It appears all jobs are safe for the near future. I don't see any immediate changes or layoffs. This process will take a long time. What do you all think?
38 replies (most recent on top)
A beautiful new cruise ship runs aground off the coast if Italy, the original Captain has already abandoned ship, the passengers are boarding life boats, and as a crew member you ask......Are Our Jobs Safe???????
Ed West the CEO looks like he has a nice house, guess he dose not like answering the door. http://www.wtae.com/investigations/Whistle-blower-accuses-EDMC-of-falsifying-records-to-get-taxpayer-money/18535232#!bKFAdO
Pay for performance should be for the top CEO level not bottom level sales. No one said do that for the sales department. At the top it would prevent just hiring CEO after CEO who walk away with millions even if they fail.
Totally safe... What's safe today? Look at CCI.
Anonymous30346- Isn't the idea of "pay for performance" what got EDMC in hot water in the first place? It's admissions, not used car sales. Pay for performance environment attracted all of Pittsburgh's finest used car salesmen, mortage sales reps, and insurance broker reps. And we all know what happened to the housing industry and those "stand up" mortage jobs once the federal goverment probed and found out what was going on. Instead these "sales" people moved onto a place called EDMC! Or at least until the truth came out about them. The problem isn't the deans, it's the execs who have been nothing but "profit" focused at any cost. Let's call it what it is.
Absolutely!! Jobs are safe, raises are forthcoming, 401k match will be reinstated, employees will start being appreciated, the 13+ lawsuits will dissappear, the federal goverment will stop investigating, brand image will be drastically improved, and all of this will be made possible by Ed West generously taking a 75% pay decrease!
Yours Truly,
Pinnochio
Is the Q4 report coming out today?
How can any of us work this week knowing what's about to happen....
Anonymous30346 although that concept is worth mentioning, the truth is they cut performance incentives. Your argument doesn't work anymore.
Anonymous30346 although that concept is worth mentioning, the truth is they cut performance incentives. Your argument doesn't work anymore.
http://triblive.com/mobile/6674730-96/edmc-debt-company
Is today the day???
"you have to pay people that to get good talent" 1880's called, they want their Dress for Success slogans back. That mindset was debunked a decade ago. Too many companies failed using that philosophy. Member Carly Fiorina was supposed to save HP? Total Failure. The new way is to pay based on performance, gee what a concept. They make big bucks only after they save the company by proving they can do what they say they can do.
30171 You are full of it, you must me in management. Teaching is the hardest job on campus. You try dealing with 30 some 18 year old cocky young adult on a daily basis. That 20 hour work week is BS. Anyone who works there knows teachers are required to attend meetings, tutoring, marketing events, mentoring, portfolio reviews and more during the non class hours. Plus you have to develop the class curriculum on your own time as well as grade homework of about 150 students per week.
I think they should cut the Dean positions. Really they are the middle man. Those schools are so small they really only need instructors, a department head and a president. Deans are mostly a BS figurehead, anyone above or below could take on their minimal workload. The ones I know from AI are all sitting around in their office reading the paper while making student schedule an appointment.
*out
And besides, the High School Reps are REALLY the ones our there being road warriors for Ai and BRINGING you those inquiries.
You're a joke.
Nope. I spelled "you're" correctly.
Your credibility was lost as soon as you said "your high".
30158, you're high if you think it's a good idea to shout to ANYONE what great and hardworking employees you are. Most of you are part of the reason EDMC are in suuuuuch trouble.
I don't trust a single one of you. Never have and I've worked in multiple departments over the span of 8 years.
30158: I couldn't agree more! The lies, deceit and brainwashing does start with you!! Instead of looking for a handout, do us all a favor and utilize the employee benefit program to take an english class.. while you can.
You can find the salaries online if you look. They range. The real higher ups make 6, 7 figures. West makes between 6 and 10 mil depending on where you look. Some of that is soft money, options. Although it seems high in fact nowadays you have to pay people that to get good talent. At least the very top. Yeah I know, Im a target now, but that's not just my opinion it's spelled out in business journals and is the nature of the beast. Fair? Maybe not. Johnson, who left recently was worth a lot since he had a record of saving companies. What would you pay someone to save a billion dollar company? I'd pay em 10 or 20 million, why not? Teachers make 40s and 50s. Recently they created a new category of faculty that has a higher course rate but no dept responsibilities and they make in the 30s. The teacher salary is more than fair, it's an easy job - few work more than 20 hours a week - But the issue is adjuncts. Even if the pay is good there is no security or benefits. Lower management might make 60 if they are lucky. Dept directors? Don't know. Deans? Again, not sure.
