I've been mulling over the idea of quitting my job at State Street for a while, and the latest layoffs have just made that desire stronger. But I'm curious how folks who've already left are holding up. Do you regret it? If any of you still check this forum, I'd love to hear your thoughts. I guess I'm just searching for that last bit of motivation to finally go for it.
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A trip down memory lane when I first started State Street.
I was hired and thrilled to be working for State Street because of all the good things I had read and heard about the company.
My yearly raise was 4% which was not bad, but because of my job grade I was not
eligible for a bonus. Way way back then you had to be a certain job grade to be eligible for a bonus. After 4 years of hard work, working extra hours, coming in on Saturday when asked. I received a promotion which made be eligible for a bonus.
By year 5 and going forward my yearly raises were now between 6% and 7% , my bonuses were 5% to 7% of my yearly salary. Everyone was happy no anger, no feeling depressed.
Then a huge black cloud came and engulfed the company.
Then the company lost a great CEO who was replaced by a so/so CEO . Money hungry bean counters were brought in around the very early 2000's. That was the start of employee morale and employee jobs.
Yearly layoffs started, raises and bonuses were stopped for a few years and if given out they were extremely small. 1% maybe 1.5%
I was shocked when after 21 years I was let go, I thought why me ? I was the one who
worked extra hours, did weekends when asked, trained the new hires in my dept.
The moral is you have to think about yourself moving forward and not the company
And congratulations to all those who are free from this company and found companies willing to pay you what you are worth.
Laid off 5 yrs ago and now work for a company that doesn’t do annual layoffs and every quarter people are not talking about who’s next or what round. We get our bonuses and annual raises each year and I’m much happier! People here don’t outsource all to India only 3% of our job is outsourced the rest is all Americans and Europeans. Life is good hopefully I retire here.
In my life, I have never worked for a company with lower morale across all disciplines. So many of us mention can't sleep nights. Many work so many hours overtime for no benefit. I see younger people join and within a year they are as caustic and discouraged as people who have been here for ages. And the benefits are very poor compared to many smaller companies. Wishing everyone here best luck, sincerely, that we find something better as people above have mentioned.
Retired early 2 years ago and it was the best decision I ever made after many years there. I highly recommend it if you can swing it!
It goes without saying but make sure you have a job line up before quitting Slave Street. Our 'leaders' will extract all the labor they think they can get from you and hang you up to dry via quiet firing or layoffs. They do no care that you worked long hours or came up with strategies to help your department.
From my experience, no careful consideration is made to keep you around or pivot you to another role.
I've had 5 of my guys laid off in the past 2-3 years. They are now all making substantially more money at their new jobs, and most importantly, they are all happy !
It might seem like another full time job to leave because is it - sending resumes, doing interviews, etc. but it is so worth it. Do it and don’t look back. Overnight I got a 27% raise and a real bonus this year plus the work is so much better and the people are actually motivated because we are treated well. Do what you need to do to leave and don’t look back.
I left just over a year ago as an officer. I was at about 71k after they did their little market value increase to be more in line with the competition. When I took the new job I started out at over 38% more (not including bonus and yearly increase which is TBD). I say, apply to various positions outside of SS and see what's out there that other companies are offering. SS isn't going to miss you so why should you care about leaving them behind?
Left little over a year ago and it is hands down the best career decision I’ve ever made. I’m making double what I left at state, more opportunity, more growth, remote. There is a brighter world out there my friend. Come join us.
I was so close to quitting, too! Thankfully (for me) I was laid off on Wednesday. I am not sure what's next for me, but I am happy to have a little cushion and time to figure it out.
Left 4 years ago as AVP, now I make 3x more…
I agree with Post ID: @uxk+1qy9eLyR your mental and physical health come first, you need to take care of yourself and your family.
I have talked to a few people who left over the past 5 years and all of them have said the same thing leaving the company was their best decision in life and they are happy either working elsewhere or enjoying retirement.
Your caught between a rock and a hardplace.
If you quit you will not be able to collect unemployment
If you quit you will not get any severance since you left on your own.
Now the best option is if you get laid off you get severance or if the company is looking for people to volunteer to be laid off.
But I know of many people who quit due to the fact they could no longer take the mental and physical stress of the job. Remember your mental and physical health is far more important.
I knew a person who was so stressed they had constant headaches and upset stomachs. They finally quit have another job and no longer have any health issues.
Was laid off almost 5 years ago. At my current company for over 4 and half years. Better company and treated much better. Was at State Street many years.