Towers Perrin

[mememe]

Can someone give me the lowdown on Towers?

[asa23]

They've got a 2 billion lawsuit against them (not frivolous) that could destroy the company. I've also HEARD from this point forward, as a cost cutting measure, they've decided not to recruit top talent.

[aNoNo]

On 2002-03-28 09:07, asa23 wrote:
They've got a 2 billion lawsuit against them (not frivolous) that could destroy the company. I've also HEARD from this point forward, as a cost cutting measure, they've decided not to recruit top talent.


Is the law suit related to the CALPERS problem that was publicized a few years back? Also, Towers may have some type of liability insurance that would provide some financial relief to any claim.

[DW Simpson]

http://www.plansponsor.com/content/solutions/rfps/casestudy/ActuarialDeficit

[E. Blackadder]

So, a fully-funded pension system thinks it has somehow been damaged. Only in America.

[Snoopy01]

On 2002-03-28 09:07, asa23 wrote:
I've also HEARD from this point forward, as a cost cutting measure, they've decided not to recruit top talent.


Where did you HEAR that TP is not recruiting top talent? I know of a few really talented individuals (including myself) who are going to start working at TP soon.

[Mntlpashnt]

Word

[asa23]

I heard that they're not recruiting top talent anymore from a friend who is close friends with a partner (or maybe a principal).

[WWSituation]

Unless that came from the CEO's mouth, it is not believable - especially from a firm like Towers.

Sounds like you work for a competitor and they are brainwashing you.

[Troy McClure]

On 2002-03-29 09:12, asa23 wrote:
I heard that they're not recruiting top talent anymore from a friend who is close friends with a partner (or maybe a principal).


I'm not sure what that even means...
Are you saying that if somebody good came to interview with them, they would send him or her to Mercer?
They are not recruiting at the top schools?
They are no longer trying to hire good consultants away from Milliman?
They are not paying as well as Hewitt?

What firm has ever made a decisions that "We're no longer going to hire top talent"? That doesn't even make sense.

To the original question:
What are you looking for? Are you considering an offer? At what level? Tell me what you want to know and I will tell you if I have any dirt!

Oh, and don't listen to anything Andy Lang has to say!

[mememe]

I just recieved and accepted an entry level position with Towers. Just wondering how they're percieved within the industry. Any opinions on whether being a private vs public company is a good thing? I've heard mercer is planning on going public. True/false?

[Ms. Re]

meme: as for public vs. private, if you get a boatload of stock options and a golden parachute in the event of a takeover, being public can be a good thing...otherwise I'd say that working for a privately held company is better

[Troy McClure]

On 2002-03-29 16:43, mememe wrote:
I just recieved and accepted an entry level position with Towers. Just wondering how they're percieved within the industry. Any opinions on whether being a private vs public company is a good thing? I've heard mercer is planning on going public. True/false?


Retirement? I would not want to do the PDC thing that they do - basically you work for three years in a training unit in Chicago, LA, Atlanta, or somewhere, before they ship you to a smaller office. But, I think they are pretty up front about it, so you know what you are getting into, and that's fine.

There's the big lawsuit, but if you have to jump ship because of that, it will be before you have a huge, horrible impact. The people who will get hurt are the current equity-holders.

TP spends a lot on training, which is good for an entry-level hire. They work a lot, but probably comparable to Hewitt, etc. They are located in cities, as opposed to Hewitt in the 'burbs - again, if you like that or don't, I am sure you have already made peace with the location.

The company has gotten back to their core - retirement, Health & Welfare, people services, which is good - in the 90s, they did a bunch of other stuff that they weren't really good at, and they lost a lot of money. Tillinghast is moving away from TP (still in the fold, but more autonomous), and TP is focused on what they are good at.

Privately held is good, especially if you are one of the owners. Even if not, I think it is good to have the owners of the business involved in the business, rather than having a corporate owner who is ready to sell you off any time it sounds like a good idea. But, there's a downside, primarily the lack of access to capital markets for a company trying to do something (expands services, expand internationally, etc).