Thread regarding TIAA (TIAA-CREF) layoffs

TIAA found innovative way to layoff atleast 50% of its employees

Under the cover of team collaboration, TIAA is planning to let go thousands of employees. They are completely stopping Telecommuting (remote working employees). Asking them to relocate or leave. There are employees who have been working remotely for 15 years and they have no TIAA offices to go to. They will be forced to leave. Many of them were hired with huge pay-cuts with the promise that they will have remote working privilege as save on commuting. But now they are taking away that privilege and breaking the promises made by HR during hiring.

People's work and family lives will go off-balance.

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Post ID: @OP+XDxsjge

11 replies (most recent on top)

Sad this place has turned into a joke of nepotism and horrible leadership. How many worthless “Business” managers and directors (Many without reports) can a place hire before the chickens come home to roost and upper leadership figures out how much money has been wasted compared to other financial firms? Lori hire/fire was a complete disaster, and IAS is now a joke. Six figure salary for Sr advisor support role? I’m sure that won’t last. And if it does, Tiaa can’t survive.

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Post ID: @7Pwmb+XDxsjge

I have heard many clients who cannot get service now unless they call the 800#. Advisors in local offices are completely overwhelmed. Service suffers more and more. The values of we care about you have changed. "We serve those who serve others," (if you have 1 million or more investable with us.) In years to come, this will be a much higher number, soon 5 or 10 million only. Go ahead, lay off all the people you want, but the model will force change in a time where people need care, not change.

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Post ID: @7Knqp+XDxsjge

I left TIAA a little over a year ago and the writing was on the wall then. They have brought in managers and directors who do not share the companies values. I understand that there is a need to be competitive in the marketplace and become more efficient in the face of losing clients via RFP's. This company, however, has lost its way in their efforts to meet this end. Once they lose that distinction, and turn their back on their core values, then they are no different than the myriad of other broken recordkeepers out there and will get swallowed up. The old legacy accounts will only protect them for so long.

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Post ID: @47oek+XDxsjge

It’s happening today and tomorrow! Legal is done with their docs, TM is pulling out the records, IT given the disconnect list... BOOM! If you have that software on your computer that makes it look like your Skype presence is active on DnT but you are really not at your computer OR on your smart phone instead, pack up!

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Post ID: @2Tjlr+XDxsjge

I have always worked in the office at TIAA, so this change will not impact my schedule, but will downgrade the teams I work with. This is not a management failing, it is purely Executive management dishonesty. The level of collaboration, productivity, and ability to draw from a national talent pool has been outstanding. This is purely Executive incompetence, dishonesty, and greed. Any arguments to the contrary are either by malcontents or placed by the TIAA Executives themselves.

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Post ID: @2Qlst+XDxsjge

Horrible company to work for; layoff people with no regard at all to the employees. None of us were working remotely; we were full time working in the office. They are laying off anyone and everyone.

e were given no notice an no reason other than the standard bs. It was a great company to work at until they bought Nuveen.

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Post ID: @1nkbk+XDxsjge

This happened to me. A few years ago, TIAA was strongly promoting working from home to to save on office expenses in New York, Charlotte and Denver. I moved cross country to be closer to my family as my Mom was ill. So from the West coast, I worked East Coast time (6:30am to 4pm PT) definitely no time for a second job, but I really appreciated TIAA's flexibility in giving me the opportunity to be closer to the family. And I loved working at TIAA, the customer was always the main focus of everything we did, but that changed as the old leadership was forced out and new leadership came in to make their mark and pad their compensation. By the way, the CEO of TIAA (a not-for-profit company) made over $13 million dollars in 2017.

I was give the choice of moving to Charlotte or taking a severance package with 3 weeks to decide. I certainly wasn't happy but will always remember the people and the mission of what used to be TIAA-CREF.

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Post ID: @1ehrg+XDxsjge

This is alarmist, the statement that 50% of TIAA works from home is not accurate. Try more like 10% including part time work from home.

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Post ID: @18akt+XDxsjge

Let's be honest. Manager who are in TIAA pocket will differ with anybody investigating this WFH lay-off theory. It is a sorry excuse from them to blaim WFH employees as managers ought to have the capacity to calculate employee performance and act accordingly based on each employee. All things considered managers have failed to do their job if they have not done so. Removing WFH and then saying it is to remove under performers is a poor excuse.

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Post ID: @Poor+XDxsjge

TIAA will run much more efficiently and smoothly by firing off half their employees who abuse their positions. many are doing 2 jobs working from home. Great move by management

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Post ID: @juky+XDxsjge

sounds like TIAA getting a Marissa Mayer moment.

Cherish it - the ones who were barely working while ripping off the company and doing two jobs will have a tough time.

Good move by the management!

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Post ID: @hone+XDxsjge

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