Internal politics lead to the unsaid rule that only the COO and CIO have good ideas at this company. Do not raise concerns with any of their pet projects, no matter how ill-conceived the project or it could cost you your job. Do not be surprised if your ideas are taken and passed off as their own while you’re scrutinized for that idea. Meanwhile, past mistakes of these executives are swept under the rug even though they cost policyholders millions of dollars.
Nepotism between the long tenured people here is crippling the organization despite the good press they buy. Many long tenured people ascend into the AVP, VP and executive positions not because of their competence but by not questioning the status quo, being yes men and women and being in the clique.
Behind the shiny office and the façade of corporate values, exists a company that is decades behind its public company competitors and executives (primarily only with experience at Penn Mutual) kill off anyone with outside opinions that challenge the status quo and anyone looking to bring the company into the 21st century to be competitive in the future.
Their tactics the past couple years appears to many employees to be laying off a blend of younger people in with older women so to avoid the appearance of age / gender discrimination. Even worse, for a company that touts being a family company as one of their core values, is that they lay these people off around the holidays – around Thanksgiving / Christmas. While there is never a good time for a layoff, and the company provides limited financial assistance, companies aren’t hiring or interviewing people near the holidays so they’re putting these people at a huge disadvantage while they’re trying to pick themselves up off the ground.
This is not consistent with the corporate values and I’ve never seen a company with corporate values as opposite as what is really behind the curtain…and I’ve worked on Wall Street!
I would not recommend a manager, AVP or VP above to join this company. It’ll only be a temporary spot before you figure you were lied to about the ambitions of Penn Mutual or shown the door because you have ideas that could advance the companies goals and objectives but don’t fit with the right cliques that have formed over the past 20+ years and have a strangle hold on the company.
