- Report: #49650
Report - Rebuttal - Arbitrate
Complaint Review: The Vanguard Group
The Vanguard GroupMalvern, PA Malvern, Pennsylvania U.S.A.
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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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!
This report was posted on Ripoff Report on 03/18/2003 08:56 AM and is a permanent record located here: http://www.ripoffreport.com/r/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.
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