Runforyourlife
Detroit,#2UPDATE EX-employee responds
Sat, June 21, 2008
Well said Jay.............Yes they recently layedoff 250 to 400 in processing( that number is unknown), training, etc. The business doesn't support them at this junction. So what do you think is next? Well, my opinion is mass banker production terminations. With somewhere around 1000 to 1200 bankers and the industry in a world wind of s**t it would only make sense. When I started there 4 years ago there were only about 500 or 600 and business was good. A year later there was about 800 and we cracked the first billion dollar closing month. People made money and the "kool-aid" was flowing. So with the market as it is why have 300 to 400 more bankers than needed? The sad, very sad thing is unlike the operations people, these bankers will not get a severence, will not get extended medical and will not get re-employment assistance. The people that oil the wheels of the machine will get run over by the wheel without a second thought. So unfair and so unmoral. They truely need to do a complete makeover of their business model. Their pay structure is the worst in the industry. People can't live on a $2000 salary and 100 per loan. Yet they have kept their pay bogies at the same levels on units and a mere reduction in loan volume. Sounds like they are trying to force people to walk away and they say what is it called, some slingshot thing for promotions? I am so thankful I escaped the devil before this went down. My family is fed and I actually get to see them. To the uppers..... pay people for what they actually produce. You get all your revenue. Is it fair someone makes you $3000 and you give them $100 because they did not close 7 or $1.2? You want to turn this thing around start at the top and walk the walk of your talk, the poeple are the most valuable asset of the company. If people get paid for what they actually produce, they may actually be happy again. An unhappy staff reduces production, it is mid set isn't it? How many times have all former and present employees heard that. Happy people sell. Revamp the pay structure as the first step. I hope Mr. Cullen or one of his staffers sees this sight. As the new big Kahuna, he may interested in this. Well thats my peace.......... I am off to the golf course.
And Justice For All...
Tempe,#3UPDATE EX-employee responds
Fri, June 20, 2008
You mentioned that Quicken is considering settling the first lawsuit... Where does this info come from? Please fill me in. I have heard nothing about it.
Disturbed And Frightened
Lincoln Park,#4UPDATE EX-employee responds
Fri, June 20, 2008
Jay, I have watched this report for the last 3+ years. I was with Quicken for five and a half years, and like you I would not change a thing. There was a time when Quicken was the best of the best. Then again, at one point in our world history Rome was the greatest empire. However, like Rome, Quicken is crumbling because of it's own arrogance. In less than a week I have watched them destroy many lives. Last week they walked one of my mentors out of the Farmington Hills office. He was one of the most compassionate yet demanding leaders you would ever meet. The loyalty of his bankers ran throughout the company because they knew he always had their back, and would even stand up to Jay Farner or William Emerson to prove it. Word on the street is he was let go because they thought he was looking for another job in the mortgage business, and wanted to take people with him. Imagine that, a company so insecure at it's very core that they would fire someone with a stellar track record because he or she might be looking for employment elsewhere! Oh well. And then yesterday I walk out of the elevator after a late lunch break to see some of the people near and dear to me crying...they were fired! The funny thing was as I looked around, they had fired some of the best and brightest underwriters and processors Quicken had to offer. People with 8+ years with the company. Needless to say, I am not returning to work today. I have 6 weeks of vacation banked, but Quicken will only pay out 3...so I need to take a little time off and figure things out. In the meantime, I think I'll join the second lawsuit. After all, the Quicken Leadership went back on their word not to settle the first one and fight until the end. So I guess since they are settling the first, I will at least get my share and join the second...3+ years of working 60 hours a week has to be good for something right??? I wonder if they'll let me redeem all of these revenue coins??? Take care in all you do Jay, and thanks again for putting both sides of the story out there. It wasn't always bad at Quicken, I just wish for the sake of myself and my friends and co-workers that it doesn't get much worse.