Anyone attend one of the Pension sessions that HR planned? Wondering how it went !!
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I attended one of the sessions. Many of the newer benefits being offered do not apply to me so it feels to me that the company is offering benefits aimed at keeping a younger workforce.
An interesting statistic that was mentioned is that the pension plan changes only affect 30% of the current associate population (i.e. 70% of associates do not have the pension plan).
It is quite trying to remain positive in the face of the rubbish that is thrown at the stoic and unmovable employees by this company. I've never seen a worse company in the way it treats its employees.
But yes, let's stay positive. ADP doesn't have to, but ordinary mortal employees and ex-employees have to. Why? Just let's do it. Dont ask needless questions.
@1gmn+13MhSKfp - Congrats on your positive approach. I was one of the experienced people that no longer was wanted. You are correct that it is not the same company and I wish you the best in the future. Also, the best to ADP employees that remain. Just know that while you are wanted, now, that can change quickly, or as ADP might say, "based on business needs". Just keep your heads down and resumes updated. Don't settle in, as many long term employees, including me, did. Watch your back.
Yes. I attended. I appreciate that they are having these meetings, but nothing new was shared. I don’t blame the presenters for this debacle. i feel bad for them. They seemed nice.
I’m sure this decision was made to save money with the stockholders in mind, as usual. Ever since Ackman came after Carlos/ADP, it’s all about cost reduction no matter what and dumping “expensive” (experienced) employees.
During the meeting, they apologized for the communication “strategy.” No new explanation for getting rid of pension except to say again that other companies are freezing pensions too, cost was a factor, and this puts everyone on the same retirement plan.
They think they are keeping competitive by getting rid of it, but the pension helped make up for other things that are lacking.
For example, associates can’t try to become homeshored anymore, pay is not that competitive (the merit increases are sad) and other benefits are good, but not great.
I’m not positive, but I think the average merit increase is less than the yearly increase in benefit costs.
Even the vacation is less than what some other companies offer day one.
I know they keep mentioning new benefits like fertility treatments, but that doesn’t help me. I need help with retirement. I liked the fact that when my family had rough patches and I couldn’t contribute that much (or at all) that at least my pension was accruing more for each year I stayed.
The increased 401k match (same as new hires) doesn’t make up for the loss of pension accruals. For one, there are limits to how much you are allowed to put in a 401k per year and that assumes you can afford contributions.
To be competitive with Tech companies, based on talking to friends and researching, they should match up to 10% dollar for dollar, at a minimum.
At least some other companies who did a freeze of pensions, did lump sum or employer only 401k contributions.
I love my ADP coworkers and that’s why I stay, but I don’t recognize this company anymore. Forget about career growth unless you are at a oneADP location. It’s probably just a matter of time until they get rid of our other locations. ADP used to care about its employees, but now it’s all about their stockholders. There is zero loyalty and it’s so sad to see. They want you to move on before you make too much.
However, I do think they were targeting people with a pension before. Maybe this will help slow down the layoffs of more experienced people?
It’s probably wishful thinking that the layoffs will slow and that they’ll stop shipping jobs to other countries, but I can hope.
I know one thing. Ageism is alive and well at ADP. I had a lawyer friend tell me that ADP is notorious for terming older workers, but they are so big that people are afraid to take them on. However, she predicted that if they keep doing these layoffs of experienced workers that soon there will be a class action lawsuit against them.
Of course the reckoning may be in the form of clients doing a mass exodus, because all the experienced people are gone and were replaced with cheaper inexperienced people overseas. Nothing against the people overseas, but they don’t tend to stay long and in general, I hate seeing the US lose jobs.
One thing from the FAQS was interesting. They said the timing was right to make this change because over 50% of the company only gets the 401k match. To me that means that either due to layoffs, early retirement, or natural attrition that less than 50% of the company has been here since before 2015. If you looked at the company 5 years ago I bet they had a lot more employees with more than 5 years experience.
I guess only time will tell if ADP will regret their choices. In the meantime, I’m going to continue to do the best job I can and keep helping my fellow coworkers and clients until I’m shown the door.