All that glitters is NOT gold at MetLife in Cary, NC
Pros
Competitive compensation and modern facilities
Cons
If I only knew now what I didn’t know then, I would have never taken a job at MetLife. The problem lies squarely at the top of the pyramid where an impenetrable ‘circle of trust’ is responsible for the (mis)management of the Global Technology organization. The regional hub in Cary is infested with corporate politics centered around mind-games, manipulation and constant pressure from the top. The unwritten criteria required to be a member of this inner circle is possessing at least two of the following: being formerly employed at the Royal Bank of Canada, or over 15 years of tenure at MetLife or being a male. Rather than focussing on compassionate and empathetic leadership, the priority for this ‘boy’s club’ is their egos, their paychecks, their corporate survival and protecting this aforementioned inner circle. Don’t just take my word for it, do your own homework. Look at the share price (MET) that has been languishing in the low to mid 40’s for the last several months. The share price is the lowest it’s been since 2011. You should understand the commitment made to Wall Street by Chairman and CEO Steve Kandarian in Q2, 2016 to take out ~$1 BLN in operational costs by end of 2019. You should realize there is a major gap between this cost reduction commitment and what has been delivered thus far. You should know that management is under a significant amount of pressure to close this gap and unfortunately the only way to close it will be an ongoing and continued reduction in force/layoffs. So why does MetLife continue to hire in Cary if layoffs are forthcoming? The corporation has no choice based on the commitment made to the state of North Carolina when establishing a regional hub in the state. MetLife is obliged to employ a specific number of employees in North Carolina in order to reap the benefits of a significant corporate tax break from the state. MetLife scrambled towards the end of 2017 to hit this this FTE target. This inevitably creates the revolving door that is MetLife in Cary today. Once new hires realize the culture they have stepped into, they make their way out the door shortly thereafter. MetLife has forced itself into a conundrum in North Carolina where they are desperate to take out costs, but want to continue to reap the tax benefits for employment targets. Don’t be fooled by the new buildings and campus…all that glitters is NOT gold.
