Thread regarding Gainwell Technologies layoffs

@Zen Imposter

Don’t you have anything better to do than pretend to be someone else and send false information to people that actually look to this site for accurate information?

Mark here. Thanks for working hard id--ts. Just bought myself a new Ferrari and yacht. Keep up the good work while I send your job to India.

The Zen imposter is back.

Amen!
Mark and his crew make big bucks and have millions in reserve. Those who are living paycheck to paycheck will be the worst impacted with layoffs.
Watch out folks! Jump the ship if you can ASAP!!

Mark and his crew of vampires will su-k this company dry before it shuts down.

The thing that is clear is that Gainwell is doing nothing to rectify the situation of sinking. They are staying the course with offshoring and illegally and unethically getting contracts. They are failing to deliver across the board. And they are in financial peril. They are committed to these poor practices. So the ship is going to continue to sink.

The only way out is to find another job.

Yes, please goto India for good as many as possible!
We want to minimize layoffs here!!

Irregardless how true many of these statements may be. The only real benefit is possibly blowing off some steam and saving yourself at most, a mental health day.

I doubt any manager, upper, lower, c-suite could care less and would possibly double down on their bad habits, just to soothe their egos and out of blindness, prove your statements to be more true than you originally thought.

I am curious if I can immigrate to India. At least there, I might be opted the opportunity for a real career or advancement at Gainwell.

@3yxk+1u8RUVFW as one of the hated boomers on here, my BS detector has evolved over my many years of corporate buyouts and "transformations"...... definitely a valuable skill to acquire.

In response to post @2qjm+1u8RUVF

There are several Cliffs at this company. What I find amusing, they're not very high up in the hierarchy. But they often do have a higher manager's ear. Possibly because what they do say is often what a manager desires to hear or they're a very charismatic person. Doesn't make them right in what they say, but merely good snake-oil salespeople.

Trying to talk to upper management or a C-suite executive is like talking to the 'Rain Man'. They are out of touch with reality and so far removed from the soldiers on the ground. And if they're expecting actual and meaningful representation of what is going on in the trenches from middle and lower management. Well, good luck with that.

A good leader understands the need to go beyond the pivot table and pretty graphs. That just isn't them from what I've seen.

Depending on where you work and your history, everyone has at least on horror story to report. So many paths of failure, since all accounts are unique. Toxic leaders, poor processes, you name it. It's like death by 1,000 cuts. Painful.

My department has a Clifford C. Clavin Sr,, a Jr. and the 1st. I'm so lucky because I have 3 Cliffords that I have the opportunity to work with.

Cliff Sr. says there's nothing to worry about. I trust him. Because if it's day outside and he says it's night. You're wrong, its night.

Aside from the truth stated above.

1. Every tool setup either was not setup correctly, is not completely setup or better said, a project still in the works, 'X' years later. Heck, there's even unnecessary duplication of tools, and they're all setup differently.
2. Lack of any standardization, every account or business unit does their own thing. You have widget 'A', but depending on which account. It could be called 'Dipthong', 'Robert' or Cr--kerJacks. I'm going to add process and procedures to this as well.
3. Something changes and you know absolutely nothing what changed and how to process that change until someone does a 'Gotcha'
4. There are not that many companies that allow non-emergency changes during peak business hours. Gainwell has lead the market on this one.
5. Information repositories and information sharing is an absolute joke. Duplicate and orphaned documents in SharePoint. Genius is a administrative information repository and not tailored towards the technical aspects of operation.
6. Managers acting as if Gainwell is their own personal playground and at times, assuming the role of schoolyard bully.

I have an extensive list. But the items listed alone have cost the company in missed SLA's and penalties. I've heard the new CTO is going to fix things, That one will not happen, especially if those who have ran this company amuck continue to do their own thing.

It would be nice to be in a division of the company that gets sold to a better company, if it comes to that

S&P downgrades on 8/16/24 and now Moody's follows on 8/19/24. All -- get the word out, it's time to evacuate! Doesn't matter if you are doing nothing or busting your a-s every day --- both of these agencies have issued warnings of hard times through 2025 and likely beyond. A Hail Mary off shore arbitrage play to lower costs will not work, it never has. Plus, there is way more structurally wrong than labor as you have seen on these postings. Get the word out to clients before you exit if you have work relationships there you want to preserve. Best wishes for better times and better work at a much better place.

F—k off! Seeing a bright future for those who do nothing and draw paychecks

I would love to see Gainwell get sold for parts and all the leaders get canned.

Bonfire and marshmallows.

Gainwell won’t go into bankruptcy while being owned by a PE. We will, however, be sold for parts if it doesn’t turn around.

I thought Mark was appointed to avoid these things? Can’t blame all the bad on Paul Saleh anymore can you?

@Al Dunlap

These leaders aren’t going to take a pay cut. These aren’t good leaders that have the best interest of the company and employees in mind. These people would climb over your dead body to get more money. They will sink Gainwell to get more money.

Pay cut. I don’t think so.

https://ratings.moodys.com/ratings-news/426915

Why haven’t they done an across the board salary cut? Mark Hurd got away with it I’m sure there are many GW employees that remember it.

I’m not going to wait for a sale. This place has nowhere to go but downward for the foreseeable future.

I’m applying and interviewing now. I hope to be gone within a month or two. Unless the layoffs get me first.

I think solid advice to all Gainwell employees is to find something new as soon as you are able.

Good luck to all of you that want to find greener pastures.

You Gainwell defenders what do you think now? The truth is there in black and white.

The ship is sinking. Can’t pretend that it isn’t any longer.

The downward spiral continues.

I agree that any client that does any amount of due diligence would avoid Gainwell at all costs.

Sadly Gainwell does what Gainwell does. They lie about what they can deliver just to land the contract. And they have no intention of delivering on those lies. The goal is to get the contract and steal as much money as they can. They know states can’t operate their own systems and they know that jumping ship to another vendor is complicated. It’s so dishonest and unethical. It’s flat out illegal. Companies can only operate in the red for so long. And the lies to the employees will only go so far.

Looks like it’s about time to pay the piper.

On the same hand no employee that does any due diligence would take a job at Gainwell Technologies.

Good luck to all on the job hunt.

Can you say “distressed sale,” baby?

Wow: The document is damning.

“We expect the company to produce reported EBITDA of about $620 million, which is below its fixed cost burden, which includes cash interest expense of about $600 million, nearly $60 million of taxes, between $40 million and $60 million of capital expenditures, and about $45 million of amortization.”

In plain English, the company will _lose_ $125–145M in the fiscal year that will end on March 31, 2025.

Most creditors will lose their shirt. And they will remember this loss when Veritas comes asking for money for any asset in their portfolio.

What potential new client with even a basic level of due diligence would take the risk of entering into a contract with Gainwell at this point. It would be interesting to know what contract termination language exists for current clients? I did see one that was publically available that had a short termination for convenience but not sure if that's the standard for all the contracts. But what's possible for state clients if Gainwell becomes more financially distressed? Most states couldn't run their own systems if their life depended on it. Would Veritas pump more money into it? wow..what a VC sc--w up.

If you read this in its entirety it is reflective of what many have been saying on here for the past six months or more. Gainwell is in financial trouble. They are operating in the red. They are having struggles paying their loans. And they are trying to cut significant costs. And leadership has struggled and turned over. It also clearly spells out that the next few years at Gainwell do NOT look good. Gainwell is at risk of bankruptcy just as many have said.

Those that are choosing to keep their heads in the sand should wake up and look around.

Doesn’t sound as if any improvement is going to happen for several years. Layoffs, financial struggles, and management turnover will continue.