Genworth Financial Reviews

Updated August 31, 2015
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Genworth Financial President & CEO Thomas J. McInerney
Thomas J. McInerney
37 Ratings

Pros
  • Genworth takes seriously the work life balance and community involvement (in 17 reviews)

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

Cons
  • It may be difficult to move new ideas through upper management (in 8 reviews)

  • Promotions are based on who you know not what you know (in 4 reviews)

More Pros and Cons

97 Employee Reviews

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  1. Great People

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Administrative Assistant in Lynchburg, VA
    Current Employee - Senior Administrative Assistant in Lynchburg, VA
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    I have worked at Genworth for over 10 years. All of the people I work with are wonderful. Genworth is a great company to work for with wonderful benefits. Even with everything we have gone through, upper management has shown that they have heart. I look forward to more years with the company.

    Cons

    Not always a lot of opportunities for advancement.

    Advice to Management

    Continue to lead with your hearts.


  2. Helpful (2)

    What people don't know about Genworth...

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Manager in Richmond, VA
    Current Employee - Senior Manager in Richmond, VA
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    I just hit my 1 year anniversary. Honestly, I wasn't pursuing Genworth as a job destination. It was a fluke when I was between contracts, and I got the call. I didn't even remember applying for the role, so I had to bluff the phone screening until I figured out what I applied for. This company is nice. Really nice. Too nice. Maybe it's a negative. You don't always know where you stand because people are so nice, they don't tell you if they don't like what you're doing. The other amazing thing to me is that behind closed doors, they do the right thing. I've worked for a few very big companies. I have been lucky enough to be privy to some really interesting stuff, strategic stuff. Stuff with attorneys and outside counsel, and SEC and regulators and conversations about stock blackouts and C level executives and non-competes. That experience says that most companies do the letter of the law, just barely, and usually only if it works fiscally. Some companies will fudge a little if the profit margin is larger than the fines after being caught. I know I'm being way more conversational in this post than I would be in my daily communication. Let me just say that Genworth is like your grandma that goes to church every Sunday - the kind that would drive back to the store if she saw that the clerk at the grocery store didn't charge her for a can of beans. They are serious about making sure that every customer gets every penny of their benefits. I know they (we) just had a bad run with the reserve statements, but I can tell you it was not because they were trying to hide money or do anything unethical. It was just overly complicated and they didn't have good systems at the time to calculate it correctly. They also got a terrible deal from GE. Here's an analogy: GE buys a car that's about to need a complete overhaul. Then, they give it a Maaco paint job, and sell it to a pizza delivery guy. This is the pizza guy's whole livelihood. He's trying to make it work with the piece of crap that was sold to him. Anyway, If I could say anything about Genworth, it is that behind closed doors, it is the most ethical company I have ever worked for. If you have a policy with them, they will pay it, all of it, no matter what. You can count on it. GE? I wouldn't buy a light bulb from those guys... Oh, one last thing I just remembered. My last company charged the same for health insurance and the gym membership to everyone. Fair, right? So the CEO at his $200M+ salary with 6 kids paid the same for insurance as the single mom taking phone calls in customer service, or the entry level associate working swing with her husband so someone at home could watch the baby. Here at Genworth, its based on pay. So, you're at the bottom of the rung? you pay a fraction. I'm at the high end, so I pay the full weighted cost, but I remember being the entry level person. It was tough. Even something as small as this shows their integrity. Other than pregnancy, usually the higher wage earners are also older. That usually means more medical costs. So, they have a very appropriate distribution. That just gave me the warm and fuzzies, even though I was paying the highest rate.

    Cons

    Okay, well, there are some. The company is running some really old software. They know it, but these are huge hurdles. I've run several large system conversions and been a part of others, and it's a tough haul for any company. There's a lot of gray hair here, which besides having to hold your breath from all the cologne and perfume in the elevator, it also means 2 things: Lots of tribal knowledge, and some slow adoption of new ideas and technologies. That also means though an appreciation for fresh new ideas. They are open to new people and new ideas. The buildings are a bit dated. They look a little better inside than out, though the campus is pretty nice. Lynchburg is a really nice quaint little town, and if you could believe it, the folks there are even nicer than the ones here in Richmond. The cafeteria in Richmond is really pretty good, and they do some decent Indian food. The cafeteria in Lynchburg - not so much. Pay: Not the greatest, but not the worst. I had been offered a role a long time ago from Genworth, but the pay was not even close to what I was looking for. This last time around, when I looked at total compensation, I was happy enough. Bonus isn't really anything to speak of - it's based on how the company is doing. You can look at the stock price and figure that one out. I hear people are stressed, but since I'm still somewhat new, I don't have a whole lot of confidants to give me the straight scoop.

    Advice to Management

    I know sales are important, but you have to look at other things too. There are some great new things going on out there. You need to get your brand out there more. More stories about how you pay claims over and over. Run a ticker on Facebook on how much you've paid out today. Ask people for testimonials. Go video tape them. Take pictures of grandma being taken care of and post it to Instagram. Pics of grandpa cruising in his mobility scooter paid for by his LTC policy. Your greatest asset, your integrity, is not being put out there enough. People don't trust insurance companies, but they can trust Genworth. And whatever you do, maintain that trust. Just because times are hard, don't think this is the time to cut any corners. People are expecting you to. Don't.


