This is really very disturbing to me as an employee. We hired a CEO, who is the highest paid in the Industry. We paid for his non compete and he was given many other bonuses. Wasn't he and Senior Management paid to do what they have hired McKinsey to do? Our HR and Senior Management couldn't do what McKinsey is doing? Why are we continually hiring Senior Management then? I am somewhat confused by this.
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I have heard that there are some employees that have exchanged information and are seeking counsel regarding class action suits. It won't be the first one and I am sure it won't be the last one. Just because you signed a waiver doesn't mean you can't be involved in an age discrimination suit. Stay connected on this site and support each other.
I'm not a big fan of class action suits, but maybe one's needed in the case of AIG. They have RIF'd so many older people and replaced them with friends, often at higher levels than the incumbents. I'm not a lawyer, but I think a court would see how AIG discriminated against all those people and then required them to sign an agreement in order to collect their severance. Yes, we screwed you over, and you have to sign this agreement saying that we didn't and you have to promise not to sue us, otherwise, you don't get any severance. Again, not a lawyer, but what the heck?
Agree with Post ID: @ZCuT4x4-2ppw . It does seem like they want to get rid of the older folks who have been hardworking, faithful, dedicated and loyal. They get RIF'd in return for all their hard work
if they offered voluntary packages everyone would go besides management wants to control who they kick out they want to keep their friends and they want to kick out the older folks
the same story, over and over
Mckinsey and all those consulting firms are money s---ing machines. Getting back to basics is the better approach fix your own company’s problems more efficiently instead of relying on a one size fits all model that these firms offer and run all the major companies into more debt and misalignment then they propose more solutions to fix the mess they create ...more mess more money for them ... Also that new ‘diversity’ motto is about outsourcing to foreign countries India specifically which is non-American...
I agree with you Post ID: @ZCuT4x4-2iwv. I have seen in other companies before the do a RIF, they offer a package for employees to volunteer to take it and then they do the RIF. Only a certain amount would get the package. They haven't even tried that approach. They would rather waste the money on a consulting firm rather than try this approach.
The problem with asking for volunteers to be RIF’d is they would have so many they wouldn’t be able to accommodate them all...they prefer to make things so unpleasant that people just quit so they don’t have to pay severance. The morale is non-existent.
Yup they keep on hiring Senior Management with over the top salaries and on top of that advisory and consulting firms to tell them how to RIF non Management Employees. What a joke. How to waste money in a company so you can justify not giving raises and reducing benefits. I think they would be better off having employees volunteer to be RIF'd than having to spend money on deciding who will be RIF'd.
A new Global Procurement Officer was just added. This more than confirms the direction we are going. This guy will "justify" fast tracking the jobs overseas. Hasta la vista baby!
....AIG equals a big mess!
I have heard about this 5 resources limit for grade 24 as well. They call it Span of Control (SOC). I am not sure if this can enforced for all teams if the focus is on outsourcing and employee count reduction. This rule will result in unnecessary changes to org structure and more executives. I see 55 direct reports for Tom Bolt and 32 direct reports for Mike Price (Do they really get time to talk to all their directs?!?!).
Every new executive that comes in has his own brand of consulting companies coming in to tell us how to reboot with a different name. we have had multiple advisory companies come in and tell us what to do over the years, but this is downright bs. the way we have been hearing is AIG 200 is about culture change, well i say its just rebranding of effing AIG 2020. the news in ny is that any one who is not 24 is not going to manage projects nor have any direct reports. this is one of the recommendations from mckinsey and also coming with a manager shud have 5 resources under them atleast
Here come the Bob's. Hilarious. so true so funny it's "office space" all over again
The salaries of BD and the Senior Management he brought with him are very disturbing. They are really taking advantage of the situation and most of the employees at this company don't feel that they have done anything except RIF's. They have been placed in a situation that it doesn't matter. Either way, they have nothing but to gain They are greedy and don''t care about the employees. Why should anyone get the kind of salaries that BD, Senior Management and upper Management get. They take away from the employees so they can get overpaid, bonuses and Long Term Incentives that only Management is awarded. So wrong. So greedy.
American International Group Inc.’s incoming Chief Operating Officer Peter Zaffino is getting a $23.5 million pay package, including a $15 million sign-on award. Zaffino, who’s joining the insurer next month, also will receive $1.25 million in salary, a cash bonus with a $3 million target and $4.25 million in restricted stock units, AIG said Thursday in a regulatory filing. The restricted shares are split so that 70 percent are based on performance and vest in December 2019.
BD is simply handing over the CEO duties to PZ. PZ didn’t leave a CEO position at M&M to be a sidekick.
Is PZ even a real human? The guy looks like cyborg, created by another cyborg, for cyborgs
PZ’s email today about AIG 200 is disturbing on so many levels. I’ve been hearing about transformation, reorganization and strategic plans for 2 years with BD and PZ and NOW they form a transformation team and bring in McKinsey??? They have no clue what they are doing. 2 years later and we are no further ahead as employees. Oh and what happened in the claims meeting in Singapore on Monday of this week? Anyone know ?
Here come the "The Bobs"!
pz's email about aig 200 refers to how many employees will be left when this is over. :)
I agree Post ID: @ZCuT4x4-osq
Mckinsey specializes in acquisitions and mergers. They are here to streamline GI and get it ready to be unloaded piece by piece. Linkedin in has an article of the top 10 reasons to hire a consulting firm. Here is one of the top 10 reasons:
"A consultant may be hired to do the "dirty work." Let's face it: No one wants to be the person who has to make cuts in the staff or to eliminate an entire division. An impartial outside consultant is the perfect person to handle such unpleasant tasks."
We are seeing all of the stuff discussed on this blog come to fruition. I would guess that GI will start to be dismantled by year end if not before. Just my opinion.
Here we go again!