WorldVentures Holdings - Major Financial Trouble with Huge layoff coming | Glassdoor

Employee Review

Employee Review

Helpful (28)

"Major Financial Trouble with Huge layoff coming"

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  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Onsite Tech Lead in Plano, TX
Current Employee - Onsite Tech Lead in Plano, TX
Recommends
Negative Outlook
Disapproves of CEO

I have been working at WorldVentures Holdings full-time (More than a year)

Pros

Pros:
I have been working in Information Technology for more than 2 years for major technology efforts.
1. Work Life Balance.
2. Company promotes fun, freedom and fulfillment, I can work from home whenever I want.
3. Newly hired COO has a great vision and very down to earth. He is honest, straight forward, and excellent leader of making company profitable.
4. If the company focus only on Dreamtrips packages and MLM, it will do excellent, they think they can compete Expedia, which is not a great goal for the company to achieve.
5. Rovia CEO and President - Are on the dot on what should happen to make Rovia successful.

Cons

1. CFO (Chief Financial Officer) Resigned - Chief Financial Officer resigned 3 months ago due to companies financial trouble.
2. VP of Treasury Resigned - 3 months ago due to companies financial trouble.
3. CMO (Chief Marketing Officer) Resigned - 2 months ago due to companies financial trouble.
4. SVP and VP of Digital resigned 3 months ago - Due to company financial trouble.
5. CIO - Resigned just in 1 month after joining due to companies financial trouble as he saw the Profit and Loss report.
6. Massive employees lay off in Marketing in June 2016 - due to companies financial trouble.
7. Employees Payroll - Company founder Wayne Nugent have to pay from his personal account to pay for his employees paycheck for 2 pay cycles.
8. Contractors payment - My employer updated that WV is behind 90 days on payment and no one from Finance is responding, hence requested to update my resume.
9. Leadership misalignment - COO vs CTO vs CIO vs President - Company have 10 different objectives and everyone is fighting against everyone. I heard from full time employee that Organization update for CIO and CTO was planned and entire IT team full time employees were called on for an update and then no one from Leadership showed up and 100 Full time employees were sent back to their office after waiting for 1 hour.
10. IT (Information Technology) is misaligned with Business - I have attended meetings, where Business is saying that that most of the projects sponsored in IT (Fortius, Flye) are not approved by Business, hence it doesn't help them to bring new business or support business, hence company is in severe loss.
11. Most of the employee and contractors in the company is looking for a job as the uncertainity and everyone is aware of the severe financial loss and struggling to make payments is not going to go for very long.
12. Founder is true MLMers and very good in Direct Selling but have been hipnotized to become Travel Leaders, which is not their expertise.
13. All the Founders and President (Wayne Nugent, Dan Stammen, Eddie Head, Jon Mckillip) are true natural leaders who can do MLM, but shouldn't focus on IT driven organization.
14. IT is a MESS - I hear different directions everyday and there is fight between CIO vs CTO Organization.
15. Digital - I have worked with Digital who are mostly from Microsoft and they all think they created Microsoft and thinks highly of them and everyone is below them.

Advice to Management

Wayne Nugent have to make a decision and get Leadership aligned. Stop playing around as you are playing with people's life.

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