Thread regarding AIG (American Intl Group Inc.) layoffs

Someone said " have relations with upper management". That is true in more than one way by the way. Look at who's been promoted and who promoted them.
Funny and sleazy at the same time.

Most things at AIG are done for friends and family of upper management. Hard work and loyalty gets you no where unless you are connected.

Interns are favors for friends and family. We have had interns that were sons and daughters of brokers or AIG senior management. The did nothing. Many were later hired on.....

Interns make 36 dollars an hr btw. There not working for free. And people have to spend time working with them while we're all understaffed. What an aig thing to do to not cancel the internship this summer.

Many of the interns are high school interns. They keep interns for the company images.

Did anyone mentioned AIG hired a bunch of interns to work from home?

Ironic after consecutive months of rifs people are still leaving on their own. I expect it to continue, especially in technology, where made in India is the new mantra.

STI is a touchy topic!

Between Fortitude RE firesale, COVID19 CAT and storm season CATs, are you still hopeful of STIs?

To Post ID: @2frh+16loTPuC but BD and PZ will get at least 200% STI. Upper Management will get at least 100% STI. Greed is what it's called.

Th second half of the year will not be any better for aig cat exposure. I would guess sti @ 40% to 60% tops for 2020. already a baked in excuse for upper management.

For @OP+16loTPuC - STI is a very touchy topic.

Lesson from your story: No point being 'loyal' to a company.

Move out at first sign of leadership corruption. Sheryl Sandberg teaches it very well - she moved out when she saw corrupt leadership at Google not giving her recognition and moved to Facebook, where she built the best ad-sales-engine.

btw, @dix+16loTPuC , which market did AIG disrupt?

if we are being honest about sti, here are the other issues.

the company modifier, the number used to determine what percentage of sti aig will fund each year, is totally non-transparent. if you want people to understand why you are taking money from them, at least explain how the number is calculated. instead, employees must wait until march for PZ to bestow the magic number with no explanation as to how the number was calculated. it is a ridiculous way to handle employee livelihoods.

secondly, sti is supposed to be pay for performance where you can earn up to 200% sti if you work really hard. sti is never, ever funder at 200% for anyone other than upper management. here is the way it works for the average low level manager and employee.

lets use hypothetical employees and salaries for simplicity. a low level manager has 5 direct reports. let's say 4 of these reports are really good employees and 1 is an amazing employee. each direct report has an sti target of $10,000.

sometime in January the low level manager gets a spreadsheet that shows they have a budget of $50,000 total to divide between their 5 employees based on performance. in other words, the manager gets a budget that equals the total target sti of all of their employees. so think about this. the manager has 4 really good employees and 1 great employee. if the manager is to reward the 1 really great employee they have to take money from the other 4 really good employees. so if the manager wants to make 1 employee happy, they have to upset the other 4 really good employees. the manager is encouraged to stay in their budget. they can change the spreadsheet if they like, but it will be changed back to their target budget when it is submitted to upper management. so you see how this plays out in the end. the manager either tries to give everyone 100% sti which upsets at least the 1 great employee because they knocked it out of the park on their year end review or the manager has to stick it to one or more of the other really good employees to make their superstar happy. at the end of the process someone is always upset.

a process that is supposed to spur production and reward talent only works to destroy moral. it also encourages some managers to play favorites and reward friends or allies over good employees. the entire process is flawed and like most things at aig is very shady and non-transparent. of course, this process somehow doesn't apply to upper management as BD received 180% sti and PZ received 200% sti this year. I wonder where that money came from?

There are 3 ways to move up quickly at AIG and 99% of existing employees can't or wont do it.

1. Have relations with someone in upper management
2. Kiss a tremendous amount of butt and get really, really lucky
3. The easy way......upper management hires you because you were friends at another company

Very rarely do individual skills get existing employees beyond a one or two step pay grade even after many years at aig. You have to be "made" by someone in upper management.

Regarding @dix+16loTPuC:

I know one person in my entire career at AIG that has leap frogged to the top as you describe below and it was because they were friends with a very high level exec.

Unfortunately, when BD took over both the high level exec and the employee were rifed and BD replaced their position with friends from other companies. It’s a dirty clique at pay grade 25 and above.

@mfu+16loTPuC Definitely agreed; this is a tacticc they used on me to join. They quoted a 182% payout for that year. What a joke.

You left out the part where you take a lateral job after your executive boss leaves the company and you’re repeatedly told you’re lucky to be able to keep the base salary you have had for 5 years.

Leave, people.

Sorry to say - but Jane Doe didn't search folks who climbed and sought mentor-ship from them.

Perhaps Jane Doe should meet this Reporting Analyst who moved every two years to go from Reporting Analyst to
Chief of Staff to
Head of Market Disruption to
Managing Director
(well played!).

Even though the business unit put up significant losses, this person got growth.

#BloatedTop
#Accountability

They love throwing out that total direct comp number like it's a given.

That's exactly right.