Given any tiny (1%) merit pool must be used to pay for promotions (only allowed now for to avp and below) and bonus pool down 80% (or more) compared to last year, if you thought inflation was pinching your budget … it’s about to get worse! You are going down in TCP!! State street provides zero motivation to employees to work hard and surpasses goals. Why even do OKRs? The top (the exec committee members and evps) take it all. THEY are our problem with expenses. The board members should be ashamed of themselves for allowing this unfair sharing of the profits to the very few at the top. Clearly we can’t afford to pay them what they are making because there is no cost of living raises for years and there is an underfunded bonus pool. Get a grip! Stop taking care of your self and your buddies and create a motivated and fairly compensated employee base - since it’s services provided through them that you are selling to clients. You are ridiculous and greedy.
12 replies (most recent on top)
@Post ID: @OP+1quQunTt
I remember the glory days of the 80's and 90's
When all employees shared in profits. Raises ranged from 2% up to 7% with an average of 5% Bonuses also ranged from 2% to 7% for the average worker.
Employee moral was high due to the fact they knew work hard and the company will reward you with big raises and bonuses, and sometimes promotions.
Sadly now over the last 20 years workers realized working hard , giving 150% doing double workloads will get you nothing from the company.
A third year in a row getting 1% pay rise, whilst the cost of living going over 15%, and we are charging the clients 10% more per hour for our support time. The expression from the management is if you don't like it leave.
The top tier takes all the money and the workers at the bottom get nothing, no option to have equity or buy discounted shares. The management have no interest in retaining talent it all goes into Ron's equity pool, when will they realise this is not Ron's private company, it is publicly listed and they should be accountable for supporting the whole firm.
Sorry to break the news but I heard it will be down 30% to 35% not 20%.
I hope I am wrong.
If you're a portfolio manager your bonus could've been a multiple of your salary. And back in the 90s GA gave generous bonuses to regular staff.
Of course those times are gone. Unless you're Ron.
@Post ID: @2wag+1quQunTt
WHAT A LIAR YOU ARE , YEAH YOUR BONUS EQUALED 1 YEAR SALARY DREAM ON69
I remember one year after I had just started and my supervisor and my boss presented me with a bonus check that essentially matched my salary. And was all cash...Good times.
This was for SSGA mind you and I was getting paid peanuts at the time. But never did see anything like it again. And within a few years the familiar SS refrain of "We've had a gangbusters year! However... the bonus pool is down because of BS reason X" was par for the course.
Sounds like it's gone from bad to worse. Get out while you can.
@Post ID: @1rgb+1quQunTt
Agree I too remember the glory days of State Street.
When raises average from 3% up to 6% for the average worker, the same for bonuses.
When the company motto used to be " Employees are our Greatest asset .
Then after 2009 the motto was changed to " Employees are our Greatest expense.
We must lay them off, outsource their jobs, bring in H1B workers to cut cost.
The only question that was never answered is how do they justify keeping all those
Assistant Vice Presidents, Vice Presidents, Senior Vice Presidents when they gotten rid at least hmm 65% of the U.S staff.
Not surprising. 20+ years and up until 2008 it was good. Belt tightening during the Great Recession was understandable, but this is BS. I'm taking extra classes to up skill my rez and then I'm out of here. I'm fed up with the bureaucracy and being pi---d on by upper management.
Ron gets 18million.
It’s down 20% so most staff will get 80% of their bonus from last year. Some less. Some more. But overall the funding is less (80% of last year).
Bonuses and Raises be very tiny has been part of the Executive board's plan for years.
Over worker the employees, give them no raises and bonuses for 2 to 4 years, and when you do give them out. Make them tiny 1% to 2% only.
Why would they do this ? Demoralize the workers to the point the quit , which means the company saves on having to give a severance package to the worker since they quit on their own.
Is it down 20% or down to 20%? You have to be clear