Genworth Financial Reviews

Updated August 21, 2015
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3.3
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Genworth Financial President & CEO Thomas J. McInerney
Thomas J. McInerney
79 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

282 Employee Reviews

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  1. 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.


  2. 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.


  3. Great company, great managers, great atmosphere

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

    I have been working at Genworth Financial full-time (Less than a year)

    Pros

    This company provides great opportunity for personal growth in a great environment for working. I love it here.

    Cons

    It's hard to say for sure where the company will be in twenty years, but I like the direction the CEO seems to be leading.


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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. Business Analyst

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

    I worked at Genworth Financial full-time (Less than a year)

    Pros

    Technologically advanced for the area. Community Involvement highly encouraged/supported. Decent benefit package.

    Cons

    Recent layoffs have eroded knowledge base. Management values form over substance.

    Advice to Management

    Re-hire high performance individuals. Pay attention to non-management employees.


  7. 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.


  8. Good place to work

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

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

    Pros

    Good Benefits - Gym, 401k, Pension. Great working environment Tuition reimbusement

    Cons

    Salary ranges Opportunities to advance Political in its promotional opportunities

    Advice to Management

    None


  9. I love my job..

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Customer Service Representative in Lynchburg, VA
    Current Employee - Customer Service Representative in Lynchburg, VA
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Genworth Financial full-time (More than 5 years)

    Pros

    The pay is good. There is definite opportunity for advancement in the company. Training is thorough. Management really cares about their employees. The company contributes to the community a lot. Paid holidays and 20 days of paid vacation/sick time when you start (increases by 5 days every 5 years). Tuition reimbursement for job related degrees.

    Cons

    Systems are kind of outdated. Customers are frequently frustrated because of premium increases. Company is facing financial difficulty due to errors made 30+ years ago.

    Advice to Management

    Keep up the great work! Many of us truly love our job.


  10. Org Comm

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

    I worked at Genworth Financial full-time (More than 8 years)

    Pros

    The people are generally nice, caring and good to work for. They have a very active community outreach that is not only effective but relevant. The companies products ar products to be proud. It actually feels like you are helping people and that you are doing good for the community when working for this insurance carrier.

    Cons

    Genworth Financial is a off shoot of General Electric - this means culture as well. The company is very vertical. I witnessed a lot of "stumbling" in order to "please " the immediate supervisor - even at the cost of the project. There is a culture of failure.

    Advice to Management

    Listen to your people - There are many brilliant people that actually work below the management level. Just because "that is the way it has always been done" does not mean you should continue to do it that way.


  11. 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



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