Visa Inc – “IPO Changed Everything!”

Pros

Pay and benefits are above average. Majority of workforce are competent individuals who are friendly.

Cons

IPO resulted in a Visa USA management coup where majority of senior/tenured Visa International staff were terminated. Performance reviews are vague, subjective and meaningless, HR is clueless and provide no support to workforce. Politics and bureaucracy is rampant and out of control (nurmerous signatures required for capital purchases(13), product approval (25)). I am afraid to raise issues to HR for fear of retribution. Executives spout the company line of cutting costs but this is only applies to the worker bee. Typical corporate greed: No pay raises for employees in 2008, CEO lives at 4 Seasons San Francisco and reaped $1.7 million bonus and has 2 private/leased corporate jets ($50 mil), exec management offsite meeting in Pebble Beach (thousands per exec). Hundreds of millions spent on ad campaigns with no empirical data to support expense but great for execs at NFL events and Olympics. Current mission to force out/lay off more seasoned employees who are close to retirement (severence packages are generous, though). Benefits continue to be cut while executives are rolling in dough (from generous stock options awarded to themselves).

Advice to Senior Management

Better communications, be more visable and sensitive to staff needs. When employees are sacrificing, lead by example and do not take bonus/perks. HR should exist to help employees not defend management. Enact strict open door policy with no retribution. Hold senior management accountable for failures (via demotions or termination). Institutionalized "fire fighting" management system needs to eliminated. Cost cutting is stifling innovation and growth while marketing is spending millions on sponsorships and ad campaigns with no data to support benefit.