DST Systems, Inc. Announces Major Lay...

DST Systems, Inc. Announces Major Layoffs

There are 99 comments on the Fox4KC story from Feb 1, 2010, titled DST Systems, Inc. Announces Major Layoffs. In it, Fox4KC reports that:

Kansas City-based DST Systems will be making major layoffs to its workforce due to the extended economic downturn, the company announced on Monday.

Join the discussion below, or Read more at Fox4KC.

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bob

Kansas City, MO

#1 Feb 1, 2010
Good luck to those that are loosing their job.....
Jane

Overland Park, KS

#2 Feb 2, 2010
I also work in the mutual fund industry. It is horrible knowing that this is coming, but not know if it will be you. I can only pray that the impact to the Kansas City associates is minimal.
Tic Toc

Overland Park, KS

#3 Feb 2, 2010
Good luck to everyone. This is never easy.
Don

Overland Park, KS

#4 Feb 2, 2010
I work at DST and we've been told that of those 700 about 300 associates here in KC will be affected.
Bill

Kansas City, MO

#5 Feb 2, 2010
How much of the work are they moving to India?
Snidley

Sandia, TX

#6 Feb 2, 2010
They have a very large programming staff in Bangkok and they are doing most of the programming now.
Anonymous

Kansas City, MO

#7 Feb 2, 2010
I work for a subsidiary of DST. DST is my parent company and thay are laying off us too! They did not even have a meeting with us they just sent an email. Noone knows yet who is being laid off and when. Its frustrating being in the dark
Anonymous

Kansas City, MO

#8 Feb 2, 2010
Don wrote:
I work at DST and we've been told that of those 700 about 300 associates here in KC will be affected.
I have a feeling the majority will be DST Output. I read an article this week they lost a major huge client
DST Silent Managers

Raymore, MO

#9 Feb 2, 2010
Companies who are losing money and turn to layoffs are honest companies.
DST Systems is NOT losing money. Sure profits are down. Net profit
in 2008 was 242.9m, in 2009 - 241.6m. Gross profits are still over 2.2billion.
When the new CEO, "Hatchet" Hooley decided to choose layoffs over other methods,
he permanently associated DST with other unethical, and greedy corporations.
This is a company which was started by good people seeking to fill a need in financial
servicing. It grew to be a company FOR the people. Children aspired to follow in
their parents footsteps and serve the company. The company has for decades provided a healthy work atmosphere, filled with excellent professional training and personal development opportunities. A large number of existing managers have little or no college and some never finished high school. All employees who are able to make 20 years or so can count on extremely high 401k and profit sharing balances. Many of our friends have retired in recent years multi-millionaires in their 40's!
Existing employees would gladly accept wage reduction or other methods besides layoffs to improve the bottom line. Layoffs are merely the outward declaration that the management team simply does not have the comprehension to deal with difficult times. The rest of us are not strangers to hard times. When management began telling employees that we could no longer find colleges who taught COBOL we all new times had changed. This was soon followed by sending American jobs to Thailand and India. The lies just got worse.
Existing leaders are not in tune with the American value system or family values. They have lost touch with reality and soon, those of us who are working to own their company will send THEM to early retirement. Good luck you greedy bastards!!
Anonymous

Kansas City, MO

#10 Feb 2, 2010
As A DST Employee we have completely free medical and dental insurance and fantastic vacation time and rollover balances on unused vacation and sick time. I would hate to have a payroll deduction on these things orhave some benefits removed but hell i would rather have the company make cutbacks on benefits and/or have unpaid vacation instead of paid vacation if it ment saving jobs for others. many companies resort to reduction in benefits and maybe a stop on 401K matches before resorting to company layoffs. I do not understand how they can layoff workers without exploring those avenues first. I understand if a company looses MAJOR HUGE CLIENT and those that service that client exclusively get lai off but otherwise they should have taken other avenues first before layoffs.
DST Silent Managers wrote:
Companies who are losing money and turn to layoffs are honest companies.
DST Systems is NOT losing money. Sure profits are down. Net profit
in 2008 was 242.9m, in 2009 - 241.6m. Gross profits are still over 2.2billion.
When the new CEO, "Hatchet" Hooley decided to choose layoffs over other methods,
he permanently associated DST with other unethical, and greedy corporations.
This is a company which was started by good people seeking to fill a need in financial
servicing. It grew to be a company FOR the people. Children aspired to follow in
their parents footsteps and serve the company. The company has for decades provided a healthy work atmosphere, filled with excellent professional training and personal development opportunities. A large number of existing managers have little or no college and some never finished high school. All employees who are able to make 20 years or so can count on extremely high 401k and profit sharing balances. Many of our friends have retired in recent years multi-millionaires in their 40's!
Existing employees would gladly accept wage reduction or other methods besides layoffs to improve the bottom line. Layoffs are merely the outward declaration that the management team simply does not have the comprehension to deal with difficult times. The rest of us are not strangers to hard times. When management began telling employees that we could no longer find colleges who taught COBOL we all new times had changed. This was soon followed by sending American jobs to Thailand and India. The lies just got worse.
Existing leaders are not in tune with the American value system or family values. They have lost touch with reality and soon, those of us who are working to own their company will send THEM to early retirement. Good luck you greedy bastards!!
Stillthere

Lenexa, KS

#11 Feb 2, 2010
Snidley wrote:
They have a very large programming staff in Bangkok and they are doing most of the programming now.
Untrue. Simply untrue.
Get it straight

