I worked at MCG Capital full-time for more than 5 years
Pros – Use to be many. Now none
Cons – Sinking Skip
*3 rounds of major layoffs in 5 years
* Closed 2 offices and moved the 3rd because the staff size shrunk so much.
* 80% reduction in head count
* Founder and CEO sacked. How'd that work for Apple back in the 90s?
* Every "Chief" level position turned over in 5 years.
* Vacation time eliminated as a benefit and turned in to "honor" system. Healthy companies don't do that.
* Company almost was sold in 2011 to another firm. That surely would have meant more layoffs. When will they try again?
* Company went cheap on 401k. Used to be major market player Fidelity. Switched to ADP. Huh? I didn't even know they did retirement plans. Not impressive
* Insider on "improvement committee" said management considered eliminating the retirement fund. This was met with much resistance by VPs but that make sense given that this is a company full of investors so naturally there'd be some pushback
*2012 was only time in 5 years company had an annual profit
*Portfolio value shrunk by half since 2007
* Morale is non-existent
Regarding layoffs, I understand market conditions change and companies must adapt. I get that, but there are ways to deal with this. One way is honesty, openness, dignity and respect. The other is secretive and disrespectful. Some employees there for DECADES were let go with basically a get out now. Another employee was given an end date only to have management break the promise 4 times. Nobody is entitled to job. What loyal employees are entitled is dignity and respect. Used to be a lot of good people. Now only the sharks remain in the shark tank.
One note: Site says CEO is Steve Tunney. No longer true as of Oct 2011. His replacement was a short-time and left a year later. Now CEO is Hagen Saville.
Advice to Senior Management – treat employees with respect
No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company
2013-07-26 05:44 PDT
I worked at MCG Capital
Pros – Experience. Definitely you will have an opportunity to see and do a lot of very exciting and interesting things. To truly appreciate this, you will have to push for exposure and ask a lot of questions, and take on a lot of responsibility.
Cons – Lack of competitive compensation. Lacking strategic direction and tactical execution. Despite experience, little opportunity for advancement. Too centralized.
Advice to Senior Management – Develop 5-year plan and share with employees.
No, I would not recommend this company to a friend
2008-07-07 15:27 PDT
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