Unclear if it’ll happen this year since on the ML town hall, he said no but shareholders like to see people’s livelihoods go away so may happen. What do yall think?
Also some audit is going on where they are moving people under one or two people back to the top layer. Why would they be doing that? Flattening the org so to speak.
@11f I've been trying but they don't get the hint
@b8 can we please get the option to volunteer
@jw "Business" and critical thinking skills don't go hand in hand at Fiserv management. Wishful thinking.
@md Welcome to the location of happiness on the internet
@mc Well somebody needs a Snicker. Sheesh.... That's right sweetheart. Let it all out.... 😆😆😆
@b8 We know who that person is on every team who's the fu--ing anchor who's eating into the teams budget doing nothing or just an anchor you need to clean their sh-t up after hours. The people working need to then be like what the fu-k is this 1% raise sh-t I had to work harder to produce nothing of value with Johnny also getting 0.5%. Instead let Johnny get the fu-k out of here.
Stop being political about it and doing this fu--ing pull a fu--ing number out of a hat sh-t.
When they just say lay off & no reason come get your severance because some random HR fu---r decided it, just makes us deal with a higher density of mouth breathers and inconsiderate fu----s who go to work to sit around and be worth as little as possible for 8 hours.
Question tho when we all experience that person every day in most teams... why the fu-k does the company kamikaze itself with these HR id--ts and not just fu--ing fire the ppl not doing anything to pull their weight for fokken years and make Fiserv an even more sh-t place to work at
@bp If so you are likely to be another id--t who didn't become proficient at what you were doing to begin with.
@kw AI is a really unique skill... So much that I can't wait to see what happens when people think querying a prompt and uploading a file is setting them apart from others querying a prompt and uploading a file.
Sh-t is like communism: you point out it has issues they say "not if done right my AI talent is special". no one can know because everyone is a fu--ing god tier genius the second they query a prompt 🍿🍿🤡
@bq I've tested my claim and found it to be true. The sooner you and others get out of denial, the sooner you can pivot. That said, your specific job role depends on the degree to which AI can be useful. In my role, since I took the time to create a well thought out and developed process with applied the appropriate resources, I've been able to churn out my work much faster and things have felt less stressful.
@ah AI isn't helping this, its fueling bad business practices. Its the golden goose. Some jobs can replace AI. But Fiserv and other companies are cutting too high above the capability of AI. Thats "IF" AI can deliver on the promises of the salesmen or company pushing for AI implementation.
I think AI is a scam, it isnt a real product and it cant do what the salesmen are pitching. But it is a really attractive idea to get rid of overhead, so of course companies are frothing at the mouth for it. It is the future, it will change everything, it can make you more money and even wax your car.
I think the big businesses need more critical thinking on this AI wave. Its alot of money for a less than 1% probability of it being real or even applicable to replace people they are actually firing.
Layoffs in Global Brand/Marketing have happened. 25 people let go this week. More to come in Merchant Services
@bn a lot of that was cleaning up SW’s charity hires
@bp not really that's a fallacy. 1 person still cannot do 2 people's job efficiently and effectively even with AI. Ai just makes things faster but revision of work, prompt typing and fixing, and understanding the goal is where people come in. It reduces labor but doesn't replace people.
For example say I am a SWE I know the basics of coding I can tell AI what I want as an outcome but it can only give me the code. It will not help me create the files/folders or make containers and connect them to web applications etc. And AI code isn't 100% right you have to modify, use slack and other sites to fix it and even with all that btw I can only focus on maybe 1 or 2 projects but 5.
AI is a tool. Just like how drill machines are a tool. They are not a replacement for human labor
@b1 Yes, but the person who's proficient in AI can now accomplish the work of 2 people.
From what I hear, they've already started. 25 people in marketing, for example.
There will definitely be layoffs because the board wants the stock price to rise as high as possible. They’ll probably brand it as something like “The Year of Efficiency and Excellence” or claim that they’re laying off the bottom 10% of performers. There’s also a possibility that they’ll jump on the AI hype train, claiming that AI can replace knowledge workers... until it can't.
My guess there will be layoff but after q4 not around the holidays like like the tyrant did before
@ah it really can't you still need humans to revise AI work. Put in the prompts, AI cannot self type or self control etc. We still need human beings to supervise and get AI to do the tasks assigned. Specialization isn't needed yes but you do need someone whose educated in the field to monitor and do the job
@at This drop just happened. You think they are going to turn around anytime soon? Yes 20 - 30's. The PE will be rising with each earnings, not going down because of stock price drops. I've seen this with companies in crisis for many years. They were already hurting because of tanking revenues the last 2 quarters, now they basically have a scandal. Let's revisit a year from now and you'll see I'm right.
@am 20 to 30s? You are saying your own company is going to trade at 3-4x PE? That has to be a first…
Layoff are part of their recent issues. There will be business structure changes over the next 5-10 years. Selling off units that don't make any sense. Anything they sell off should take some debt with it which is dearly needed. This fiasco is going to take a long time to right the ship. Companies that go through this generally remain stagnant per the stock price. It will probably linger in the 20 and 30s for quite a while. The competition in this sector is too much to overcome.
the good news for fiserv is the great majority of jobs can be accomplished by AI. the downside is the people impact but the company and stock recovery will be faster than people think as leadership streamlines staffing
the stock is at $63, there's going to be layoffs regardless of what they call them. they re-org around this time so they can remove an entire function. it clears HR rules much easier that way and doesn't look discriminatory