In 2019, First Data became Fiserv, which has now consumed 22billion in debt which seems to have spilled over onto Fiserv associate benefits. This means that benefits got stripped down a lot. Medical plans went up, coverage goes down, dental went up (bad coverage) and future retirement opportunities got stripped down as well. For instance, they are moving our 401k from Vanguard (known for their low fund fees), and forced to move to Merrill’s Edge’ who has been historically predatory to the small investors (Making it hard to build a retirement fund). They also reduced their employee stock purchase discount by 5%, which again makes it hard to invest in the future. If you roll that into a compound interest calculator over a few years it is a significant loss. Now employee’s can’t make up for not getting paid industry standard pay for positions, and the chance of getting to industry standard is far away when annual raises are capped at 2% regardless of how much of an overachiever you are. Senior management is limiting or limited on the number of raises they can give above a certain percent. A nice perk that was removed was the flexible work from home, which is a common IT practice in 2019.
Finally the biggest con of the company, you are just a number at this company, and if your number is up; because, you make too much or they find your job no longer necessary. You will be let go without any notification to find a new position for you. So, don’t expect this job to last forever.
