Once again, we're trying to cut our way to profitability. It's been tried before. It failed. More than once. Who's going to let the top brass know that doing the same thing the same way over and over again and expecting different results is the definition of insanity?
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Hey, we paid good millions for that guidance to cut our way to profitability from a McKinsey consultant who looks about 20.
We lost good performers in this latest layoff…they kept poor performers that are higher levels that make more $$$…they kept leaders that don’t contribute much that make even more $$$. How is this a return to profitability? It makes no sense. The level of cluelessness in management is unbelievable.
USAA’s way of “getting back to profitability” is raising rates. Feeding mo--ns the picture of membership earned is more valuable than its actual products
How can laying off anyone other than execs get us back to profitability when Wayne said that we’re under a billion dollars in the last employee meeting?
Contracted at USAA a while back. Made $40 and hour cleaning up some mess. Company I worked for was charging USAA a couple hundred more than I was getting paid, for my work. No one in the contract agency knew anything about banking. Figured USAA likes to waste money on bs so I quit while I was ahead.
lol I was laid off this week and was told it was to help the bank get back to profitability
Former USAA employee here. USAA is like a mini version of the federal government. Massive inefficiencies and no desire or incentive to change anything. In fact, making suggestions for improvement are met with active disdain.
They will continue to do what they have done, despite evidence that what they have done doesn't work. Their antiquated processes are what led to the years of audits and regulatory findings, including 10's of millions in fines. Their IT stack is ancient and crumbling. Business processes are convoluted and bizarrely over engineered. Management is pathetic.
What all of this means is that cutting more staff will not lead to profitability. It is short sighted and will further erode morale. There is no fixing this place. If you are lucky you will get laid off and get a generous severance package.
Working at USAA is like working for the government. At first, the benefits and salary seem great but over time your skills will erode and if you stay long enough most of your marketable skills will be gone and then you are stuck there.
My advice - get out while you can.
Much of the art they’ve had for decades acquired during the hey days- they just move it around. Enjoy it! It’s like a museum.
I was walking to H Cafe and saw maintenance hanging art paintings. The back of one had a gallery price tag of $7500!!
I saw another employee see the tag too and we both said no wonder they keep laying off people! Good grief!!
I doubt saying this will convince them of anything. They have probably brought in a team of "experts" and are now full steam ahead on this path.
You can’t make money when the existing products are unattractive lol
Sounds like you should send them a strongly worded email, hoss!