely is willing to pay bribes to get contracts.
This whole vendor switch made no sense, just looking at the benefit for MetLife.
I'm guessing this is the TCS thing being referred to: https://www.outlookindia.com/business/tcs-hit-by-bribes-for-jobs-scandal-four-executives-fired-for-corruption-report-news-297221
Whistleblower scandal was something to do with bribery:
"... given the recent bribery scandal that was leaked by the whistleblower. "
For those of us unaware of the whistleblower thing, can you give some broad strokes?
So here's the skinny on the 'replacements'. All TCS and CapGem will 'transition' to full time Met employees in 2024. This is fact, however, an interesting turn given that TCS has been exposed by the recent whistleblower event so there will be more to come on this.
Goulart was too expensive. Notice the SLT’s new roles are “add on” responsibility’s? They continue to do their regular jobs AND their new jobs. Only looking for a new MIM Pres.
Cut expenses. Layoff employees. Sell lines of business that don’t generate revenue. Fulfill commitments to institutional shareholders.
No way was it retirement. "I wish him the best in his future endeavors" i.e. whatever his next job ends up being. Legal must have dropped the ball on something major.
The SLT bench is thin. Goulart’s retirement because he’s 65 yo? Doubt it. They are just rearranging the deck chairs. MK probably in 4th year of a 5 year contact and needs to meet his objections for shareholder return.
Reinsurance of retail life and general account reserves… is a part of this reorganization.
Suspect co is will spin off divisions within the next year based on these developments.
I stand corrected.
Executives leaving the company.
Can anyone explain the point of the org changes?
Are executives really just deciding to "retire"?
What is going on?
A Great Place to Work
We had many layoffs last week in IT everyone over 50 years of age about 30 people. We were told our positions were eliminated. However everyone that isnt management is required to train their replacements in India if we want our severance. They meant to say your position is eliminated in the USA .
I read thru all the announcements. Looks like a combo of musical chairs and hungergames/bloodbath. Ge-z.
Spot on @jwda+1mOtNgTj. They are doing what they said they would do in their public 2030 goal:
"MetLife will continue to advance workforce diversity by consistently achieving top quartile positioning across each ethnically and racially diverse category in the U.S. and of female officers globally. MetLife will also enhance transparency of the link between top quartile positioning and executive leadership performance."
Read through the MML story @imsr+1mOtNgTj pointed out and they weren't kidding. Make sure to click the last three links at the very end to see the full extent of leaders they've ousted. "Streamline our way of working" is just code for more layoffs are coming. I'd be worried if I were in GTO.
- Company Restructuring.
In HR they've been restructuring the past few weeks. See the MML article about Pappi and career development or whatever hogwash it was. TH has been suddenly absorbing a lot of HR roles this quarter.
Jobs once thought safe at met.. Will be outsourced
Employees Who Leave Don't Get Replaced.
Hiring and Spending Freezes.
New Projects Get Put Off for Later.
A Company Merger or Acquisition is on the Way.
Executives are Exiting the Company
Yes, but could be retirements.
There have been previous layoffs.
- Company Restructuring.
No - as far as I know.
- Reduced Attention to Research and Development.
What research and development?
Decreases in Company Performance.
The market thinks so.
Bing! Bing! Bing! Bing!
siGNS YOU ARE ABOUT TO GET LAID OFF
Q: Do any of these layoffs come with a separation package?
It's something like 1 week for every 5K of salary up to 80K plus 1 week for every year up to 10 years of service + 2 weeks for every year after 10 years. I think there is a cap at 52 weeks of salary.
Search for Search for MetLife Plan for Transition Assistance for details.
Do any of these layoffs come with a separation package?
Positions were eliminated in GTO Cary office last month. I'd expect more this quarter.
You have some time. There will be a shift towards MetLife employees in India next year followed by a significant reduction in us employees. Savings $$$.
Apple will be leasing another Met building by end of 2024.
@2cup+1mOtNgTj Unfortunately they wouldn’t listen. Doesn’t matter to them.
Where can non-managers submit names (with rationale) of people that need to go (both non-managers and managers, alike)?
They will be coming in large numbers by third and fourth quarter imo
One offs won't cut it much longer.
"Leaders" are all busy at the stadium this weekend seeing Taylor.... pics on LinkedIn and Yammer next week!
@OP+1mOtNgTj : We're a follower, not a leader, despite all the babble from the supposed leaders.
In this case, being a follower is good for employees. That means MetLife won't layoff big time until a few peers do so. Then, the ELT will feel safe in joining in. "It's not us! It's the economy.", they'll say.