Lenexa, KS

#12 Feb 2, 2010
DST Silent Managers wrote:
Companies who are losing money and turn to layoffs are honest companies.
DST Systems is NOT losing money. Sure profits are down. Net profit
in 2008 was 242.9m, in 2009 - 241.6m. Gross profits are still over 2.2billion.
When the new CEO, "Hatchet" Hooley decided to choose layoffs over other methods,
he permanently associated DST with other unethical, and greedy corporations.
This is a company which was started by good people seeking to fill a need in financial
servicing. It grew to be a company FOR the people. Children aspired to follow in
their parents footsteps and serve the company. The company has for decades provided a healthy work atmosphere, filled with excellent professional training and personal development opportunities. A large number of existing managers have little or no college and some never finished high school. All employees who are able to make 20 years or so can count on extremely high 401k and profit sharing balances. Many of our friends have retired in recent years multi-millionaires in their 40's!
Existing employees would gladly accept wage reduction or other methods besides layoffs to improve the bottom line. Layoffs are merely the outward declaration that the management team simply does not have the comprehension to deal with difficult times. The rest of us are not strangers to hard times. When management began telling employees that we could no longer find colleges who taught COBOL we all new times had changed. This was soon followed by sending American jobs to Thailand and India. The lies just got worse.
Existing leaders are not in tune with the American value system or family values. They have lost touch with reality and soon, those of us who are working to own their company will send THEM to early retirement. Good luck you greedy bastards!!
It seems odd to me that you would blame someone who started at DST a very short time ago and think that one person can make all of this happen. Given that there is a Board of Directors and a Chairman to whom Hooley reports, what makes you think that you can put all the blame on his doorstep? As for those that you so admire--those who started at the bottom and worked their way up--a great number of them are still there. In fact, the guy who's at the top is the one that continues to ensure that employees receive free health care coverage. Lastly, it seems a little unreasonable to think that something of this size could be so well orchestrated in a the time frame that you mentioned, namely when Hooley took over. I doubt seriously that this could take place over the course of six months. You also failed to mention that some DST people did take a cut in pay to try to avoide this.
Anonymous

New York, NY

#13 Feb 3, 2010
I am personally very saddened by the choices that DST is making. As a previous employee of 8 years there I can't believe they have come to this. I agree with the comment that people can do payroll deduction for their own insurance, why not explore these avenues before laying people off. They also could have done pay cuts or offered severence packages instead of just elimating people that they want to. I have been just sick worrying about the people I love that work there and wondering how they are going to care for their families because of the choices this company has made. Shame on DST!
Anonymous 2

Kansas City, MO

#14 Feb 3, 2010
Too bad they didnt layoff the manager of the billing department. Talk about poor leadership skills.
Still Here

Overland Park, KS

#15 Feb 3, 2010
I think American values are what have caused this. Too many people want to be taken care of without fully taking care of business. I still am at DST and have seen people who do not hold them selves accountable or other for doing an honest days work or producing good quality. What ever happened to having a little pride in a hard day’s work and taking care of the business that takes care of you? If the truth be told, people have more control of their destiny than they want to take responsibility for.
dst12345

Overland Park, KS

#16 Feb 3, 2010
Still Here wrote:
I think American values are what have caused this. Too many people want to be taken care of without fully taking care of business. I still am at DST and have seen people who do not hold them selves accountable or other for doing an honest days work or producing good quality. What ever happened to having a little pride in a hard day’s work and taking care of the business that takes care of you? If the truth be told, people have more control of their destiny than they want to take responsibility for.
I agree, it seems to me that the majority of those let go are dead weight. Not all, but a good majority. Hard work, good work ethic and dedication will get you far. DST takes care of those who take care of DST. I won't take a pay cut or reduction in benefits so that some slacker can keep their job while I work twice as hard so these people can continue milking the clock.
Been There Done This

Overland Park, KS

#17 Feb 3, 2010
DST layoffs in Cohoes NY. Alot of people who live paycheck to paycheck. Why is it always the "little people"?
coulda been me

Overland Park, KS

#18 Feb 3, 2010
Been There Done This wrote:
DST layoffs in Cohoes NY. Alot of people who live paycheck to paycheck. Why is it always the "little people"?
I heard Cohoes wasn't even part of the 7%.
Anonymous

New York, NY

#19 Feb 3, 2010
Maybe they should consider eliminating their annual award ceremonies and two nights of buying out Worlds of Fun and all the other things they spend money on that they don't need to. As a previous employee I left because they do have alot of people they keep around because they don't get rid of them like they should have. This just gave them the excuse to do just that. The problem is that good people lost their jobs too with this and they should not have.
Former Loyal Employee

Overland Park, KS

#20 Feb 3, 2010
Compensation and benefits are the biggest expense to an employer. Yes, DST offers great benefits, but im positive that those employees who are hard working and loyal would have been more than happy to be offered a reduced benefit pkg vs being laid off. Of the many masses of employees I know who where laid off, I honestly cannot name one of them who did not do their job or were dead weights. Yes, there is some of those and yes, if managers where doing their jobs, those who did not perform or who abused their positions should have been eliminated. There is an annual review process that would have provided the perfect opportunity for those individuals who were under performers to be eliminated. Not the individuals who bust their asses everyday to make DST what they are. Its very sad to me that this is all taking place. Actually, today I sit here in utter disbelief. But the great news is that something good will come to those who were unfairly let go and DST will be an afterthought. DST has now joined the ceespool of other disloyal employers.

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