Anyone hear anything concrete about the funding level this year?
19 replies (most recent on top)
Covid is my bonus....
Is sleep I until 9am, take 3 hour lunch to work out, do the bare minimum of work and sign off at 5pm.
I LOVE WORKING REMOTE.
@Post ID: @Wdho+18E3Lywm Ireland poster
How long have you worked for State Street you sound like a newbie.
As a former worker of 21 years State Street has been doing layoffs since 2001.
I remember a period when my coworkers and I were lucky to get a 1% to 2% raise, inormal 4% to
I remember a period of 2 years no raises and tiny tiny bonuses.
As I posted earlier you can work 50 to 60 hours a week, eat at your desk instead of taking a real lunch break away from the dept.
We latter found out doing all of the above did not save us from getting laid off
State Street is no longer the "We value our workers, Workers are our greatest assest"
The new motto is " Workers are our greatest expense, Outsource their jobs bring in H1B workers
Save save , cut costs by any means
Well that’s all interesting considering we have all been told in Ireland that bonuses are all down across the board and to forget about raises but apparently that’s not the case in the US. And I’m American in Europe with a high rating on review where they told us all ratings are also down regardless of how hard you worked. Oh and - Boston was told not to pay attention to our ratings in this location because this country tends to rate lower than we really think we are. BS - we are all unhappy it’s not just a lower number for fun.
A bit more than last year
I received the same as last year and the year before that. My Manager doesn't decide how much I get but her Manager does. Only the favorites get rewarded and promoted in my group.
State Street is a such a f— all place that they gave me a bonus lesser than last years and my rating has consistently been above 3 for both years. What a buzz k–l. No wonder good people eventually leave. Worked my a– off for the last couple of years to get good ratings and management wouldnt even care to take the word 'promotion'. My team has zero people of color or women in management roles ( MD and above) and the EVP shamelessly is on the board for racial and gender justice within the bank, what a joke !
While nothing is set in final at this time My team’s bonuses are up from last year. This is only year in the last 5, I have had all members get the same rating.
For the last decade, I have allocated my pool based on performance and base salary.
People who show me they are putting an effort in get more from me than those who don’t. Would assume every business unit and manager is different.
@Post ID: @fpew+18E3Lywm When my Mgr.
You did the right thing, their was a time when the harder you worked.
The bigger your raise and bonus was, a great way to motivate workers.
Since the yearly layoffs starting from 2010 to ?
You can work 60+ hours a week, work weekends, eat your lunch at your desk and your not going to see any difference.
When its time to do another layoff , working your self to death is not going to save your job
Funded at 89% of last years in IS anyway
"As a former employee , my message is be happy you still have a job at State Street."
As another former employee, do not listen to this id–t. This is the ultimate loser's mentality.
When my manager confirmed to me last year that bonuses have nothing to do with performance measurements, I stopped busting my tail day in and day out.
I have over 30 consecutive years with > 3 rating however, my salary has been pretty much unchanged in over 10 years. No I am not at any ceiling.
Last couple years, I have had 1% salary increase and bonus reduction exactly = to 1% salary increase.
As a former employee , my message is be happy you still have a job at State Street.
Yes I know its hard with staff in many departments reduced by 50% to 70%.
I was there for 22 years and endured the last 10 years of great stress, I remember a period of
3 years with 1% to 2% raises and bonuses.
Way down from the normal 4% to 5.5% raises and bonuses I was used to getting.
They beat down people who normally did go above and beyond to just doing the minimum necessary get the job done. This is because the claim to want to reward high performers only to again beat down manages wanting to rate their employee
Above a 3. The rating / reward system is a fiasco.
Where do you think the money is coming from to fund the rich bonus pool for the executives? They rate everyone a 3 no matter how hard you work or how good a job you do. That limits your bonus potential and thus creates more money for the executives. The only people that can fix this system is the executives but seriously why would they? It is benefiting them the way it is!
I tried to give my one non-schlub employee a higher than average review and was told that above and beyond is now considered “the new normal”.
Person didn’t bust their a– all year, but they did stand out from the crowd and could be counted on more than my other team members.
They always push for managers to give 3's, that is no different than any other year. They discourage higher ratings to avoid having to pay higher performers yet they require more for less ... Doing anymore than you have to gets you nothing at SSB.
Most likely down 30-50%, which is why the push to give most people a 3 rating.
I understand the bonuses for the executive team is quite strong this year. Nice to hear that since I always worry about how they can live day to day on just their base salaries.