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Helpful (7)

Life Insurance 1st - Investments a Distant 2nd

  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Broker/Dealer in Saint Petersburg, FL
Former Employee - Broker/Dealer in Saint Petersburg, FL
Doesn't Recommend
Negative Outlook
Disapproves of CEO

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

Pros

The North American rebranding process that Mark Mullen put in place 3 years ago has proven to be a success: customers have enjoyed the renewed engagement with a trusted brand. Sales and revenue have increased across the board at nearly every division/company operating under the Trans heading

Cons

Unfortunately, the above mentioned rebranding has come at a significant cost. The first and most obvious is the cost paid: $30+ million to an outside advertising firm to "Transform Tomorrow" for AEGON, becoming Transamerica in all N. American units. That was just the amount paid to build the initial campaign. On-going advertising costs continue. The PRIMARY cost has been born on the backs of the employees. Be wary if considering employment here. This is an INSURANCE company. They have shed non-core businesses like crazy over the past 3 years, literally reducing their N. American work force by more than 10%. Just two weeks ago the latest round of eliminations was announced from the St Petersburg location: 70 more jobs removed within the next year, all from the mutual fund unit. This latest is but one of many reductions the company continues to enjoy. The problem that faces the existing workforce is that these continuous cuts are happening while business is booming! All of the perpetually increasing workload simply gets shifted to remaining employees. The broker/dealer unit has gone through this twice in the past 5 years as well. Business is better than ever yet there is less staff to handle it all.

Advice to Management

How does one change the culture within an organization? Typically it is formed through the people, built over time through a shared identity. Unfortunately, the culture throughout Transamerica has become "DO MORE WITH LESS." Not exactly brochure-ready terminology a company is going to brag about, but it's true. The current staff carries themselves with all of the confidence of a prisoner of war, glassy-eyed 1000-yard stare and PTSD to boot. Business is getting sloppy and customer complaints are up. I'm not sure how much any of the management that actually reads this will be able to do about the action I would suggest... Every, and I mean EVERY major decision is made out of the former HQ in Cedar Rapids or the current HQ in Baltimore. That is where ALL of senior management is. St Petersburg doesn't even have a true building leader who can represent the company at community functions anymore. This company is a shell of what it once was, but hey, the stock price is up!

Other Employee Reviews for Transamerica

  1. Helpful (1)

    Good learning experience

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Transamerica full-time

    Pros

    summer hours, learning experience, perks

    Cons

    reporting to one person, yet supporting another and not having clear direction at times.


  2. Helpful (3)

    Career Agent

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Career Agent in Pottsville, PA
    Former Employee - Career Agent in Pottsville, PA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Transamerica full-time (More than a year)

    Pros

    Their term insurance policies were some of the best on the market They had a pretty nice office building for us to work out of

    Cons

    Where do I start...my main concern was that the management team was unethical There was no structure in the office The training you received was a joke Numbers came first, clients and employees came second

    Advice to Management

    When you are made aware of a problem, try to fix it instead of sweeping it under the rug


There are newer employer reviews for Transamerica
There are newer employer reviews for Transamerica

See Most Recent

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