Thread regarding Edward Jones layoffs

@13h - same scenario played out with our team. We moved from HC to a new division, took pay cuts, but HC kept their pay. Same titles but the HC responsibilities are inferior to our skill set, knowledge, and requirements. HR reviewed and denied righting the wrong. Employment policies and the rationale behind them are lost on these people.

My department was one that supposed to have a market adjustment and/or salary grade upgrades 2 years ago. It was then denied by Human Capital. My department GP is a fantastic person who truly enjoyed being around us all. He is now retiring. That GP invited Human Capital to a department meeting to tell us why that denial was made by the firm.

Embarrassment is too nice of a word to describe Human Capital's presentation. They sent two females who were probably in their upper 20s to mid 30s to recite PowerPoint sildes. The explanation was laughable. Their presentation even showed that we had lower salaries than 3 other "anonymous firms" that they used as a benchmark. They said that they then use a STL market adjustment to justify that our lower salary is competitive. The thing is the only STL competitor is Wells Fargo Advisors. It is well known they pay our positions about $25k more than our grade's midpoint. So Human Capital purposefully leaves out Wells Fargo from their peer firm benchmarking.

The presenters turned off Zoom questions/comments, and did not take questions from the live audience. It was extremely frustrating. The thing that really gets my blood boiling is this. Before ER was announced. I remember looking at the firm's open positions. I remember seeing a lot of HC and HR roles that have grade 11s. What a big Fn conflict of interest!!! They pay themselves above market value. I understand that our revenue is brought in by FAs. Almost every department has a focus to support the FAs and clients. Other departments help protect the money. So most of us have skin in the game. What exactly does HC have, to justify setting their own salary grades higher than people who have a direct affect on clients?

I also believe that was around the same time when DC broke character on a live Town Hall meeting (while in his NYC office) and stated that we should all be thankful to have a job and su-k up the fact that our bonus payouts are lower despite being at level 10. Look up your previous level 10 bonuses from like 2019,2020,2021, and compare that to now. I've gone up 2 salary grades and my bonuses are lower than 2021. Man, that take aged like milk.

We’re all losing a week of pay right after Christmas. The good news is once they fire us, we’ll finally get that week back. Guess it all evens out in the end.

I spend at least half my day looking for a new job because it’s clear there’s no future here anymore. Penny’s idea of motivation is paying an ex-athlete to tell us about teamwork while the rest of us can barely afford lunch.

Some nights I leave the office and start DoorDashing just to keep up. It’s wild that a full-time job at EJ doesn’t even cover the basics anymore, so I spend my evenings delivering food after spending my days working on my hungry hustle. How many nights have you gone to bed hungry? It's happening more and more.

What hurts the most is how normal this has all become. Every year the cost of living jumps, and every year our so-called raise doesn't cover a single grocery trip. Inflation keeps swallowing our paychecks, but somehow we’re expected to smile through it. Meanwhile, the workload has doubled since the layoffs. We’re doing the jobs of two or three people and trying to hold everything together out of loyalty to the few coworkers we have left. They’re the only reason most of us keep showing up. It’s hard watching leadership celebrate record profits while the rest of us are stretched thin, tired, and falling further behind with every paycheck.

Exactly, instead of figuring out the grades and paying us better, all I hear is “be grateful you still have a job”. Where is the accountability for these leaders?! Most of us are making less than we did in 2020 if you adjust for inflation… And bonuses are way worse!

@ep , how long have you been with the firm? Do you have an LP? Are you rule of 70? If you are rule of 70 with an Lp, I'd retire......

@OP, paying admission a "Level 5" is absurd. I can't believe there's a level 5, let alone the measly pay for the hardworking admins.

The company always says" we're in alignment with other B/D. Ummm. Thats a hard NO!

My team went from 6 people at the beginning of 2025 and is now 3 people (2 layoffs, 1 person quit). I now have double the workload and am getting paid the same.

One of my teammates is working weekends to try and keep up with the workload, bless her heart. Me and the other person are just working our 40 hours and letting the work stack. Some tasks are just not getting done. Emails are just not being responded too. We're doing the critical work and ignoring the rest until someone comes asking about it.

I'm putting in my two week notice the week after next. I'm going back to my old employer. My team will be at 2 people after being at 6 at the beginning of the year and they will be getting paid the same amount. Doesn't make sense to me, but then again, I don't have an MBA, so who knows. Unfortunately for EJ, my team can't be outsourced to India I'll be interested to figure out what happens after I leave.

It’s honestly humiliating. I’ve been here for more than ten years, working full time, doing everything asked of me, and somehow I’m still standing in line at food banks to feed my kids. The prices of rent and groceries keep going up, but my paycheck hasn’t moved in years. It’s embarrassing to put on a professional smile during the day and then wonder at night if I can afford next week’s meals. I’ve never felt more unseen or more replaceable than I do working for this company.