Genworth Financial Reviews

Updated September 16, 2014
Updated September 16, 2014
226 Reviews
3.3
226 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Genworth Financial President & CEO Thomas J. McInerney
Thomas J. McInerney
49 Ratings

Review Highlights

Pros
  • Additionally, the work-life balance is pretty good with 8 (in 17 reviews)

  • Great benefits, generally good people to work with (in 15 reviews)


Cons
  • There is no work-life balance - a throwback from the GE mantra (in 10 reviews)

  • Upper management decisions on weathering economic downturn resulted in layoff-rehire-layoff strategy (in 8 reviews)

More Highlights

43 Employee Reviews Back to all reviews

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  1.  

    Could be a lot better,

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Customer Service Representative in Lynchburg, VA
    Current Employee - Customer Service Representative in Lynchburg, VA

    I have been working at Genworth Financial full-time (more than 3 years)

    Pros

    None decent benefits lunch friends

    Cons

    Favoritism is rapid no real growth

    Advice to ManagementAdvice

    Get ur head out of ur butt

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  2.  

    Lots of opportunity but constantly shifting directions/priorities and focus on short term results.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous
    Former Employee - Anonymous

    I worked at Genworth Financial full-time (more than 10 years)

    Pros

    Benefits are good. Lots of really smart, dedicated people to work with. Longevity and quality products in key markets. Good comp. Good brand image with consumers. Excellent training. Ability to really stretch into new roles.

    Cons

    Frequent restructuring from A to B them back to A. Heavy turnover. People with seniority and high pay often get replaced by less expensive workers despite being high performers; this impacts distribution partners as well as employee morale. Lots of politics. "Survival mode" mentality due to stock price that never recovered from IPO levels despite solid underlying value.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  3. 2 people found this helpful  

    Future remains in Doubt

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Service and Sales in Richmond, VA
    Current Employee - Client Service and Sales in Richmond, VA

    I have been working at Genworth Financial full-time (more than 8 years)

    Pros

    Some vestige of former prestige remains. This was a company that fought above its weight class and could be the turnaround story of the decade. Some flexibility in certain roles. Some areas and departments have managers that care deeply about their team.

    Cons

    This has been a fragmented and confused businesses since mid-2006. Once the wheels came off the bus with the recession, things got bad. While this was true across the industry it was especially bad for Genworth as the company was exposed to financial services in wealth management and insurance/risk products; as well, they had significant exposure in housing. A real double whammy.

    As the business began to recover, a senior leader was brought that inevitably has caused significant harm to part of the insurance business. Definitively, he lied to associates and national clients. He "moved on" a few months after things went very bad -- you can connect the dots. While I hope things get fixed, we currently have people running parts of the business with little to no experience - real amateurs.

    Several long term leaders that were trusted and liked were run out of the business in the last 2 years. There is no trust with much of the functional front line leadership.

    Advice to ManagementAdvice

    I do not think they would listen. We do regular internal surveys which produce no action.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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  5. 2 people found this helpful  

    Constant layoffs and reorgs

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Genworth Financial

    Pros

    Decent pay and suite of benefits, good product line of long term care insurance, nice location for home office in Virginia.

    Cons

    Total favoritism toward chosen employees. Layoffs are the norm. They lay you off and make you reapply for your job. Talent and meeting goals are irrelevant at Genworth.

    Advice to ManagementAdvice

    Quit laying off your most talented people. Reorgs are giving your company a bad reputation.

  6.  

    Very fast-paced, underpaid job. Not very difficult to do the work, but at the speed required, it is somewhat challenging

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Case Management Representative in Richmond, VA
    Former Employee - Case Management Representative in Richmond, VA

    I worked at Genworth Financial full-time (more than an year)

    Pros

    Amazing benefits, wonderful retirement, life insurance, health insurance (the best of the best), and a culture of co-workers that really seem to care about you at the individual level. Large emphasis on hiring from within. Seniority is very praised.

    Cons

    Pay is very low, incentive is lower, very little room for promotions within departments, raises are miniscule (1-3%, if that), bonus is almost non-existent ($500/year). Very inflexible work and time off schedules.

    Advice to ManagementAdvice

    Very unorganized, very inefficient. Such good employees, with such poor leadership and management. I have never worked for a more mismanaged company. Former CEO Mike Frazier was rated as one of Forbes worst COEs in 2012. Internal structure is a mess, business is very unfocused, and overly broad.

