Genworth Financial News and Happenings.

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What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Genworth Financial stack up against the competition?

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dkspma in Ventura, California

77 months ago

None

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Xski47 in Connecticut

68 months ago

The company has no competitive advantage, senior management is terrible and continues to bury their head in the sand. They have no idea how to manage the business and simply think that brushing off problems and doing more of the same will make a difference.

They have fired anyone who doesn't toe the company line and managed out anyone else who's ideas run counter to that of the management.

In my opinion all senior leaders need to go.

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SkepticalinVA in Richmond, Virginia

65 months ago

The company is very conservative and slow to change. Some would say plodding. But that is probably true for most insurance companies. Given that all insurance companies are suffering right now, I'm not sure that Genworth is managed much worse than other insurance companies except for the Investments Dept which is probably where Xski47 works if this person is an employee.

I work in Virginia. I found the leadership to be slow to change but willing to change if you make a good case. The work environment is nice. Unfortunately, many layoffs are now occurring and Genworth is on it's way to becoming a smaller company.

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JJinLA in Lynchburg, Virginia

60 months ago

This company is by far the most poorly managed of all organizations I have worked for. Management is politically based. When they did the layoffs in January of 2009, those that were let go were the ones who actually knew how to work. The ones that stayed we in the good-graces of the powers that be. Promotions are given based on popularity ratings, not performance reviews, if you're lucky enough to get one. Pay raises are abismal and don't even keep up with cost of living, and Lynchburg is not that expensive of a place so that is very sad. The products, especially their LTC products, are overprices compared to market standards. Genworth leadership thinks they are big fish in a small pond, but the LTCI market isn't what it used to be and they don't seem to realize this. This company is actually scheduling more layoffs post Jan 2009.

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RealistinVA in Richmond, Virginia

58 months ago

It is amazing to read all these reviews...well said...especially JJinLA. Boy, I can definitely relate to your comment indicating those who knew how to do their jobs were the ones laid off. I found the people who stand around and chat all day and surf the internet are the a susbstantial portion of those who remain. Basically, Genworth lacks significantly in the leadership department - in fact, I would go so far as to say there is no leadership. Yet, the CEO collects a nice, fat $26 million paycheck - unbelievable. Well, considering many people ha had to worry if we can keep our houses post-layoff, I think he needs to rise to the occasion and start performing or forfeit his entire salary altogether. When are we going to make senior executives accountable for their positions? Why do stockholders not question poor leadership and lack of long-term strategy? With no long-term business plan, there is no room for growth. No wonder they had to have such a large layoff (ie, 40% of all HQ staff - pretty substantial). When no one is leading the ship properly and workloads are not managed proactively like they are in many countries in Europe, drastic means become necessary. However, many jobs could have been saved if Mr. CEO just reduced his ridiculous salary. The culture there is completely reactive, not strategic by any means. And, the people who survive the lovely large corporate cubicle environment are the ones who have the biggest brown noses and pat the most backs. As much as I love Richmond, it is so Richmond. Qualifications don't mean squat - it's all about who you know. Sad, but true.

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