  3. Operations Project Coordinator

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Operations Project Coordinator in Lynchburg, VA
    Current Employee - Operations Project Coordinator in Lynchburg, VA
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Variety of projects, education opportunities, tools and resources available to set you up for success, great company.

    Cons

    Directors across customer service are inconsistent and don't take the time to understand the level of work a project requires. Communication from leaders is poor, making it hard to deliver consistent results and ensure you remain working on the highest priority project.

    Advice to Management

    Start believing in your employees more and don't discount them based on your bad experience with a few. Get the guts to fire your "bad eggs" instead of letting them fester and ruin an otherwise great culture.


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  5. Not a bad place to work - Finance Organization

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Richmond, VA
    Former Employee - Anonymous Employee in Richmond, VA
    Recommends
    Neutral Outlook

    I worked at Genworth Financial full-time (More than 3 years)

    Pros

    Great developmental opportunities both in terms of what the roles offer and available on campus classes. A lot of the mid and senior level management is open to interaction. Good pay.Opportunities for lateral moves.

    Cons

    Main productline, LTC, is struggling. During my time there layoffs occurred once a year varying in size. Some roles may require working rather long hours.

    Advice to Management

    Considering the recent layoffs it is import to ask yourself what deliverables are really necessary. I once was in a meeting that was scheduled to discuss what reports/processes can be scaled back or eliminated and instead most of the meeting was spent on new things that people will need to do. That did not send a message of commitment to cutting back unnecessary/least value add work.


  6. Good company

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Genworth Financial full-time

    Pros

    Good company culture, good benefits, and leadership is improving. Collegial atmosphere.

    Cons

    Can be somewhat bureaucratic but probably no less so than a company of its size.


  7. Great Company

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Lynchburg, VA
    Current Employee - Anonymous Employee in Lynchburg, VA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    Pay and benefits are great. It's really a great place to work. Highly involved in the community. Lots of customer service jobs.

    Cons

    Uncertain future of the business. The upper management attempts to be transparent but there is always an uneasy feeling in meetings.

    Advice to Management

    Please don't just talk about being transparent because it makes you seem you're hiding information. It's understandable if you can't share all information but saying you're going to be transparent so often is ineffective.


  8. Great Place to Work

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Neutral Outlook
    Approves of CEO

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

    Pros

    Integrity – never asked to do anything unethical. When customers have a complaint or a legitimate issue the company makes the customer whole Keeps promises to customers – pays benefits as described in the products they sell Good Pay – treats employees fairly Supports the community – supports employee involvement in community activities. Gives money and time to many local non-profits, company matching on non-profit donations a nice benefit most companies do not give to their employees Good Benefits – Health care, and healthy 401K matching, more vacation time than most other companies in our area

    Cons

    Company Health Lack of Long Term Stability - need to find a product which can help us promote growth


  9. Customer Service Team Member

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Great people to work with. Lot's of highly tenured associates which speaks to the loyalty to the organization. Fair and equitable leaders that keep everyone informed of what is going on within the organization.

    Cons

    Somewhat turbulent times as the company seeks to sort out it's primary business focus. Technology is behind most corporations of equal size but the team works hard to compensate for that.

    Advice to Management

    Rethink reduction in force practices. Employees are constantly worried about job security. The recession was tough on all companies but layoff and hiring cycles need to be planned better at Genworth. If the area had more competition for talent a lot of employees wouldn't tolerate the stress this causes.


  10. Sales Specialist

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Sales Specialist in Richmond, VA
    Current Employee - Sales Specialist in Richmond, VA
    Recommends
    Neutral Outlook

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

    Pros

    This is a great company to work for. In most cases management is thoughtful, the company is good to their employees, and the employees are some of the best. The company is also very involved with the community and so committed to allow employees the opportunity to volunteer during their work time. I consider myself fortunate to have had several great job opportunities and the support and mentorship to be successful.

    Cons

    The company is currently making changes which always creates anxiety for the workers. The length of uncertainly only lends itself to increased anxiety. Although there are less opportunities for advancement, it is still a good company.


  11. Good place to work

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Richmond, VA
    Former Employee - Anonymous Employee in Richmond, VA
    Recommends
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Great people. Great place to work. I believe that leadership does a good job hiring the right employees, with the right skill set, and provides the best training to allow them to succeed. Work/life balance is a positive and the salaries are very competitive for the Richmond, VA. market. I spent a little less than a decade with Genworth and can say that even in the down times when the company was forced to layoff associates, they handled it with class.

    Cons

    The business environment since 2008 has never really allowed all units of the company to take off at once. First it was USMI, then Variable Annuities, then the Australian IPO and finally Long-Term Care. Senior leaders are constantly being forced to play reactive to the latest problem instead of discovering ways create innovative products that solve the future needs of its clients.

    Advice to Management

    Weather the storms, better days ahead.



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