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Putnam Investments: Would You Want Your Money There?

I’ll tell you one thing right off the bat, I wouldn’t! I recently had a conversation with a source inside the company and I was told something that has me seeing red. I’ve heard stories of companies treating their employees like crap before, but this one takes the cake!

We’re talking about a dozen or so employees that work at some level of Putnam’s IT operation. That’s the computer folks for people who may be unfamiliar with the jargon. Many, if not all of these employees have been with the company for a long time – some as many as twenty or more years.

Well, now it’s time for them to get the shaft apparently. Not only are they being laid off, they must stick around long enough to train their replacements from India or they will be denied their full severance benefits!

Apparently, the fat cats at Putnam who get paid big bucks to make decisions like this figured that this story would never see the light of day because the employees being shafted aren’t on the front lines and do not deal with customers.

Now let me make one thing clear before I continue. I’ve got no axe to grind with the folks from India who are making an effort to better their lives. If I were in their position, I’d probably do the same thing.

My beef is with these executives who made the decision to kick these long-time employees to the curb, while rubbing their face in excrement at the same time by forcing them to endure the indignity of training their replacements to get their full severance package. With jobs so hard to find these days, I’m sure many of them have little choice but to go along with the compassionate individuals that came up with this wonderful idea and train their replacements.

This whole thing makes me sick. Personally, I’d never invest a penny with Putman Investments and if I did have any money invested with them, I’d be calling them Monday morning and withdrawing every penny.

If you’re invested with Putnam, I guess you’ll have to make your own choice. What the heck, if you’re a cheerleader for the destruction of the middle class in this country, you may want to invest more!

By the way, if you happen to work at Putnam and happen to be one of the decision-makers involved in this shameful act, don’t waste your time trying to find out who leaked this information. I don’t know a single one of the employees involved, but as I said, I do have a source who is privy to this information. You know what they say about bad news: It travels fast.

In fact, on second thought, go ahead and try to find out. Maybe it will distract you for a while and prevent you from coming up with any new bright ideas that involves throwing long-time employees under the bus.

How long is it going to take for the people in this country to wake up and realize that it’s being dismantled piece-by-piece? If you don’t give a crap now, I’m willing to bet you will when you’re the one losing your job.

I took a look at Putnam’s website, particularly their “Career Opportunities,” section where it states “Putnam expects the best from its employees and in return the company rewards hard work and dedication.”

Tell that to the people about to be thrown out the door so they can be replaced by employees who were imported from India and will probably be paid a lot less than the employees they are replacing.

Way to go Putnam! If that’s the kind of “reward” they reserve for dedicated, long-time employees, some of the other employees might want to consider slacking off a little more on the job. Maybe they’ll let you stick around a while longer.

Comments

Comment from Mark
Posted: December 29, 2011 at 12:03 pm

And they treat customers like crap. In the last three months I tried to rollover my other retirement account to them. In that three months they lost transfer checks, cashed checks and then returned the money to the original investment company. The only way I could get anywhere was to have the company I left contact them to straighten things out. Yep, Putnam getting the $ would not help, but company losing the $ would. What does that tell you? Say away from Putnam it is bad news all the way around.

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