Detailed portrait of a company in crises on multiple fronts

Relocation is tough under any circumstance. The only time it makes sense (In my opinion) is when it advances your career in a strong and growing company that has made some sort of commitment to you and your career path. That's the only time it warrants uprooting kids from school, a spouse's job, etc. etc. I would not recommend relocating just to hold onto a job at a company known for frequent layoffs, reorgs and other actions that belie an indifference to the life and careers of their actual employees. They are moving things from Denver to Texas because it reduces their costs. In the next few years, if they could save millions in costs by moving jobs from Texas to Pune, India, does anyone think they'd hesitate? Does anyone think they'd consider how many people uprooted their lives to follow the company to Texas? I don't. I would use NOW as an opportunity to find an employer who aligns with your values and is on solid ground both operationally and strategically. TIAA is in a spot from which they may not recover. The whistleblower complaint that alleges self-dealing with the Morningstar software and the Traditional and Real Estate annuities is potentially bad. There are class action lawsuits regarding this issue as well as the Wealth Management issue that led to the $97 million settlement. There is a class action regarding the Covid Vax layoffs. These are just the legal troubles. Then you have the issue of business growth. Where is that growth going to come from? University plans? Universities are shrinking staff and many poorly funded colleges are closing up. Fidelity and Vanguard aren't going away. Younger professors want low-cost liquid funds and are less enamored with annuities. Everyone is different, but all things being equal I'd rather work somewhere with less crisis at the top. A company that has major crises on multiple fronts is simply not in a position to worry about the employees well being, work-life balance or job satisfaction. Just my opinion.

Thanks for this post, @1fcq+1tTLNjqO. Putting it up so it’s not lost in replies.

Comment! It's anonymous!

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I used to call this company id--t proof due to the TIAA product. Looks like I need to stop saying that as this shop is clearly sinking. Grab a lifeboat while you still can!

Seriously? The only way you can’t know this is if you literally are not paying any attention to what we are doing. They sold the product to one of the biggest companies for record keeping. It’s just a guess that they aren’t done with selling it.

But no one has thought about the for profit space, no one at all. I should be surprised at the ignorance here but I’m just not.

@1ujm+1tVoDTiP
lmao this is a layoff site in case you didn’t notice. Not a guess what’s on the intranet today. I saw tiaa in the news that matters (not the manufactured back patting bs). Something about another client scam …
manipulating Morningstar for profit. I’m sure shared record keeping between these stellar companies is going great. Poor customers/employees, especially with scotus making it easier for them to do this garbage with less oversight. All I can say to Denver folks it’s a blessing. It’ll be fine. And to to the poster here, if they’re piling on you they’re taking advantage of you and they will dump you to without a second thought….so RUN!

@1wix+1tVoDTiP We have been for a while now… Do you it go to the Intranet? Read news articles outside of work? Are you living under a rock?

Empower? You mean the company that has buried their name change multiple times to hide their participation in the financial crisis and took bailout money…the company with a lower rating than TIAA is going to try and record keep these convoluted products aka services. Cool.

Would be nice if Empower hired some of us loosing our jobs in Denver and funny too like we’d be recordkeeping TIAA’s secure income products. LOL

Empower CEO can tell T he will “Make Annuities Great Again!”

We are going for the for profit market is anyone paying any attention at work? We have very recently signed a contract with Empower to have our 3rd party annuity in their plans. As much as this leadership su-ks you can’t get mad at them for not doing something they are literally doing.

The reason TIAA does not pursue “for profit” plans is that TIAA would simply not be competitive against other 401k providers. It’s frustrating because TIAA really could have been a great organization had it kept to its roots. Instead it was run into the ground by greedy leadership who were over paid compared to the market and made decisions that focused on maintaining the bloated salaries and bonuses vs the well being of the firm. Well, now yall have 12 months to reflect on your true market worth in a fading job market. i don’t envy your decisions…. but I do sympathize

Someone please explain to this audience how relyong solely on non-profits makes you profitable? Fidelity, Vanguard and others employ a mix of for-profit and non-profit as their business model. We should offer services to non-profits, but that being the sole business model is not sustainable.

Thread regarding TIAA (TIAA-CREF) layoffs

Detailed portrait of a company in crises on multiple fronts

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