Where do I begin?
The company is in a constant state of flux and reorganization in hopes of saving what is a company dying a slow death.
Constant...and I mean constant...reorganizations of the business. Not only is this a problem, but the bigger problem is the reorgs involve the same leadership that is still stuck in the prehistoric retail location business model that is causing the company to die to begin with. It’s the same people in different positions. The proverbial shuffling the deck chairs on the ship mentality. No matter how you arrange the chairs...it’s still the same chairs.
There needs to be a complete overhaul of the leadership team. That isn’t happening with the current board. Meanwhile, competitors and fintech startups offering better, cheaper, faster are rapidly eating away at WU’s market share resulting in very low single digit growth.
In order to show growth, the company is cutting in other areas resulting in constant layoffs. Every November a d December involve mass layoffs. It’s a holiday tradition at WU. Although this year it went well into the spring.
The company is closing offices all over the world and consolidating. The most evident is putting their global headquarters campus they own up for sale and leasing several floors of a high rise just north of their current location. Again. Cutting costs in order to show what little growth they can.
To those interested in joining this company:
-Be ready for layoffs. Lots of them...under the disguise of the “WU Way.” AKA how to cut costs but still be able to pay for things like million dollar building ribbon cutting events, $15m logo sponsorships with sports teams and multimillion dollar salaries for execs.
-Be ready to deal with plenty of politics and heiarchy. It’s real at WU which operates very much in an old school heiarchal workforce model, which in turn impedes growth and decision making
-Be ready to work for a company getting its tail kicked by competitors including PayPal, Venmo and Transferwise. WU is trying to market to millennials but missed that boat years ago. It’s only a matter of time before the majority of their migrant market is able to utilize these new services and will leave WU for better, faster, cheaper. Money transfer is becoming a commodity market and will soon go the way of how services are bought such as cable, internet and cell phones. WU can’t get in a price war because they can’t afford to...mainly because they have to keep their 550,000 locations afloat...therefore sticking to the prehistoric business model and continuing in the death spiral.
-Be ready for lots of bosses. Turnover is real and talented execs are leaving and others constantly being forced out.
-Be ready for lots of processes, protocols and review. Thing is it bogs down performance and getting work done. The company has launched one new website the entire year. One. And that was for Kuwait of all places 😂😂
