Transamerica

  www.transamerica.com
  www.transamerica.com
There are newer employer reviews for Transamerica

2 people found this helpful  

Life Insurance 1st - Investments a Distant 2nd

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Broker/Dealer in Saint Petersburg, FL
Former Employee - Broker/Dealer in Saint Petersburg, FL

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 ManagementAdvice

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!

Doesn't Recommend
Negative Outlook
Disapproves of CEO

186 Other Employee Reviews for Transamerica (View Most Recent)

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  1. 2 people found this helpful  

    Career Agent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Career Agent in Pottsville, PA
    Former Employee - Career Agent in Pottsville, PA

    I worked at Transamerica full-time (more than an 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 ManagementAdvice

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

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

    Referral Marketing, no matter what they say. They want you to make a list of friends and relatives--Don't

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

    I have been working at Transamerica as a contractor (less than an year)

    Pros

    Good place to develop communication skills and get over shyness. If your recruiter is good, they will help and guide you. The products you are selling are actually solid and not overpriced.

    Cons

    You have to pay to start (around $500). Income not guaranteed. You get pressured to push insurance unto your family and friends, and general atmosphere of "with us or against us" mentality.

    Advice to ManagementAdvice

    Impose uniform training practices, and stop pushing new recruits so hard.

    Negative Outlook
    No opinion of CEO
There are newer employer reviews for Transamerica

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