Just out of curiosity, is anyone out there a consistent victim to the annual 'bell-curve' excuse which basically plagues the heart and soul of the State Street annual evaluation procedure making it absolutely impossible to surpass a 3 rating even if you have consistently went above and beyond your expectations?
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Since we are all sharing stories, I can't resist sharing this one.
I once had a super-hyper and intense drill sargent-type boss who was quite high up the latter and had his hands in quite a few big deals. He was quite capable to solve problems and drive projects but had very little class in dealing with people and was famous for his immature baby-like outbursts with his team causing alot of stressful days on the job. While being extremely fixed on getting his SVP promotion, it so happened that an external consulting company was hired to allow his team, his colleagues and his supervisors to do a 360 degree profile feedback on him to help value his performance and determine if he would get the SVP promotion. Unfortunately, that year he didn't get the promotion. What then followed was shocking for me.
After receiving the bad news and together with the 'confidential' 360° feedback, he then called the whole team into his office where we all sat around a table and listened to him read the report which we all had individually submitted on him and was neatly summarised in a document prepared by the external consulting firm. As he read through each individual comment, he would pause and go around the table until the author of each comment identified himself publically in front of the team. As you may imagine, it was quite an uncomfortable situation for those of us who actually answered the questions honestly and then had to admit it in front him.
The year after next, the same 360° exercise was conducted. As you can imagine, this time around he got exceptinal praise from all of us. Not one negative critisism! That year he finally got his SVP promotion. He even took us all out for drinks to show his appreciation.
I am laughing as I am writing this but it is quite sad.
Well said by the last poster--very aggressive strategy that is more like "roll of the dice" than a thoughtful plan. Management is quessing as to what to do and lack the necessary moral compass theto steer the old clipper ship through these turbulent times.
Of course this all means that the loyal and dedicated State Street American worker is cast aside and discarded like the trash.
And the real job cuts have not even started. Remember the management is on the record saying that 7000 state street employees will be laid off by 2020. Think about that for a minute.
Shameful
State Street was once a great company in both its spirit as well as its work ethic because it was led by leaders who came from working class families who believed that sacrifice and hard work would pay off. Unfortunately for these type of people who are still there, State Street's more than aggressive strategy to rebrand itself through digitalisation, globalisation, and the rejuvination of its work force led by a mediocre senior management team will cause great difficulty for those of us who helped build the company but are now no longer needed by the organisation and have skill sets which are very outdated and 'State Street' specific.
Seems the truth about State Street is coming out. The personal story outlined below in great detail is the norm rather than the exception. Ask around--you will find many stories of hard working Americans who have been treated by SS in this way. Stay in line or be able accused of insubordination. Don't believe this happens---try to buck the system even a little and see what happens.
I guess it is quite clear; if you are young, hold to your ethics and would like to feel the first hand experience of being a whistle blower by challenging mediocre leadership while simultaneously getting outcasted by all your co-workers prior to being released from the company, SS offers great opportunities in that area. :)
I use to get consistent 4s for a long time until 2010. Since then I became known as a trouble maker at year end when I would approach senior managers and ask them to justify why certain above and beyond achievements which were absolutely not part of my job description were not considered in my evaluation regardless of the fact that the senior management team continued to use my work in high level meetings to make decisions. The classic excuse I received from some of the 'tough' senior managers during my disapproval when highlighting extra contribution that I made was: 'That is your job!' This went on for years and my superiors continued to avoid me creating a very un-productive, untrustworthy work environment. In my last two years on the job, my manager would speak to me less than twice a week and hide in his office for most of the day. In 2015 I refused to sign off on my PPR due to the fact that my manager would not consider the hundreds of extra hours I dedicated to a project which was not part of my job description and kept me in the office late and on the weekends. My refusal to accept the PPR resulted in HR issuing me a warning letter despite the local town hall meetings which routinely promoted an open culture where any individual should feel free to report to management issues encounterd where they thought corporate ethics were being violated. Six months after my formal compolaint to HR I was let go from the company for insubordination. Now I work for myself. It is quite a liberating feeling.
Very interesting post. I never realized that this was happening at State Street. I am thankful that I left a few years ago. I don't really recall all of my reviews but do know that the entire process had changed and I am not surprised to hear that the managers are told they can only give so many good reviews. Most of my former peers at State Street all had a good work ethic and worked more than 40 hours a week. I don't really understand how they can justify laying off so many when I recall always working more than 8 or 9 hours a day including weekends.
What a poor way to value and grow talent. Quite out-dated as well. The company needs a makeover.
As a former manager, I can tell you that I have set in meetings where we are told that we are only allowed to hand out a 4 rating to 2 people on the entire team. Everyone else on the team gets a 3 or lower regardless of performance (managers are included in these restrictions too).
I routinely hit a 4. Doesn't really matter what you get, performance doesn't translate to raises or promotions. So, I took my 4 and went out the door.
Thats for sure! Anyway, it makes me wonder how the majority of the senior management team is able to sleep at night.
One benefit of getting laid off in October---you won't have to complete your annual review or take part in the rigged rating system where your '3' rating has already been determined no matter what you did or how hard you worked.
What a way to live! Those of us who are lucky will be laid off sooner instead of later. Otherwise it is just a never-ending game of russian roulet.
End of October is not far away - that's when it will start
You can work 60 hours a week
Work ever saturday and sunday
Sleep in your office
And you still will be laid off
4s and 5s are given to those who are selected/reccomended as long-term investments for the company. They even have a talent matrix that is used to evaluate them (because the annual evaluation doesn't work). The rest get 3s and are obviously in-scope for layoffs. The more 3s (and below) given, the greater flexibility to their seniors during times of cost cutting. The long-term result of such a system is a demotivated work force which lacks in team spirit.
Yes, me too. I actually had a new manager who was new to the company and in my review mistakenly stated that due to the bell curve no-one would get more than a 3. Later on when I started mentioning it and asking what is 'the bell curve' and where it was stated in HR policy, he denied ever saying it and accused me of being a trouble maker. I guess the spineless worm wasn't suppose to mention it but only enforce it. I certainly didn't spend 4 years getting a degree to dedicate my life to this kind of a company. Glad to be out.
Same here--was getting 4's consistently then it changed on a dime. Nothing more than 3's lately no matter what I do. It's a bogus system that's rigged. Don't believe me--ask around! Find out the real truth!
RELAX - as long as you get a 3 you will get a severance package.
ps - I once had a friend who received a 4 rating but was then called into a post-review private meeting with an SVP who announced that he had to take the 4 rating back and give him a 3 due to some corporate policy bull$#&?. What a bunch of cowards senior management is and what a 3 ring circus they run.