State Street Ending No-Layoff Pledge in 2021
https://www.thinkadvisor.com/2020/12/10/state-street-ending-no-layoff-pledge-in-2021/
9 replies (most recent on top)
@Post ID: @nxpi+18oiYhLe
That is the plan to encourage people to leave the company, by putting them in boring jobs.
Changing their work schedule hours, moving them to an office further away from their home to increase their commute time.
@dsio+18oiYhLe I know of colleagues in my network who still work for State Street that are currently in different roles which I believe are not enjoyable or interesting. These employees are being displaced and offered positions that are in many instances encouraging them to leave. If you were in an enjoyable, interesting, challenging role which was being outsourced and offered another position within State Street you you might accept it but would eventually end up leaving. Isn't that what management really wants to happen
anyway.
Post ID: @dsio+18oiYhLe
From what I seen during my time at this company, is the high level people take care of their friends.
So these VP's and higher will be put in make believe jobs while they look for other jobs.
I remember once when a AVP was given a make believe job for 18 months until he turned 55yr.
High level friends take care of their own
Most of the layoffs were at the VP level and across the firm including CRD and Alpha. Everyone is going in the Talent Marketplace for 90 days and will be assigned “special projects”. Management claims this is an opportunity for employees to be matched to jobs in line with their skill sets but I question, if the employee was not qualified for the current position, why were they hired them in the first place? Besides, this is all to control expenses, meaning there are limited compatible opportunities to land. Speculation is 90% will receive a severance after the 90 day period.
Babysitting..PowerPoint docs...endless and pointless meetings...
More levels than vp's were given 90 days. Company is not doing well and needs to reduce costs.
Monday December 7th there was VP layoffs ?
Which areas was that ? And did they go into the Talent Marketplace for 90 days ?
What shocking news! LOL! Mass ongoing layoffs is all the executive team at Head Office knows. They must have sat around looking at each other with stunned looks throughout 2020 due to the "no lay off policy". But alas...2021 is almost here and lay offs will once again in full force. I suspect the executive team is more excited than usual as the year draws to an end because this time they will get their high fat cat bonuses PLUS lay offs are on board once again.
Liars!! December 7, many VP level jobs were eliminated.They couldn’t wait for 2021.