There was a very disjointed and brief call today, with no questions allowed to be asked, stating FIS is going to outsource almost all parts of the business.
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@b1 no hard facts were given. It was essentially a nicety to managers to give them a day's notice something was happening, but now we're all just uneasy instead.
Thanks. Now we know which group is first
Any depth of context from the call? I lead a team of 18 in PS I was not invited to a call? RIF notifications are scheduled for Wednesday but I do not have any for outsourcing reasons possibly why I was not on call?
Were all people managers on this call? What were the facts that came out of the call? What timelines were stated? Has anyone who was actually on the call been given headcount reduction or budget targets to meet or what they will be? Any hard facts that came out would be so helpful
it makes sense to outsource your non-core areas of expertise. but this is outsourcing core business functions.
WTF is this company doing? what's left
a bloated executive level, entrenched management consultants, and then contractors
@aw WTF. Are they outsourcing the outsourced? What is this business plan.
@av - my understanding is that it will be both (firings and also moving FTE’s to contractors), it will impact all ORG units, but more in the banking side than the cap markets side of the house.
@OP Does that mean that current employees will go to other companies or they will be fired and the other companies will do the work?
Banking? Capital Markets? All of it?
It's going to be the entire company. If you do not know how to shake your head from side to side, answer things that have not been asked, be completely wrong in everything you do, then you are not the right fit for this company.
@OP What teams/departments or products does that apply to? Is it company-wide and in all countries?
BOHICA
Stephanie Ferris's last shot to save her job, axe others - but it's been her last shot for years now and hasn't worked at all (look at that stock price...).
we have outsourced senior management. why isn't the c suite losing their jobs. they are redundant
It's been said for months that the only avenue this company has for the executives to get paid was to outside everything. Here we are, outsource everything initiative GO!.
Please stay around and train your replacements who don't know how to think, perform, or complete a single thing. They will have a year or two of 8 million tickets closed with no valid resolutions. It will be on them (The board) at this point to recall as many good employees as they can and recover a soon as possible.
Seen many companies go down this path. The result is always the same. Higher greed = lose experienced people who support the company and hire sh-t workers to mask incompetence as more workers for the cheap. 1-3 years later, those execs and board members get fired or voted out or contracts not renewed all the while each of them made millions and put the company in a never-ending hole which is hard to recover from.
They are hiring sh-t execs from McKinsey. Shows you were they are going with this. They are gutting this company and if it cannot be handled by automation, it will be shipped offshore. Offshore will have tens of thousands of workers trying to figure out how to do a single task every day.
For those that work 24/7 for the company and have not received a single thank you, bonus, anything; Thank you for your effort to keep this place afloat.
Now we know why Firadus left
Well isn’t that nice of them. They’re trying to have their cake and eat it too. They want all of the skills and capabilities but none of the cost of benefits. I want to treat you like a 1099 but pay you less. The rule has always been when you’re a contractor you’re paid more because you don’t have the benefits.
See the game? This is going to blow up in their faces. They’re probably taking advantage of the job market with a lot of technology roles being shed due to over hiring annd investment during Covid.
@af They aren't converting anyone from FTE to contract...they gonna can FTE and hire your overseas replacement.
My understanding is that they are going to convert people to contractors and get rid of FTE’s, no idea how long this will take or the game plan but is suppose to start/be communicated starting Tuesday.
I also under the impression this is NOT just for development but other groups also like PSG, PS and CIO.
That call was an absolute shambles. The audio didn’t work at first, there didn’t seem to be much of a plan amongst the presenters and they told us enough to worry, but not enough to know what is happening. Then they had the temerity to ask us managers to help with the messaging to our teams. You couldn’t make it up!
Every time I think communication can't get worse, they prove me wrong. I understood next to nothing. Just me?
The call was poorly arranged. I just learnt from my manager that the impact is mostly limited to Engineering, developers and such. I might have to fire a couple of my resources, but in general the impact seems to be low unlike the call led us to believe.
@a2 its for all people leaders. Org wide info would follow tomorrow
Are they outsourcing newly acquired business too?
No timeline was provided. They said there will be a townhall tomorrow for team members within those groups. Nobody at director level or below has details on impacted roles or timing yet
When to the affected people find out?
@a6 what does this mean for people affected? Move to the other company or just get made redundant? How many people are likely affected? Is it all staff or leaders or not leaders?
They are going to offer a bonus if you select to stay and train the new Offshore people taking over. Prob $1000.
Did they provide any timing or transition dates?
PS, Dev, CIO
Managers of all levels corporate wide
Who was the audience for this call?
Maybe we can be a pilot program for McKinsey just running a company directly. Boards will love it!