Don't worry, I’m not that naive to think that layoffs will ever stop, but I’m asking about about this round. When can we expect it to be over? Do they have some sort of timeframe or maybe a number they want to reach and the layoffs will continue until that number is met?
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The dust has settled from last week. No RIF's at all. A few AIG employees left but were never replaced. The company had an organizational structural problem relating to middle management and the roles they would inherit. I believe the remainder of this year will be quiet on the RIF front and pretty much the same on earnings. AIG has stepped back and paused for the time being. I can't recommend working for this company since you will never realize your full potential. It's not the company I worked for when Hank Greenberg was CEO. He actually cared about his employees and didn't consider them bodies and expenses.
The annual STI bonuses had nothing to do with the RIF decision. They were going down anyway and AIG pulled the plug on them at the last minute. You won't see much if any RIF's for the remainder of 2019. I told you so. Find a new job while you can and make good use of the next 9 months. It's the profitless quarters you need to worry about. They will impact future raises and STI bonuses.
I disagree with Post ID: @Y9eqHOY-2nav. The RIF's were halted this week because of STI's. They haven't been halted for the remainder of the year. They will pick up again
I have no confidence in the Execs running the company. They are looking out for themselves. Just because AIG RIF'd many employees this year doesn't mean it will continue. Nothing has happened this STI week. The decision to halt RIF's was made last week. I will say AIG always follows through on their decisions regardless of the outcome.
I agree that the post posted by Post ID: @Y9eqHOY-lqy is fake news. I was an employee and heard the town-hall by Brian who stated at the close, "watch for 1st Quarter results, but our expenses are too high". The only bright spot in AIG's current history since 2008 was the period when Ben Mosche was the CEO. He understood AIG's competencies and raised employee morale. Its been downhill ever since... Brian is a $42 million fraud, who worked for a week and then went on vacation. Came to AIG endorsing family values and other BS, but his only mantra has been "do more with less", which he does not need to practice with remunerations.
The post posted by Post ID: @Y9eqHOY-lqy is fake news. The RIF's may be on hold for the rest of this quarter but there isn't a moratorium for the rest of the year. That is just fake news. And furthermore, they aren't stopping RIF's because of some of the things on this site.
what do you mean don't have a handle on who will perform the work after the rifs are done you mean management would schedule rifs without having a valid succession plan in place is this company nuts or what
It is true there will be voluntary departures after March 22nd but I disagree about a month end RIF halt. The decision was made last week to not Rif this week and put a moratorium on the rest of the year. Sure there may be a few positions eliminated through attrition. The company changed its direction due in part to the backlash from the threads here and not having a good handle on who would perform the jobs after some managers were rif'd this week. I haven't heard of any RIFs this week but it isn't even half over.
They are constantly occurring. A never ending feeding trough for the executives to feast on high bonus and pays. It’s a mess and the only thing being salvaged are high executive salaries!
Most likely by the end of the month. Once the STI is paid out there will be a lot of voluntary departures. Management will need to regroup to assess the damage and then continue the cuts by outsourcing the work and shutting down small business units groups and outsource more of IT & Operations.
The head of HR is gone and the current acting head is AIG's legal counsel. The lay-offs are rolling, and will continue in small numbers till June.
The only reason for the above is that Management is refusing to acknowledge that the RIFs are over.