Thread regarding Rent-A-Center Inc. layoffs

More layoffs

Rent a Center laid off the CTO and the VP yesterday and 60 more IT employees today . That company and management is a piece of junk. Inexperienced management. The only way to deal with the crisis is laying of existing employees rather than focus on business to increase revenue.

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Post ID: @OUwzdPZ

8 replies (most recent on top)

How about a quality assurance team? A team that actually checks on the quality of service stores are giving to customers in addition to how coworkers treat one another. Stop being oblivious to the fact that there are multiple people in positions who don’t belong there. If your corporate handbook says one thing, then managers should not be allowed to make their own rules. Honestly if RAC ran the way it was intended, the company would constantly thrive. There is no one to go to when an employee has been treated in an ill mannered way. When they do, they either get transferred or called a ‘truck monkey’ if they have a legitimate problem about something. There has to be something wrong about all of this. Please the investors and most employees and just sell. Some have been around too long just ‘to quit’. Loyalty is not respected at RAC.

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Post ID: @OUwzdPZ-29fdc

How about a quality assurance team? A team that actually checks in the quality of service stores are giving to customers in addition to his coworkers treat one another. Stop being oblivious to the fact that there are multiple people in positions who don’t belong there. If your corporate handbook says one thing, then managers should not be allowed to make their own rules. Honestly if RAC ran the way it was intended, the company would constantly thrive. There is no one to go to when an employee has been treated in an ill mannered way. When they do, they either get transferred or called a ‘truck monkey’ if they have a legitimate problem about something. There has to be something wrong about all of this. Please the investors and most employees. Some have been around too long just ‘to quit’. Loyalty is not respected at RAC.

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Post ID: @OUwzdPZ-29gxr

The people let go didn't do sh--. We have actually done better since. Sorry a job was made up to pay you. Have you even worked at a store, even worked rent to own. This company needs to work on it's core rather then pay people to work in I.T.

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Post ID: @OUwzdPZ-lfky

I think they need to downsize at corporate . Some of these workers and there prestigious titles and excessive Salarys . Especially having a title of Directors of strategic initiatives . Really? They are making crazy money . Time to get rid of These over paid guys.

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Post ID: @OUwzdPZ-4kiu

There are two contemporary communications from Mark Speese that are important to read. The first was an email in which Mark announced his new organizational structure (see Corporate Communications email from 8/19 at 9:35am), and the second was sent earlier today, in which he mentions that we are eliminating 40+ positions (and many additional positions held by contractors) as we reduce costs and optimize processes within the FSC. The actions were largely complete by mid-day today.

The Information Technology group was hard hit by this reduction in force. We’ve had to say goodbye this week to many valued and respected coworkers, including two of our VPs and two directors, as we consolidate and streamline teams within IT. These actions impact not only those individuals who are no longer part of the RAC team, but also all of us who remain, and I know you will be saddened, as I am, by these necessary changes.

As a result of these reductions, we will make some minor organizational shifts over the next few days. Your managers will keep you in the loop as these shifts occur.

Please stay engaged with your managers and your coworkers as we work through the organizational changes this week and beyond, and continue to help us find ways to thrive even in these challenging times. Do not hesitate to reach out to me directly with any concerns or questions you may have. Thank you, as always, for your support and your excellent work.

Best,

Angela

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Post ID: @OUwzdPZ-pbc

Dear FSC Coworkers,

As I’ve been sharing with you in the 8 months since rejoining as CEO, our primary focus has been to return Rent-A-Center to the performance the company is capable of delivering. This has focused on the three pillars of the strategic plan:

· Strengthen The Core

· Optimize and grow Acceptance Now

· Embrace technology and channel expansion

We have made significant progress on our plan, but still more work is required. Recently, the executive team has been reviewing the organization and the work we do to ensure that everything is aligned to these three pillars.

The first main outcome of the review has been to cancel projects in our portfolio that were well intended, but did not deliver the kind of payback needed at this time. We’re aggressively looking at the work that goes on and aligning to our strategic plan. We want to make sure we have people working on the right things.

The second main outcome of the review is to align our coworker structure to the work needed to continue driving performance. Unfortunately, this results in us needing to reduce the size of our workforce at the FSC. Over the last several years, the cost of operating our FSC organization has grown nearly 50% to 6.5% of revenue – this is well beyond a sustainable level and is being addressed through this reduction in force action.

As a leader, I never take these decisions lightly or without exploration of all other options. We greatly value every coworker and the contribution they make. This is not a reflection on their performance, but rather our overall delivery as a company. As a result, approximately 40 coworkers and 20 contractor positions have been eliminated, and many open requisitions have been put on hold for the rest of the year.

Coworkers and contractors whose positions have been eliminated were notified this morning. We’re committed to treating everyone with respect and dignity and providing the necessary support to make this process as smooth as possible for them.

While we know this is not an easy time, we need to make sure we quickly return our full focus back to doing what makes us successful – empowering our customers striving to enjoy the American dream, but who have limited or no credit, to get the big-ticket items they want, when they want, with the payment plans they need. When we help our customers do that, we ensure our success.

Thank you for doing your part through these challenging times - we’re getting this company turned around and pointed again towards greatness, and I’m looking forward to our continuing journey together.

Mark

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Post ID: @OUwzdPZ-cwf

A lot of well qualified and hard working people let go.

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Post ID: @OUwzdPZ-ifo

Yup. One of the 60 here.

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Post ID: @OUwzdPZ-kln

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