    Recommends
    Neutral Outlook
    Approves of CEO
  7. 1 person found this helpful  

    Was a Strong Company in the past

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Administrative Assistant in Richmond, VA
    Former Employee - Senior Administrative Assistant in Richmond, VA

    I worked at Genworth Financial full-time (more than an year)

    Pros

    Salary is OK
    Can be a good opportunity for the right person
    Many offices all over the US
    Home office support

    Cons

    Unrealistic business model
    Too many budget cuts
    Serious lack of company cohesion
    They don't care enough about employee happiness

    Advice to ManagementAdvice

    This company has made too many changes in too short of a period of time. Expectations of production is just unrealistic. The opportunity was there to capitalize on a well known brand but too many management changes and restructuring has really damaged the company

    Negative Outlook
    No opinion of CEO
  8. 1 person found this helpful  

    accountability only applies to a select few

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Genworth Financial full-time (more than 5 years)

    Pros

    There are some talented and fair personnel at a company that provides a necessary product. The change in leadership was necessary and the share price reflects the consensus.

    Cons

    Lack of support from middle management when inputs to your process are outside your control, and you are held accountable for negative results. Tell all the facts instead of what you choose to tell.

    Advice to ManagementAdvice

    You need to motivate personnel and make each one excited about his or her contribution to the organization. You do this and success will follow.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  9.  

    Good people, terrible management

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Actuarial Associate in Richmond, VA
    Current Employee - Actuarial Associate in Richmond, VA

    I have been working at Genworth Financial full-time (more than 10 years)

    Pros

    Very good exam support for Actuarial students, on paper, and generous exam raises. Friendly, competent employees at the non-manager level. Generally a polite, respectful culture.

    Cons

    Management is in continual turmoil. In the last three years, two CEOs (and an interim), two division CEOs for insurance (and the position is currently vacant), and it gets worse further down.

    Two decades of mismanagement and aggressive book-keeping means that every quarter is a scramble.

    Advice to ManagementAdvice

    Recognize the giant holes in the balance sheet and deal with them.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  10.  

    Fighting back to pre recession strength

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Genworth Financial full-time

    Pros

    Good Pay and Benefits with a very structured document management

    Cons

    You can get caught up management fights

    Advice to ManagementAdvice

    It took many years to get in the current situation and turning around is not immediate

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  11. 1 person found this helpful  

    Excellent benefits and easy place to work as long as your expectations remain low.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - IT Systems Analyst in Richmond, VA
    Former Employee - IT Systems Analyst in Richmond, VA

    I worked at Genworth Financial full-time (more than 8 years)

    Pros

    Great benefits with generous time off. Salary is competitive and appropriate for the amount of work output. Plenty of "cheerleading" activities attempting to improve employee morale in an environment where the threat of termination is constant and pervasive. Layoffs come in massive waves, so if you survive a round of layoffs, you can be pretty sure of being employed for the next 9 - 12 months.

    Cons

    From a general perspective and an IT perspective, the company is constantly re-inventing the wheel. Motto of Genworth, "If it ain't broke, BREAK it!". Not a lot of job security. If you work at Genworth with the understanding "nobody put a gun to your head to force you to work there", then you'll be fine (my approach for 8 years). If you work there with the expectation your hard work over and above that which is expected will be recognized or get you somewhere, you're at the wrong company. Massive layoffs come regularly every 9 – 12 months. Management regularly fires persons in critical roles (totally oblivious to the responsibilities of that person) and then spends triple the amount of money on contractors replacing that fired individual. Thinking of making a career at Genworth? I’ve worked with 4 individuals personally with 25 - 40+ years of service. I’ve seen those 4 persons given pink slips and walked out the door. For the most part, coworkers are pleasant but the atmosphere is filled with constant angst over always impending layoffs. Despite my seemingly negative comments, Genworth is really not too bad of a place to work as long as you maintain the attitude you could be let go at any minute and you don’t set your expectations within the company too high. I learned a lot professionally at Genworth which made finding my next job after Genworth easy.

    Advice to ManagementAdvice

    Lower and middle management are too isolated from decision-makers to truly impact outcomes. It’s been my observation there are too many lower management roles which could very easily be rolled up to middle managers. I would suggest outsourcing more management jobs to Indian contractors. Lose the "integrity first" slogan.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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