Many of you must not know Bill Foley's history and the way that he manages the companies that he runs. When business declines at FNF in order to maintain profit margins they reduce the # of employees. No question that similar policies will be followed at FIS. Welcome to the real world and the new global economy. FIS is very much involved in outsourcing and that is certainly an option as well. Why should this be a surprise to anyone? Management has a responsibility to shareholders....the owners of the company.
So, wu2u2, how many people did you have to walk out the door today? Or did you get walked out yourself? I personally know 18 people in Jax that got let go today. Thank God I left that hell-hole 3 months ago.
Foley should be in jail for stealing from the share holders. The stock options he takes from the company are criminal. This is all at the employee’s expense. My suggestion to him before he dies and goes to HELL would be to leave the company now and go back to California to take care of his wine business.
Pick up the business section of the newspaper and on most days you can read about layoffs taking place somewhere. Based on the crying here one might think that FIS was the only company in America that canceled a pay raiss and/or let go some employees.
Does anyone remember Pat Stone fron FNF? This goes back a few years but his idea was that they would acquire smaller companies and fold them into FNF's existing businesses in such a way that they would be able to terminate every employee of the company that was being acquired. No idea if they ever tried to implement it though.
What about their responsibility to the employees who create the profit for the investors?? These services don't run by themselves! The only people making money ARE the stockholders - certainly not the employees. Especially this year.
Employees are paid salaries....at any point in time they are free to offer their services to a higher bidder (i.e. a better paying job).
US workers are now competing against labor from India, etc. Reality is that the world has changed and additional changes are occurring every day. It is the responsibility of management to position the company in such a way that it will remain competitive.
Look what happened to GM, Ford, etc.
Some free advice....an employee should never delude themself into thinking that they are irreplacable.
p.s. I'm not saying that it is a 'good thing' that employees didn't recieve raises, are suffering job lay-offs, etc. It's devastating. I think that I understand the reasons that companies are doing it though.