That if a sale happens it doesn't mean we keep our jobs right? Nowhere does Jack mention that he is saving our jobs or the sale will do so.
8 replies (most recent on top)
It's so funny people hold on to dreams of working for a predatory lender.
Faculty, Admissions, FA jobs will be safe. Career Services should continue until current students graduate and find jobs for a couple yrs. Upper management will be gone first. I would expect their jobs to be eliminated right away and told they can apply for the new positions (RDOA's, RVP's etc) but I don't see a new owner retaining regional or corp management that was involved with this collapse. And rightfully so! Some if them may be facing a judge and jury in the near future.
921, calm down! Yes, CCi employees should have their resumes out. That's just common sense, and many, if not most have done that by now. That doesn't mean they've found jobs because it's a hard market, and a lot of people don't have experience that readily translates to other jobs. For example, long-time instructors may not know how to do much else, and other schools don't exactly look favorably on their experience. The fact that for-profit ed is shrinking adds to this. However, this is not some personal vendetta of Jack's. It's just what happens when a company is involved in a merger or acquisition.
904, spot on. That's what I've seen, as well.
904 is speaking wisdom!!!! Jack knows and doesn't care if we keep our jobs. He wants to get out of the education business. To hell with the campus jobs. Once they are sold, you're not a CCi employee any longer. You are at the mercy of the buyer and I can assure you it is NEVER in any sale that the buyer will guarantee the employment of the employee they get in the sale. Read between the lines of his emails regarding the timing of any sale - GET YOUR RESUMES OUT - YOU HAVE SIX WEEKS.
Well, he did say good luck to the QuickStart employees, so it sounds like they have jobs for now. It's really not that many employees, so I would think the buyer would probably keep them. From what I've seen of it, QuickStart is a cash-only business with very short-term programs. No accrediting agencies or ED to deal with, so it's very efficient.
I have been on both sides of several mergers and acqusitions over the years, in this industry and others. Here are a few trends I have witnessed: 1. If you are acquired by a competitior, there tends to be a significant reduction in force after a settling in period based on geographic and market overlap. The employees of the acquiring company tend to be favored. 2. If you are acquired by a non-competitor seeking to diversify, the greatest risk is to corporate posiions (HR, Accounting, Marketing, etc) where there tends to be a lot of overlap. 3. Whatever happens doesn't always make sense or seem fair. Don't confuse corporate policy and logic. Prepare for the worst and hope for the best.
At least in a sale we have a chance of keeping our jobs, bankruptcy means everyone loses their job. Now go spread your gloom and doom elsewhere.