Slightly bigger bonus than last year and 2% salary increase. First increase in 3 years.
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Oh they’ll have cost cutting if I don’t get one. And they’ll be hard pressed to fill my void. No bonus I’ll be out if there with first job offer.
I work overtime so it’s hard to tell but I don’t think I even see my lower tax rate yet. Has anyone noticed? And still waiting on my bonus If it’s true what everyone’s saying I better be getting a good one. I bust my hump for my boss.
The Manger's bonus is set by their boss, then the manager decides as to whether who gets a bonus and how much of a bonus. And sadly yes sometimes a less productive worker can get a bigger bonus because they are a pet of the manager/boss.
Bonuses and raises for the average worker have been very low to sometimes not even given out for 3 years due to cost cutting measures.
Thanks
I'm new to the bonus process as well- does your direct manager determine this based on the pool allocated for your group? If they allocate less to you, do they get more...who set's manager's bonuses?
As I got a positive review but average rank/bonus, so just wondering.
@ost ID: @RJXmEKg-8bej
90% of the layoffs are get rid of the people with the highest salary in a dept, and keep the lower salaried workers.
Its keep the cheapest workers and get rid of the expensive but more productive and smarter senior workers
Would they usually give you a raise before laying you off? If the promotion only goes into effect in April is this normal?
Also is it usually first in first out with layoffs? Or older workers?
I heard something was happening mid-March. If a dept needed to give up a number of people , there would be time to pull those people from the list if people voluntarily quit after they got their bonus in the bank. Who knows if there is any merit in this. Rumors spread like the flu in here
According to my boss they are expected to tell compensation this week and next. Like the poster this is a first in a got in years ..I got a 2% raise. Crazy that I was happy about it but it is the best I have gotten since being hired 5 years ago.
My bonus also was higher. It was explained to me that bonuses were pretty much flat some got higher some got less. That they wanted to reward people they thought were key.
@RJXmEKg-5haq If someone told you 3/2/18 I would imagine that layoffs could happen before the end of the month of February, 2018. At least that has been a month when former employees were laid off in the past. Of course, it is almost the end of the month so who knows what will happen.
Got a promotion/raise of 5% but rank of "3" and small bonus- joined <1 year ago.
Our office is also outsourcing jobs and training replacements...we've been told job cuts might happen. Does anyone have past experience with this/thoughts?? Worried!
Is there a reason given to you why you are not privy to the amounts until 3/2/18?
Have they ever done that to you before?
Do you find this very irregular?
This is the longest I have ever waited to hear if I am getting a bonus and/or a raise. Very disheartening. I must confess this could be the last straw if I do not receive one or the other, I will be seeking employment elsewhere. Must be part of their grand plan of 7000 layoffs by 2020. Tick tock the clock is ticking on that.
Ever dept is different when it comes to raises and bonuses.
I remember a long time ago when some depts would only give out bonuses to people of a certain grade level and higher.
Talk about causing problem among the workers.
....I’m still waiting too. What gives State Street?
How do you run a corporation like this keeping raises and bonuses so random obscure and secretive. Guessing if you get one or not.
So 3/2. You said you’ll hear? I’ll be hoping then too I guess .
But I won’t know if it’s my tax cut or a pay raise. I’m very upset not hearing yet. I’ll have to print off my pay stub to compare I guess.
So disrespectful working hard and long hours without any recognition or appreciation. How inhumane not to give an employee advance notice or throw us a bread crumb for appreciation. No excuse
I won’t know figures till 3/02, the day it’s paid. In turn, my employees won’t know till then. But they’ll know the amounts before I meet with them b/c they’ll see it in their bank a/c- pay stub.
@Post ID: @RJXmEKg-3ozy
Yes before I was discarded I am many of my coworkers would spent at least hmm 35% of our day having to Review and Correct the sloppy work being done by India.
I know when all the work was being done at State Street most departments demanded a 95%
rate of error free work.
But it seems the poor sloppy Indian workers think getting their work done by any means , is better than producing less work but work of higher quality
....still waiting. I will be supremely upset if no bonus. Not for the hours and workload and intensity that I have daily. It would be beyond insulting to not get anything after all I do for my Mgr and team
Same formula for me over the last 5 years. They cut my bonus and give me a small % increase in pay that is equal to the cut in bonus.
@RJXmEKg-1zsm Thanks for the explanation and that definitely makes sense. I am very fortunate that I am still working for State Street since I am a long-time employee. Of course, I have many peers/colleagues who are no longer working at State Street for various reasons. With most companies not only State Street it is about the bottom line and they really don't care about the employee or the financial ramifications of these layoffs.
The work that is being produced by India is mostly of poor quality and we have to review/edit and modify much of this work.
As a former old timer of 30 years who was discarded. In some departments a person who had reached the max of their pay scale. Mgmt would sometimes promote the person to an Officer or Avp even though they were doing the same job.
It was a way of giving them a title and a raise
Still waiting. :(. We have a very volatile Mgr. I’m new to the team less than a year. Hope I’m not overlooked. Very worried
I applied and got hired. Non-managing AVPs are quite normal.
@RJXmEKg-1tgj How do you become an AVP without anyone reporting to you ? I believe you but that is not the norm at State Street. I don't recall ever knowing anyone who was an AVP who wasn't managing a team.
Incorrect, I am an AVP without any direct reports. I did only get a "3" on my review.
Manager told me today because I am gone the rest of the week. Everyone else under her should be told tomorrow.
@@RJXmEKg-spj If he got a 2% raise he or she is not a high level Officer or
AVP aka Assistant Vice President. He or she is probably just an average
worker
What level are you? Senior associate, officer, AVP?