With everything that’s happening in the world of financial services, it’s becoming hard for us at Glassdoor to sit on the sidelines. So after reading Sunday’s New York Times article chronicling the crisis at AIG, I thought I’d take a look at what the AIG employees have been saying on Glassdoor.
It wasn’t hard for me to find a few AIG reviews that just got it – maybe we should all be listening to employees on the inside? Take this one.
New Direction is needed badly – AIG Business Analyst, Wilmington, DE
“Management does poor job of communicating with employees. There does not seem to be much transparency between departments. Management tends to think things are better than they actually are. For instance, they have been in denial awhile now about exposure to sub-prime mortgages.”
Now that’s an analyst that saw the writing on the wall. And s/he wasn’t the only one to recognize communication as an issue for AIG, and most feel that AIG’s size is to blame. For example:
“Recently, the stock value has been killing us. Also, the size can be overwhelming at times. Communication is a challenge because of this. As a leader in the insurance industry, AIG is always in the spotlight. This is definitely a double edged sword. Things are easily blown out of proportion and misunderstood by the outside world…and then AIG has to react and waste money and resources on the wrong things at times, just to appease the public eye.” (AIG Employee Review 8/8/08)
This review even went so far as to call AIG a “1,000 pound gorilla that, until recently, made money in spite of itself.” (AIG Employee Review 7/9/08) and credited its size with change that comes at a “pre-global warming glacial pace.” Another review even went so far as to say “It’s too large. It’s so large it’s like working for a large branch of government.” (AIG Employee Review 7/22/08) And that was before the bailout announcement – I wonder what it feels like now?
Even with all this, the reviews since the bailout have been fairly balanced. Most importantly, most of the reviews are offering some fairly consistent advice to senior management – improve communication and find ways to retain top talent.
So let’s see what we can do Mr. Liddy. Your predecessor (CEO Robert Willumstad) had a disappointing 23% Glassdoor CEO approval rating before being ousted on September 18th. With all this great advice from your employees, maybe you’ll be able to do a bit better.