There's been a rapid firing of seasoned employees due to downsizing of the company. Automation has taken over in the underwriter process and about 25% of the underwriting workforce has been terminated in the last 6 months alone due to this. Quicken Loans doesn't believe in "layoffs," they just downsize through firing and attrition. Tenured employees are being fired for trivial reasons to cut the work force. The company harps on quality underwriting, but still demand high production numbers with daily quotas. Employees are on pins and needles and more stressed than ever having to worry if they hit their numbers or are next on the chopping block due to an unintentional mistake or oversight they made while underwriting. Attrition is the next step to reduce the work force. They've moved an entire underwriting division to a vendor role (demotion to underwriters with a base salary and no production bonus). They're now requiring all underwriters who work remotely from home and making it mandatory that they come back to work in the office in Detroit. This is a known tactic to put the pressure on employees who cannot meet this requirement as a means for them to quit or get terminated from the company for not meeting this requirement. When asked for the "why" behind this, leadership simply states its part of the company "culture." However if this was part of the culture it would be consistent throughout the whole company, but it's not a requirement for employees on the banking side who can still work from home full time with a triple crown status. There's also been a significant increase in micro-management. From requiring "daily commitments" in production, to needing to ask permission to go on lunch, or pick up your kid from school, or come in a half hour earlier or later. This is now a typical corporate workplace environment concerned with only the bottom line. They've had constant comp plan changes that do not favor the employee and promote salary cuts. The new comp plan has done away with merit increases; whether you've been with the company for 1 year or 10 years, your salary is based solely on title. This company no longer rewards loyalty, or longevity of its employees and is solely focused on what an employee does today. I think leadership is going to be in for a surprise come October 1st when they realize just how much employee morale has dropped due to all these changes that benefit the profits of the company at the expense of the employees.
