Thread regarding Voya Financial Inc. layoffs

Kept out of media but Voya is selling out over 35 % of its IT force

VOYA Financial dropped a bomb on employees on Tuesday announcing Layoffs over the next 9 months for 35 % of its IT employees and moved another 10 -15 % to it's new partner Cognizant.

Why:

The company is quite profitable, but wants a bigger piece of the pie. By teaming with Cognizant they can hold them financial liable for the system crashes that have been plaguing the company since it under staffed the Server support teams and dev teams to keep up with the ever changing world. Also the acquisition of CITISTREET was supposed to simply things, but stubborn leadership did not embrace the new technologies quickly enough and created too many independent systems to maintain. So ulitmately the crashes will continue, but VOYA is looking to bill Cognizant for the failures and make their profits that way, it was a sick enoguh idea to make CIO Gary Baxter resign.

Why not a press release ? 1) Trump might not be thrilled about the loss of US jobs. 2) Contracts might be threatened if companies knew that VOYA was no longer a US only company.

Downside: Well for the product most of the layoffs were the top employees with exceptions to minorities, this ensured the biggest financial savings, but ultimately the product will fail. It's been sliding since the first day the word Outsource was ever mentioned there.

by 22 years gone
| 9567 views | | 4 replies (last June 26, 2019)
Post ID: @OP+OAq4fkp
Comment! It's anonymous!

4 replies (most recent on top)

In January 2019 most of the IT department in it's Connecticut office was outsourced to India. When you went to lunch 30 to 40% of the employees were Indian and a few from China. US citizens formerly had these jobs, but thanks to the Visa Program that Trump is against these jobs are now outsourced out of the USA. On 6/26/2019 Voya just announced they will be closing their Jacksonville office and moving those jobs to Phoenix AZ where they got a tax incentive to build an office and business costs are cheaper (you cannot blame them for this one) They have be outsourcing a lot of employees just to save money and loaded up those that stay with every increasing workloads on non overtime positions. This company could care less about it's employees and in my opinion are increasing their ROI #'s to eventually sell the company. There was an buyout offer from AIG rejected last year. It is funny how the now CEO is the former CEO of AIG. They have been selling off the more risky assets to make the company better suited for a buyout.

by Voya could care less about their employees
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Post ID: @baxxa+OAq4fkp

Voya Financial laid of a majority of it's technology and IT services division in Windsor, CT , Jacksonville, Fl and Braintree, MA. Employees where replaced by cheap offshore labor from India. US workers. Terminated employees forced to train the new offshore workforce prior to their departure.

The company claims to put employees and customers first but it cares less about customers and employees. It doesn't maintain it's complicated infastructure which caused on outage to it's customers in 2017. Company takes profits and pumps up the stock price by $1 billion in buy backs.

Company is disgraceful in it's dealings with employees. Public funded deferred compensation plans should avoid Voya at all cost.

by Marty Walsh
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Post ID: @6Ukfr+OAq4fkp

I am a Voya IT employee that is being "rebadged' to Cognizant. The fact is we are getting terminated and as such should get our severance and pursue other work. However, they claim we are not entitled to a severance if we dont accept the Cognizant position we get nothing. They are messing with hundreds of people. How can we get more publicity about this shady action?

by Anonymous
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Post ID: @1vwf+OAq4fkp

I am a contractor with another firm (not Voya or Cognizant). I am still employed today, how do I know if I'm safe?

by Contract for now
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Post ID: @jeu+OAq4fkp

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