Thread regarding DXC Technology layoffs

@hhbm+13UTMWyV
If you are referring to Medicaid, you will be going to the new company. This was expressly told to us weeks ago.

@hsby+13UTMWyV

Anything that current DXC does (as part of HHS operations) would go with Veritas. Veritas is coming to make money, not to give money to DXC in the future. And they know, along with DXC, that they are not able to handle HHS efficiently. So, why would Veritas give this Claims processing part to DXC to handle...
Not happening !

What will happen to people like me who process transactions for states? Are we staying back with DXC (hope not) or going to Veritas Cap? My manager is not clear and I have heard confusing statements from people.

hey as an HHS claims processor, what does this really mean. Assuming I dont get let go, do I stay with DXC or go with the sale? My manager is clueless and our team does not know whats happening to us.
I have heard from peers that we all go, not just the platform folks. WHats the truth?

For Portfolio Manager/L5 - L1 - Performance Appraisal

Exceeds Expectations - N/A . Don't worry about this
Meets Expectations - Excellent. Millions in performance Bonus and More to come
Partially Meets Expectations - Good. Millions in performance Bonus
Does Not Meet Expectations - Oh Well. Just take the Millions and leave

For Employees - Performance Appraisal

Exceeds Expectations - Good. But don't expect any pay raise. Market is tough corona etc. etc.
Meets Expectations - Not good enough. You are on the watch list
Partially Meets Expectations - Bad. Your name just got added to the chopping block
Doesn't Meet Expectations - Out the door. Check is in the mail. Will clean up your drawer ourselves

Here is how Private Equity firms deal with their buyouts... nothing in it for the employees...really...

Their ability to achieve high returns is typically attributed to a number of factors: HIGH-POWERED INCENTIVES BOTH FOR PRIVATE EQUITY PORTFOLIO MANAGERS AND FOR THE OPERATING MANAGER OF BUSINESSES IN THE PORTFOLIO; the aggressive use of debt, which provides financing and tax advantages; a determined focus on cash flow and margin improvement; and freedom from restrictive public company regulations.

the fundamental reason behind private equity’s growth and high rates of return is something that has received little attention, perhaps because it’s so obvious: the firms’ standard practice of buying businesses and then, after steering them through a transition of rapid performance improvement, selling them. That strategy, which embodies a combination of business and investment-portfolio management, is at the core of private equity’s success.

https://hbr.org/2007/09/the-strategic-secret-of-private-equity

Been hoping for this news a long time! Adios DXC!!!

How many layoffs will this generate? “.....ability to generate returns for investors”. What about returns for the employees? Forgot all about them, can’t see the forest for the trees; dxc has so much debt management still doesn’t respect the resources that keeps the client happen - hmmm, keep the client from filing a lawsuit against dxc.

So, if they're selling off healthcare for $5bn and the market capitalisation of DXC is currently less than $5bn does that value the remaining part of the business at < $0

Hmm, shares may have 'surged' during extended trading, but thereafter market reality has set in. As I write this post it's 'recovered' to $16.3.

The truth is, management have sacrificed a large proportion of core DXC business in an attempt to pay off outstanding debts. Unfortunately, this will not work since Wall street has woken up to the fact that DXC is no longer a worthwhile investment, and now has debts which exceeds its assets.

What does this mean for the hapless individuals who still work for this (Frankenstein) company. Well, the writing has been on the wall for many months now. If you value your career and future employability, it's time to leave.

I listened to the town hall about this. Very little was actually said but they tried to sell this to the employees like it is going to be "glorious." It will be the same sh*tshow since it will be the same id–ts running the HHS show as are running it currently. I also don't believe them when they say there will be merit raises in April/May!