Devry went from making a profit to losing money. Not a good sign. The "Business, Technology, and Management Segment" was were the losses mainly came from.
http://seekingalpha.com/pr/16582591-devry-education-group-announces-fourth-quarter-full-year-fiscal-2016-results#comments_header
Now that they have been fined $100 million, should they not claw some of that back from the big "burger" who was fired last year?
they aren't going to tell you about layoffs ahead of time. They know what that info would do. Plus, they can spin layoffs under a lot of other terminology - like, "realignment to enrollment" or right sizing. Open your eyes...or be left out in the dark.
FWIW, our group president told me today that there are currently no layoffs planned.
Omg, can't stop laughing over one of the commenters wondering about RAISES! That's a funny one!!!
@IWkxGfB-1mnb before the annual reviews seems likely. Wonder if there will be raises for those who are left who are doing the jobs of now multiple people? Or if there will be a freeze.
Those who are still left at DOS registrar will probably end up doing more academic advising roles and talking to students. They have already started that push i think.
Anyone actually work on or have used that colleague help line management has babbled about?
I was on the call yesterday and Lisa Wardell did mention that more cuts are coming for DeVry and Carrington as a measure to balance staffing with enrollment.
The spin on this call yesterday was ridiculous! How about this, did anyone know that DeVry has gone from 80 campuses to 60 locations in this year?!! Remember when we had 100 locations not more than 3 years ago.
The cuts are what is making the organization look slightly profitable but eventually there will be nothing more to cut.
Very sad.
@IWkxGfB-1ohw, funny you should phrase it that way because earlier this week, we actually WERE betting on when the layoffs would be. Some predict that it will happen in September session before the annual performance reviews. Others are expecting November session because that's how far out we have a schedule. One person thinks it won't happen until next year, but the rest of us are counting on it much sooner.
We all agree that more layoffs are coming, but disagree on when.
You can only diversify so much but if you are understaffed and offering crappy service that isn't going to keep students. They meet to understand that they aren't the greatest thing since sliced bread anymore. And definitely not the only school who offers online education. Especially with public universities jumping on the bandwagon for a fraction of the price. The CCN bubble will burst as more schoose offer degrees in that field as well.
Any bets on when the next round of layoffs are coming?
@IWkxGfB-1txp, did you also see the Zacks article? It says:
"The company is undertaking several student-focused initiatives at DeVry University to return to growth and transform this business. However, these efforts haven’t paid off yet."
DUH! They're not going to pay off! You know why? Because every single one of them has been terrible for students! They're only student-focused in the sense that students are the worst victims. The new scheduling system is making students furious in my region -- to the point of threatening legal action -- and I keep hearing about how they get jerked around by the stupid call-in system that never connects them to the people they need to talk to. Some students still haven't forgiven us for firing some of the best faculty and replacing them with less experienced, less engaged, less accessible visiting professors. So yeah, we're saving money, but we sure as hell aren't going to be making any until someone realizes that student satisfaction is kind of important.
I love how DeVry's own press release tries to spin it. Before the article even begins, they desperately try to spit out positive but ultimately empty statements to try to cushion the imminent blow. Of course they won't discuss the actual impact of those cost reductions, like how badly students are suffering now as a direct result of them. It's sickening and I'm ashamed to admit that I still work for this train wreck of a corporation. The executives are little more than professional turd polishers now.