New to Site. Does anybody have any update on layoffs at Online? I have read some posts this evening and it appears there are some very ignorant people posting on this site. I have been at EDMC for 4 years and provide for my family and would just like some insight. I don't expect management to share with me the detials, but just need some information. Thank you.
17 replies (most recent on top)
That was funny, You Are Correct Sir!
not sure that was necessary. wow.
42916-
It's "you're a big tough guy", not "your". I don't care what's on your resume, but you obviously care about your future with a company that is a haven for some of the most incompetent and unethical people I've ever known- and I can definitely question staying at EDMC for the past 4 years. When you're inevitably seeking jobs, hiring managers are going to question it - worry about them. Seriously, good luck in the wild. YOU'RE going to need it. May want to brush up on your grammar too, while YOU'RE at it.
You're = you are, as in, you are a moron
Your = possessive, as in, your job will not be here a year from now.
And let's be honest, EDMC is to the business world as McDonald's is to fine dining. I'll question whatever damn well I please. Maybe you should question YOUR current employer.
Education Management Corp. announced Wednesday it has received notice from Nasdaq stating that it is not in compliance with a listing rule requiring the timely filing of reports with the U.S. Securities and Exchange Commission.
The letter, dated Oct. 2, was sent as a result of the company's delay in filing its annual financial report for the fiscal year ended June 30. EDMC filed a document with the SEC on Sept. 16 alerting the commission that it would not be able to file its annual report on time due to unresolved issues with the SEC related to revenue recognition and bad debt reserve recorded upon student withdrawals.
EDMC (NYSE: EDMC) said the notice has no immediate effect on the listing or trading of the company's common stock. Under Nasdaq rules the company has 60 days to submit a plan to regain compliance.
The company said its directors and management are exploring voluntary delisting and suspending its reporting obligations under the Securities Exchange Act of 1934.
EDMC's board of directors has not formally approved the voluntary delisting.
Also you will notice even if this thread there is a bitter EDMC manger posting here pretending to be Camden Kid so he can pollute his comments observations. The real Camden Kid seems to have a financial background and when he post something interesting but not in a glowing light it gets under managements skin and they pretend to be him on these threads. Yep, EDMC is petty. But then you work for them so you should know that.
Due to the lack of a moderator the site here is useless. Just work on your plan B. There really is nothing of value here. Sorry.
Also, you'll notice that "Camden Kid" posts often. He has his own perspective (all 4 profit schools should cease to exist) and that reflects in all of his posts. With time you'll learn that completely ignoring his pots is the best way to go.
You will Aldo learn that I post a lot. I really hope you believe the things I say but believe me, they are not based on actual facts. Just me overcompensating for my own failure of a life and insecurities. Ugh. I need to seek help....
@New to Site, your job security depends on the type of work that you do. EDMC is a failing corporation and it will require major "restructuring." Even if you can prove that you provide "value" to the company, that does not mean that your position is safe--especially if you can be replaced by someone who will take less money. The Art Institutes and the Argosy Law School still have some goodwill and some of those jobs may continue.
dear new to site,
i have been with EDMC for double the years you have and i am in a very similar situation as you. honestly, i'm glad that you've only just now discovered this site. unfortunately, i've been constantly checking it for about a year now and i can tell you, it can make a person a bit crazy.
i genuinely feel for you in terms of your family, as i have a fledgling one myself.
i think that a few people here have given you some great advice. "do your best and prepare for the worst" i think is the smartest thing you can do. even if you're not laid off in the near future, i think it's safe to say that things may get pretty uncomfortable around here no matter what. you may just choose to leave in the end.
it's very difficult coming to this site, hoping to find real information and fellow coworkers reaching out to one another and only finding bickering, insulting and harassment. i do my very best to just ignore it.
i can tell you that personally, when i do hear any pertinent information i do share here. and i think there are a few others that do the same.
i would like to hope that if/when things go down we all have the compassion to try and give each other a heads up.
to everyone on here. remember. we're all fellow humans. trying to do well for our loved ones. even though some of us are angry and burned, please be kind.
"If they simply learn from their experience, they'll be a great asset to another." Now thats a crap answer only a CEO who hired his buddies would say. Can you imagine that answer in an interview out in the real world? So tell me, what was your experience like at The Art Institutes? "I learned what not to do". LOL
I agree with Anonymous42939 - occasionally you'll get a glimpse of useful information but in general there is quite a bit of guessing. I've been following Corinthian and Phoenix and it's pretty much the same thing over there, we just have less messages as we are smaller. Some posters on the aforementioned forums actually post good info and give folks heads up, it's usually a couple of days prior to the cuts. So, the fact that we do not have noise here leads me to believe that there will be no cuts in the short term. Again, just a guess and please note that my forecasting record is certainly less than stellar.
Since you're new to the site, here is the low-down. No one on this site has any legitimate information. It is filled with idiots who were either 1) fired for sucking 2) couldn't get hired or 3) weren't accepted into an EDMC school. Or option 4 which is people like me who come here just to laugh and make fun of people 1-3. So either join in the fun or never come back. Real, solid information can be better found from the 80 year old security guard than anything you will find here.
Anonymous42909 that is a crap answer to someone only asking a question. It's people like you who may not have another opportunity simply because you must believe you don't have a chance in the business world due to your association. Many CAN and WILL make it regardless. At the very least, people have learned how NOT to do something. If they simply learn from their experience, they'll be a great asset to another.
There really is nothing to report. All you will get is speculation based on daily performance of the stock and past history. The suggestion would be to be actively looking while doing your job to the best you can. PLEASE be ethical regarding the students however. They will be the ones who suffer in the long run. Don't get too involved in all the bickering that goes on because none of us can do anything about what is going on nor does anyone at the top really care about what we think. The part that is bothersome is many people on here can run a business in a more effective way but will never get the opportunity simply because money rules. Those who sit at the top will survive because they see the dollar, not the outcome on customers. The hierarchy will always have a friend someplace that will give them new opportunity. Don't believe it? Look at Ed West and the people he has brought with him.
Do your best but plan for change.
please do not insult me with "want a clue". Also, don't question what is on my resume and please don't question if people can work in the business world or not. who are you assshole! by your post, your a big tough guy.
Sounds like you've been with EDMC 4 years too long.
Want a clue? Look up Corinthian Colleges and see how they fared once the "regulatory environment" crushed them. You will probably not have a job soon. It's inevitable, and good luck with 4 years of EDMC on your resume. The company is well-known for being a chop shop full of people who couldn't cut it in the business world.