Most of my department got comp info this week. Many of us got high ratings but no raise & a very low bonus. I can't imagine what people with poor ratings received. It was expected, especially in Boston & Quincy, but frustrating still. We worked really hard this past year. No layoffs in my org yet, but we are expecting jobs & work to be offshored. A few senior leaders are expected to retire, but may wait to get severance.
How did you fare?
@Post ID: @XMtF0Lr-bcsh
As a former worker who was laid off, be grateful you still have a job and do not rock the boat with HR.
Remember HR works for the company and not the workers, and they will mark your file as a possible trouble maker.
When I am my former coworkers where there, we went through 2 years of no raises or bonuses.
Yes its unfair you worked hard, but hate to tell you,. Over the last 10 years hard work, beign a loyal employee mean nothing to the company.
You must be a newbie if your complaining about no raise or getting the promotion they hinted you be getting. Take it as a sign that you could be the next one to be let go.
I got a decent bonus but there was no performance review written, is this normal? Should I clarify with HR as this doesn't seem transparent and my manager couldn't even answer my questions about pay.
Didn't get a raise either, suspect it's because our group is being outsourced and there will be more layoffs. Last year was told I had a good chance of being promoted and worked hard, but looks like it was all for nothing. Meanwhile they have announced promotions in other groups so pay freezes are not across the company as a whole?
more layoffs are coming.
@Post ID: @XMtF0Lr-beay
If you been reading the posts then you would realized layoffs have been going on since 2003.
It doesn't matter how smart you are, how hard you work, how loyal a worker you all.
Its layoff layoff layoff, replace with contract workers, or worse bring in more people from
India to do the work.
The got rid of thousands of workers over the age of 50.
Then they went after the expensive Officers, Assistant Vice Presidents, Vice Presidents.
This is horrible, my son a young dedicated worker got notice. When his girlfriend went on a vacation cruise, I asked why he did not go. His reply was<" Id, rather work , I love my job at State Street. Yesterday on March 6, he was served with a lay off from State Street Bank. I do not see his money earned making much of a difference with the budget. . When an employer is dedicated and would rather work because they love their position. Why then is this fair? What happened to wanting dedicated employers... In the long run , Is this not worth it? The manager asked him,"are you ok"/ which was nice ; this is nothing short of devastation, as he thought he was being called in to talk of other things up and coming.....
Not even worth an intelligent response
Got a 40% raise this year. Take that
0 bonus for the team...work going to India
I got a 5% bonus, 12% raise, no promotion as I don’t golf with the MD. Told them they can’t retain me considering I outwork and outperform everyone at my level by miles. They can get the coasters to do the big complex projects assigned to me. I went home and posted for a new job. I’m tired of working like a dog for nothing.
LMAO.... former laid off employee here and am enjoying watching the demise of this sh--ty company sink to new lows.
Hey, there is a life way better after State Street....don’t be afraid to find it.
Same. My friends & I in Quincy were all told no raises and most of us got a bonus 50% - 70% less than last year. I have not heard of anyone getting 0 bonus. The only raises I have heard about were through promotions. My manager is planning on retiring but is also hoping for a layoff before deciding.
Exactly the same things happening at BNY Mellon for years. It gets worse every quarter. Very difficult to work like this. Good luck to you all!
@XMtF0Lr-azp To both of you who posted so far on this thread. Yes, I agree that many who still work at State Street make you believe that you are fortunate to still have a job and shouldn't complain. State Street has been doing this for years and wonder why employee's are unhappy. You can't expect to work at such a fast pace. perform at a high level and receive no compensation for your superior work. I don't work at State Street any longer but have many former peers in my network who still work for State Street. Of course I don't really understand how they can continue to keep offshoring so many of the positions and not get sanctioned for this. Just one of the articles that I found online about this.
https://itep.org/new-legislation-would-end-tax-incentives-to-move-jobs-and-profits-offshore/
Just my take on it and of course not just State Street but many large corporations.
@Post ID: @XMtF0Lr
Well remember the famous saying from mgmt , Be grateful you still have a job, Do not complain you still have a job.
My area are work load has doubled our staff has gone from 8 to 5 people.
And when somebody is sick or on vacation we have to get by with 4 people.