I'm yet to speak to somebody who's not already looking for a new job. This latest move has been the breaking point for so many, myself included. Not that TIAA higher-ups will give a damn when it happens, but I foresee a major brain drain in the following several months.
7 replies (most recent on top)
No one was fired or laid off. If you were you would have gotten severance. It is apparently even in the contract that you would get severance from TIAA or the same amount if you are laid off from Accenture.
I'm sure they validated this through their lawyers that they didn't need to do anything in this scenario and not pay severance. I don't see why anyone would think this isn't legal. This would be a very cut and dry scenario from a legal perspective, I'm sure there is case law on this.
What was the rationale for not offering severance to those fired, errr laid off? There are attorneys who deal with that you know.
Look outside of your normal for jobs and be willing to go down to work your way back up. This su-ks for all involved, but staying at TIAA isn’t like some safe don’t get fired zone right now.
This is most bogus thought in this entire site.
Who are all of the buffoons clapping in the BKWD meeting?!?!!
Well said, probably the most sensible most on this site.
Do we really think just because we are staying at tiaa we are safe. To be honest we are more at risk than people leaving. Eventually they will start cutting us too.
I have been taking to some recruiters and you know there is a new pattern emerging. Companies will layoff people and a month later open that job posting with 20 to 30% less money. That is quickly becoming a new cost cutting trend in layoff world. It's the reason people aren't finding jobs that matches their current salaries.
I don't think the deal with accenture is all that bad. Accenture is a monster with 750k employees. Along with looking for a job outside, any half smart person can also look for opportunities and networking within accenture. They got tons of opportunities. Think about 750k people, it's like an economy within itself.
I personally think that 1500 people leaving had been dealt a good hand. How they play it is up to them. Like you said it's a dog eat dog world, but these people at least have some time and opportunity on their hands.
When I was shown the faqs I have been feeling left out. They are getting a good opportunity it is up to each individual to capitalize on that.
It’s a tough job market and only getting worse.
Most don’t have the pay or the pension/retirement and other benefits. Office closures and other Financial firms planning layoffs around the same time of the closures.
I’d say update resume, network and apply now just know that the grass isn’t greener outside of TIAA either. Banks and FinTech is a dog eat dog “you are just a number” world too.
If you can survive here until potential layoff and severance that is probably for the best. Those going to Accenture may learn some new skills and different technologies and be primed for if and when they get laid off for cheaper workers once the knowledge is transferred.
Good luck and godspeed everyone.