Complaint Review: The Vanguard Group - Malvern Pennsylvania
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- Author Confirmed
- The Vanguard Group Malvern, PA Malvern, Pennsylvania U.S.A.
- Phone: 800-662-0106
- Web:
- Category: Financial Services
The Vanguard Group creates dubious reasons to fire long-term employees instead of getting bad publicity for laying off a chunk of the workforce Malvern Pennsylvania
*UPDATE EX-employee responds: Lay-Off's ..VGI does not want negative publicity
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Vanguard has about 10,000 employees. It has always claimed to treat the members of its "crew" as family. Recently, the CEO Jack Brennan boasted that he could improve the company bottom line significantly. There are two ways to do that: lower expenses or increase assets under management. With the state of the stock market the last few years, Jack had no option but to cut expenses. What bigger expense is there than long service employees?
Each department had to do a forced ranking (a la Jack Welch at GE). The bottom echelon were all fired with little if any warning and told that they were non-performers. Departments with 100% great staff were told that they HAD to pick at least 15% who were non-performers, even if they all had exemplary performance records. Managers who refused to do this were fired.
Jack Brennan and certain members of HR know the true reason for all of this: Vanguard does not want the negative publicity of having layoffs. They're still pretending to be the good guy even though they have systematically fired 5%+ of their employees in the past 6 months. Sounds like a layoff, huh?
Many of the employees fired have many years of service and therefore have higher salaries and benefits. Employees are targeted to get rid of the most expensive ones first. Performance ahs NOTHING to do with this.
Do you want to invest with a company that lies to its employees and then fires them for no reason other than to help the pompus egotistical CEO keep his promise/ bet? I think not!
Maria
Boston, Massachusetts
U.S.A.
This report was posted on Ripoff Report on 03/18/2003 08:56 AM and is a permanent record located here: https://www.ripoffreport.com/reports/the-vanguard-group/malvern-pennsylvania/the-vanguard-group-creates-dubious-reasons-to-fire-long-term-employees-instead-of-getting-49650. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 UPDATE EX-employee responds
Lay-Off's ..VGI does not want negative publicity
AUTHOR: No Name - (U.S.A.)
SUBMITTED: Tuesday, May 13, 2003
I just wanted to say that I am Ex employee of the Vanguard Group in Malvern Pa. Its true what is being said about how they are laying off a chunk of the workforce. I was a hard worker and took on my many tasks & projects when asked. They do not give you any warnings that they are going to be letting you go. Its much like a slap in the face. They will tell the public that they are not laying off but indeed they are. They want to stand out above the rest and make it seem that they are doing better then the competition. When in fact they are not. Jack Brennan would say that we are a family that is not the case, the truth is you are just a number to them. They don't care about you or what is going on in your life that may be affecting your job perfomance. They just know that you are not meeting your supposed "qoute" for the day and will write you up in a heart beat. It was often referred to as a prison thats how unhappy the employess are. When the interview for Forbes magazine and such they take it to main campus where the employees are happy and rave about how good a company it is to work for. They never ask the real workers how they feel, guaranteed they wouldn't rave! In a way i'm thankful for the lay off.I have never been happier to wake up and go to work. Knowing that I dont have to work 10 hours then get asked to do OVERTIME! And they seriously expect you to stay if you didnt you got looked down apon by management.
Your absolutly correct in saying that VGI does not want negative publicity that was one topic that came up regularly at meetings. That right their proves that the company is doing some shady business. Again you are correct in saying that performance has NOTHING to do with it, although that is what they tell you. It was gettting to the point where you were not allowed to talk to other employees, use the phone unless to call a shareholder/investor and to cut back on bathroom breaks. Or you would get written up. They nit picked you to death and that is their excuse for firing you
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