Beware of the Culture!!!!! - Anonymous employee Vanguard Employee Review

Scientology, Branch Davidians, Heaven’s Gate…. while not as popular as these cults, Vanguard’s cult shares many of the same suffocating, demoralizing and negative traits, while outwardly promoting the promise of a utopian workplace. Work ethic, experience, loyalty and career passion will not be considered in your career path or progression at Vanguard. Instead, you will be constantly measured upon your level and adherence to “Vanguard citizenship” (basically how well you drink, digest and promote the Kool aid). For a company that stresses “strong leadership” unfortunately 90% of the leaders leave much to be desired. The majority are only interested in propelling their own career and the rest are socially awkward. I have worked for many nasty, self-promoting people that conflict everything of what Vanguard is sold on. Many of the managers have no idea or experience in the areas in which they manage, they get by on Vanguard initiatives and culture building. Let’s debunk some of the myths Vanguard supporters say do not exist: 1. Vanguard has never had a layoff: True, however a retired Principal has told me that their “Managing Out” process is much more efficient, cost effective, reputationally beneficial and easier than a layoff. Management has several different levels of managing out, but it is practiced daily and applauded by management once the crew member succumbs to the pressure to leave. 2. “Best Place to Work”, Seriously?: Vanguard is rightfully excluded from all legitimate top places to work list. They highly promote the obscure ones they make it on. Have you look at the number of jobs posted at any time and the astronomical turnover rates? It has gotten so bad that Vanguard has begun to recruit nationally for all the non-critical positions just to get people in the door. 3. Age/Sex/Racial Discrimination: Over the past five years many employees that have reached the ripe old age of 45 have been strongly “encouraged” to leave. How many investment management companies have several independently run websites dedicated to the communication and disclosure of employee lawsuits??? Things have gotten so bad that they recently instituted severance packages paid on the premise of giving up your right to sue. Yes, you have mostly very young, inexperienced people managing and processing $5 trillion AUM. 4. Forced Ranking of employees – Vanguard vehemently denies the use of forced ranking, however it is alive and well. I have witnessed it and recorded it for every calibration I was in. One of my most disconcerting moments at Vanguard is watching the “citizens” ranked well and good employees fall victim to the mandate to rank employees in lower quartiles. 5. High Glassdoor ratings – McNabb and Buckley have expressed his deep concerns about Vanguard’s low Glassdoor rating and public image and has mandated that employee post highly rated, fake reviews to bring up the Glassdoor average. Even with this immense pressure and internal support, their rankings are teetering on the low 3’s. 6. Look at all that positivity on LinkedIn! – All the propaganda posted on LinkedIn is fake news. Vanguard the low cost mutual fund provider and lover of free advertising, utilizes LinkedIn to promote their workplace. They flood LinkedIn with “good”, albiet fake, stories. Have you ever seen a Vanguard commercial on TV? The videos are performed by only the top “citizens” and the life and career they described is only applicable for a select few. I found it disgusting that they ran a video on LinkedIn about Vanguard’s support for adopting parents. I have seen more people turned down than accepted for these benefits. Once again, this benefit is only for the very select few. Have you researched the negative news on Vanguard and there processing and employee morale woes? Should you decide to go against the Cult-ure and stand up for what is right you instantly become an outcast. Managers and their followers will work relentlessly on ensuring that you are discredited, disengaged and destroyed until you have no other alternative but to leave. Many leave with their well-being broken and their confidence destroyed. Vanguard is a successful investment company and mutual fund giant; however, I would seriously consider your decision before moving forward on a job opportunity. For a young person looking to get started in the financial industry it will be a great step to learn and gain your licensing. For a seasoned professional, coming from a different corporate environment I would approximate a 20% chance of surviving two years. If you are a good person with strong moral beliefs it is just not worth the stress and conflict to degrade yourself into what they consider a model employee. I have seen many good people succumb to the pressure and turn into non-trustworthy, disingenuous jerks. Trust no one and make sure you watch who your friends are!