I echo the other comments.
I bet the employees who profited from the MSAs, contigent commissions, and bid rigging are not going to be affected as they are considered “superstars”, it will be employees who had nothing to do with those items and exercise no control.
Of course, those at the top bemoan the lack of loyalty, productivity, etc of the rank and file. Those same rank and file who are scared to death of this happening, who have seen their workload increase with no increase in pay, and who work harder and longer to get it done, and get then get a pink slip.
Bet the vast majority of those getting the axe are decent hardworking individuals who have served this industry honestly and proudly. A terrible shame…
I have to echo Deb’s comments. I find it very upseting that the individuals who make the poor decisions never have to pay the price. I am sure that Mr Greenberg had a exit package that will allow him to continue to pay his mortgage. The line staff who did not do anything wrong on the other hand never receive anything like this and organizations wonder why employee’s have no loyalty.
3,000 people lose their jobs so Attorney General Spitzer can look good for a run at governor of NY. It seems to be the american way. Look at the millions spent to Martha Stewart away for a meaningless charge. It’s just old-fashioned witch-hunting at it’s worst.
I feel for the innocent victims of this fiasco but I can see how Marsh would be overstaffed. Brokers who take the time analyze a client’s risk management needs and recommend products based on the best overall value (i.e. quality of coverage relative to price) obviously need more employees to provide that service. But if the only value you provide is to steer business to the lowest priced product (and where you determine which product will have the lowest price), you do not need as many employees. There is a difference between being a full-service broker and the “E-bay” of insurance. At least E-Bay offers truly competitive bids.
I really feel for these employees, have been there myself (Reliance Ins) but I disagree about Spitzer. He is doing his job & Marsh is breaking the law. I’ll vote for Spitzer for govenor anyday.
They are getting rid of all the little people (peons), while the 6-figure executives get to keep their jobs. Most of the top executives don’t even do any work, they deligate. This company is so unfair.
By the way, I heard Greenberg got $7 million and i’m pretty sure Roger Egan and other top executives got a nice going away present. One day they will get theirs…Hopefully, Marsh will end up bankrupt…one can only hope that there is a price to pay for bad deeds.
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I echo the other comments.
I bet the employees who profited from the MSAs, contigent commissions, and bid rigging are not going to be affected as they are considered “superstars”, it will be employees who had nothing to do with those items and exercise no control.
Of course, those at the top bemoan the lack of loyalty, productivity, etc of the rank and file. Those same rank and file who are scared to death of this happening, who have seen their workload increase with no increase in pay, and who work harder and longer to get it done, and get then get a pink slip.
Great place to work!
Bet the vast majority of those getting the axe are decent hardworking individuals who have served this industry honestly and proudly. A terrible shame…
I have to echo Deb’s comments. I find it very upseting that the individuals who make the poor decisions never have to pay the price. I am sure that Mr Greenberg had a exit package that will allow him to continue to pay his mortgage. The line staff who did not do anything wrong on the other hand never receive anything like this and organizations wonder why employee’s have no loyalty.
It looks like once again the employee becomes the fall guy for corporate greed and bad decisions.
3,000 people lose their jobs so Attorney General Spitzer can look good for a run at governor of NY. It seems to be the american way. Look at the millions spent to Martha Stewart away for a meaningless charge. It’s just old-fashioned witch-hunting at it’s worst.
I feel for the innocent victims of this fiasco but I can see how Marsh would be overstaffed. Brokers who take the time analyze a client’s risk management needs and recommend products based on the best overall value (i.e. quality of coverage relative to price) obviously need more employees to provide that service. But if the only value you provide is to steer business to the lowest priced product (and where you determine which product will have the lowest price), you do not need as many employees. There is a difference between being a full-service broker and the “E-bay” of insurance. At least E-Bay offers truly competitive bids.
It’s a shame that these employees must feel the brunt of Marsh’s wrongdoing, and the wrath of Spitzer’s crusade to crucify the insurance industry.
I wish them well in finding new employment.
Shame on Marsh and Spitzer.
I really feel for these employees, have been there myself (Reliance Ins) but I disagree about Spitzer. He is doing his job & Marsh is breaking the law. I’ll vote for Spitzer for govenor anyday.
Re: LB’s posting – Spitzer is also investigating bid rigging on E-Bay.
They are getting rid of all the little people (peons), while the 6-figure executives get to keep their jobs. Most of the top executives don’t even do any work, they deligate. This company is so unfair.
By the way, I heard Greenberg got $7 million and i’m pretty sure Roger Egan and other top executives got a nice going away present. One day they will get theirs…Hopefully, Marsh will end up bankrupt…one can only hope that there is a price to pay for bad deeds.