Drag newly join member to controversy and then fire him to reduce head count and to keep their jobs, these non productive managers are the main problem.
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Years ago a HR said on an open call regarding demystifying compensation when asked why new people were paid more literally said “ how can we them to come here …?” This was in 2020 or 2021. Gave a lame reason why laterals get $0. But willing to pay relatively higher for unknown people. Ridiculous.
Post ID: @1cdy+1tAC1UuB This is true. The only way up is Out-of-Citi. Citi would rather pay a new, external hire more money than an internal employee even with a promotion. For example, if the internal employee is making $75,000, Citi would rather hire an external candidate at $100,000. Even if the internal employee is promoted, the internal employee will get at most a $10,000 increase in base salary.
The point is, even with a promotion, an internal employee will Not get the same salary as a new, external job applicant. So then there's NO incentive or reason to stay at Citi.
Be aware that medical and retirement benefits are proportional to and aligned with base salary and bonus. The higher the salary, the more in medical insurance premiums, other benefits, fees and taxes to the U.S. Federal and Local governments that Citi needs to pay (workers compensation, DOL, etc.). It's NOT logical and makes NO sense that Citi would rather pay an external new hire the better, higher base salary than an internal employee.
Maybe new people aren’t performing as expected for their exorbitant salaries (compared to existing employees doing same or similar job). In some cases it was simply not a fit: able to get things done, but horrible managers who had good talent threatening to quit is but one real example.
Citi hires people at salaries they would not pay a current employee whether lateral or a promotion. HR knows this and says local leadership can address, knowing that is nearly impossible with TIR budgets giving 2% or less raises.
It has been 1 year since the reorg started and worker morale is at the bottom. There is zero trust. The biggest problem are too many bad managers kissing up to their bosses while treating their workers like criminals. Citi is a backwards company.
But aren't the new ppl already preferring to leave? I meant what are they waiting for if not severance ? Actually the way it's moving new old both should leave the hope of severance and citi
Absolutely! That is what will keep Citi ranked low. They get rid of the newer people who could turn Citi around and they keep the same old losers that drove Citi into the ground. Citi is in a massive amount trouble and they thought this re-org would lift them out of this mess. Sorry to say it will not and they are just pushing off the inevitable. Sooner or later this last ditch effort will take a massive bite out of Citi’s a-s. Im just sitting back with my popcorn watching them implode. Way too many inconsistent incompetent leaders at Citi.
@khe+1tAC1UuB new employees include everyone with the least number of years, spent in the team. Could be 1 month, could be 3 years. Of course no sane person would join Citi unless they are given 40mil in stock from the get go 😄
Youd be crazy to join Sh**tyBank now.