First Data

  www.firstdata.com
  www.firstdata.com
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Fast Paced company with too many unknowns

  • Comp & Benefits
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Anonymous Employee in Atlanta, GA
Current Employee - Anonymous Employee in Atlanta, GA

I have been working at First Data full-time (more than an year)

Pros

If you work in corporate, you will not be bored as there is barely any dull moment. Challenges are common and changes happen on a daily basis

Cons

Management is cut throat and they are not loyal to their employees. Too many unknowns ass to whether you will be working the next day or not! Changed management so many times in 5 years... Compensation is not great and people who are full of BS get promoted. Too many VPs and SVPs don't know what they are talking about. Been stripping all the benefits off. No matching 401K, poor medical coverage (blaming Obamacare, PLEASE give us a break!!!), taking away all the incentives just to take the company public. In a nutshell, workforce is not valued as it should!

Advice to ManagementAdvice

How do you expect people to stay in a company that doesn't seem to value them at all????

Doesn't Recommend
Negative Outlook
Disapproves of CEO

547 Other Employee Reviews for First Data (View Most Recent)

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  1. 1 person found this helpful  

    Indiscriminate cuts have led to low employee morale

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

    I have been working at First Data

    Pros

    Reasonable work-from-home policy. Market leader in their business.

    Cons

    KKR has been moving towards lowering their debt load in order to move towards an IPO and has engaged in cost-saving measures that seem rather shady. They removed employer-match to the 401k in favor of restricted employee stock, and have set a BYOD policy which means employees will pay for company phone calls (which are numerous) from their own pockets. On a more day-to-day scale, I have witnessed conflicting and poorly set priorities, a strong willingness to buy an off-the-shelf solution or outsource process change rather than solve problems in-house, and entire departments which seem to have no sense of accountability in their job function.

    Advice to ManagementAdvice

    Look for advise from employees who perform the day-to-day work, remove the institutional barriers that prevent ground-up innovation, cut the layers of middle management that contribute to the lack of process change. Invest in the useful employees, fire the non-useful ones, and lose the Randian 'culture of ownership' nonsense. Create a true open-door policy for ideas and contributions. Lose institution-wide emails and conference calls in favor of department-specific talking points.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 1 person found this helpful  

    KKR's "Window Dressing Exercise" no Solution to Revenue Problems

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

    I worked at First Data full-time (more than 5 years)

    Pros

    Great people and talent. Good legacy products.

    Cons

    No loyalty to those that have invested many years of service and/or have contributed in a major way to First Data's bottom line. No path for professional development. Losing lots of good people and talent for the sake of short-term bottom-line impact. Lack of innovation to keep pace with market changes in payments arena. Near-term cost cutting will continue and employee moral is on a steep decline.

    Advice to ManagementAdvice

    KKR is acting in a very predictable manner with its largest investment asset. KKR's patience is in the rear view mirror, seeking to IPO First Data in the near term. Unfortunately, KKR has lost sight of the importance of innovation due to it's "financial blinders". My advice to KKR - you better pay attention to who is biting at your heals rather than manually bailing the water out of a sinking titanic. The sad truth to the Private Equity game that is currently being played out with First Data is that KKR's efforts to position First Data for an IPO by eliminating vast amounts of IP (ie.."well Mr Investor, the bottom line looks fine to me) neglects to consider one of the most important ingredients, the run rate of net new revenue. If KKR spent half the time it spent laying off good talent on understanding how they could generate net new revenue, then things might be different for their investment horizon. Being a large player in the payments space is a huge competitive disadvantage and KKR is desperately trying to hang on to the back (where's the innovation?) of a fast moving train on the payments railway. At the moment, KKR is simply throwing heavy luggage out the back of the C130 cargo ship in hopes that the improved fuel economy with make it fly further...the problem with this strategy is the fact that the engines haven't been serviced in way too long and there are only two solutions to the problem a) a mid-flight surgery (ie fire sale), or b) and unpleasant crash landing far short of the landing strip (need i explain?). Hate to say it....yet the debt load/investment needs to be heavier on the innovation front and rev run rate needs to have a pulse before the public will "buy-in" to an IPO. Perhaps a lesson in AGILITY is in order. Bringing on Jon Judge was the best thing that happened to First Data in the past several years as he really did care about the things that matter most....only to leave First Data at the hands of those whose priorities are elsewhere. At the end of the day, this is a classic case of KKR biting off more than it could chew...which will most likely result in some serious heartburn, not just for those getting riffed, but for those whose pocketbooks will be adversely impacted. Perhaps a new acronym is in order...along the lines of Keep Kleenex Ready!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
There are newer employer reviews for First Data

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