So where to cut? If you cut lower management you make dept heads take on way too much grunt work and they cant spend time directing the dept. I think you can get rid of some dept heads and combine depts. The dean seems to be a good coordinator and oversees day to say ops. The VPs seem rather useless but I'm pretty ignorant on what they do. I'm just going by what I see. I think a dean could report to a pres. You could probably get rid of more full time faculty and then rehire them at 10k a year less with a different job description before accreditation sniffed around. Definitely cut benefits like paying for Internet or phone. Cut all travel. No raises. There is till room to up medical. Once it gets to a certain point I can bail to Obomacare where I can get WAY better insurance for a third the price here. But as long as they offer it here, I can't enroll.
GREED! Sit back make $400k to travel and tell managers to increase their numbers. Wait thought this wasn't a sakes job. Bullshit. Treat us fair AR's deserve more than anyone it all starts with them.
A 50% pay cut to someone making 200,000 is not poverty. Lots of companies do this with upper management across the board when things get tough. I am sure there are a lot of qualified people would would take those jobs at that price.
Well, in theory everyone at The Art Institutes is supposed to be there because they love the job, helping people get an education, not just for the money. I think that is outrageous if management is making that kind of money. I would have though around 60-70,000. Better yet, why not cut them down to the same price as the teachers? It's still a living wage. They are not supposed to be there for the money, right? And if some dont like it they can quite. They need to trim the fat anyway.
400 or 200k either way, its still way over blown for what a person dose in that job at EDMC. Maybe if is was like a normal company that size and only had 1 VP for that position instead of 50 it would be justifiable. They need to streamline the management. I am guessing here but the average salary for an instructor is probably around 50,000 and they do all the hard work. You cant tell me a VP, President or Dean on every campus is working 8 times as hard and therefore deserves 8 times the salary. In the real business world these guys would have been long gone. From my experience, the higher up the ladder, the easier the job gets.
who makes 400k? I highly doubt that.
Yes why are some of the VPs making $400k really? They don't seem to do much of anything either.
I second that, once an new CEO arrives the first thing he will want to do is make cuts and trim the fat. Salaried employees are the first place they look. "Greed is Good". Too bad it will go straight to underlings who actually do the work and bypass all the layers of do nothing management with high salaries which are quickly clogging their arteries. If the CEO was really smart, he would give them all a hair cut by chopping their salaries in half. Some would leave, but I am sure a lot would still hang on. Besides, most of them have golden parachutes.
Jobs are NOT safe. Once Ed leaves, changes will occur rather quickly. The next CEO will be charged with improving the value of the company in the eyes of its debtors and investors. The quickest way to move the organization into a profitable position is to make those much needed cuts.
I'd give it about 1 year. Takes time to dissemble a dead body.
Don't expect benevolence from a creditor. Especially since they have already been burned by EDMC for defaulting on 1.3 billion and putting the creditors in this tough position. They will cut their losses and pick the quickest way possible to get their money back from a failing company. They already rolled the dice once and lost, why would they want to do that again with even worse odds? They will take the quickest way out. Trust me, your job is not safe.
You have no facts to base your assertion on. Other then some PR articles about one of the creditors, shutting down a company is much quicker then keeping it running and accredited. Don't forget, there are other creditors involved here. They want their money back now, not in 10 years.
Define long time. 3 weeks? Sure, you're safe. 3 months? Mmm,maybe. 3 years? Not a chance.
As I mentioned a few times in previous posts, lots of companies have yanked 401ks. Federal Express, Sears, UPS, Eastman Kodak, Hewlett-Packard. http://www.bankrate.com/finance/retirement/what-to-do-if-you-lose-your-401-k-match-1.aspx
If any of you ran a business that was in trouble, you'd yank them too.
If EDMC gets taken over I'd say some jobs are safe and others aren't. You'd have to look at enrollment, profit, earnings forecasts, etc.
Did you think the 401k contribution was safe too?
Why keep dreaming? Please explain your post
Keep dreaming.