Thread regarding TIAA (TIAA-CREF) layoffs

What is LRC?

Typically, documentation exists of people’s job function. Before letting an employee go, you ensure someone knows their responsibilities and can replace them. In a location closure, you restaff the new location before letting people go.

That is how a normal company works. We have had processes here in which we have had to reverse engineer because there was limited knowledge and no documentation we then fired the people who knew how to do it.

In the event that Denver employees who have been offered a relocation option but decide not to accepted it, their respective end dates are already set. If these positions remain unfilled or are filled but not adequately trained by that time, current employees in Frisco and Charlotte will be responsible for assuming the workload. There is no alternative option available, as the individuals who performed the jobs will no longer be employed. Does this appear to be the most suitable or even a marginally intelligent option? Does overburdening teams that are already strained contribute to employee retention and satisfaction?

To the last poster, how SHOULD a company work? Plug and play doesn't sound nice, but you're suggesting we have employees that simply can't be replaced anywhere. If we're running a company where hundreds of individuals aren't replaceable, then we're in a lot bigger trouble than I thought. It just isn't logical. Plug and play is intended to be inflammatory, but I hope that if any of my colleagues leave, someone else would be capable of replacing them.

Everyone needs to understand that the EC thinks people are plug and play. You can see this in every action they take, especially the two bigger ones.

1. The Accenture deal, which I agree with due to our costs, but ignores the 100 years of complexity built into our plans that will take years for Accenture to understand and automate. There are reasons it’s been difficult for us to automate those don’t change by having someone else process.

2. Denver/Jacksonville closure and movement to Frisco, from a tax perspective I understand, but again, an assumption has been made, that a person in Frisco can be plugged into a job for employees not relocating and get up to speed in less than a year. We have the ability to work from home until a transition is complete, but that costs money so why do it?

I truly worry about this company moving forward long term. Not because of the culture, many companies are like this and they keep roaring along. Instead the EC is downplaying multiple risks that could have major legal and compliance implications if it is not done correctly only to save money.

LRC leadership is looking at offshoring certain roles to India. Just look at the number of trips that leadership has made to India.

Managers are fighting to keep certain roles based in the US but when you’ve been told you have to cut costs you don’t have much choice.

Is there any update on R&C changes?

@hhd+1vhl4Nu2 If I was the new head of R&C I’d focus on the responsibilities of my new position, not on respond to what people are saying on this site.

LRC seems like they have a lot of bloat

It also makes sense give Accenture, they need to know what to adjust on where information is coming from and who is managing the compliance part.

Since you guys don't manage people, ask yourself this- if you were taking over any group, no matter how large, outside of the area you're currently in, what would you do?

Just assume you know everything? Ask questions of just your immediate directs and assume they know everything and will be forthcoming?

Or would you go a level or two down and ask people to explain what they do in their own words so you can get a sense of what you've inherited?

And given how Internal Audit has been pretty stable without annual restructurings every year, I think it's too early to start the classic Layoffs.com drama.

Is that the initiative of the new head of R&C? He came from internal audit and bragged that the ran the department like a business.