Do you not get s raise or bonus? Do you hear people lettting you know in advance or are you totally blindsided by it? Does your job performance come into consideration? Have there been layoffs noticed anywhere in teams or are you just thinking people are out sick?
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It’s definitely going to be a shocker in 2019 as to just how deep these cuts are going. Just about everyone being cut, no matter what level and how much severance, is going to have their net worth destroyed with this. You can argue till the cows come home that higher ups get better, longer severance packages, but they are also more highly leveraged in their personal debts and they are taxed much higher on their severance packages. Many execs own multiple homes, and they will be forced to sell at a time when the housing market is about to take a turn south. Then add in kids’ tuition costs, medical costs for aging family, and general lifestyle being forced to come to a screeching halt, it will be devastating to an exec that gets a three year severance as everything is relative, these people spend to their limits and although the average joe making $150k will probably find work again, a 150 senior execs are going to be forced to leave one of the nicest states in the country to try to find equivalent level work and it’s going to be hard for many, especially the older ones who are easily replaced by the younger, new talent that will work for hundreds of thousands less in salary, bonus and stock options.
In these cases, the irony is that all the experience will be what prevents these execs from finding comparable work and the same high level salaries. Their lengthy severance will give them time to sell their multiple homes and downsize to their new social hierarchies in society. But severance only last for so long and these people have multiple homes, many with multimillion mortgages they will not be able to pay back without the cash flow they have been accustomed to. There may be a smart one here or there that has their home paid off, but these people live live kings and queens and spend to their limits just like the slave class below them. We don’t live in a society anymore where people only buy what they need for a home people buy more than they need and they buy in super expensive towns.
It’s going to be bad, really bad because these execs are getting knocked down the socioeconomic ladder. It’s a blow to the ego to have to give up just about everything you’ve worked for and to know once a company is done with you, you get a kick to the balls and shown the exit door. They are going to have to make drastic changes to their spending and then determine what property they will have to sell, maybe more than one if they have multiple homes. And this affects the potential transfer of acquired wealth to their children and grandchildren.
It’s really a disaster to be in this situation, layoffs are a very destructive force in one’s financial health and security.
assume that you'll be replaced. depending on the department you're in, if you're white, you're gone. the higher your salary will determine the order. i've seen alot of comments that it's white males but I don't think there's any gender preference this time. if some of the jobs in your department have been moved offshore, if the ratio now or anytime in the future isn't 30/70 - they'll make adjustments so at least 70% of workers are offshore. once they've done your department , expect a little pep talk about how this is a great company and they have a vision. Of course, in the same meeting, they'll just tell you your department is done for now and no more layoffs planned at this time. doesn't mean 2 weeks from now, it won't change and they'll let someone else go. performance doesn't matter, it's all about the numbers.
@XbjYJ9e-zxw Yes, I agree with you and couldn't have said it better myself. It has been about reducing costs for a while and not your work performance. If they really cared about the workers in Massachusetts where a large number of State Street positions are located they wouldn't continue to send many of these positions to India. They do it because they can and the company doesn't care where these displaced workers while find employment or may move out of the state. Of course the displacing of workers has been going on for a while and not just in the financial services industry but many companies have been moving operations out of this country. I can't complain since I personally moved to another country for State Street and enjoyed it.
If you are over 40, white, male and are paid well, you are a target. Job performance means nothing. When they can hire a female, they will. Promotions will go to females even if the males are better qualified.
This is the world you all wanted. Enjoy it, lol!
Hard work does not pay off anymore.
There’s no warning and performance has not been taken into account for many years. If your salary is under whatever the current magic amount is at present, you’ll be “safe”. For the moment. Unless folks in your department have been going to India, etc to train your replacements. And then you will get the tap on the shoulder and shortly afterwards, you will be marched out the door like a criminal.
@Post ID: @XbjYJ9e-cre
Yes hard to believe it when they lay off the brighest and key people on projects , and keep not only the useless low salary people.
But people who I call the Boss's pets
Performance does not matter if you are highly paid or as other have said don’t have the relationship with your managers. This used to be a place the respected everyone no matter your background. I do think Ron is going to do very well. Jay was out of touch and out of control. 30% of current staff was hired within the last 5 years. Unsustainable. 1500 will be just the beginning. I suspect it to be closer to 3000-3500 by year end. The Wednesday tap on the shoulders will continue till at least may or June. Good luck out there.
Performance means nothing. If you want to get and keep a job these days you need to be underpaid and useless.
I've seen people who worked hard, had a ton of meetings to attend, were key people on projects that were laid off and they never saw it coming.
And if someone above you doesn't like you, like your boss or your bosses boss, forget it, you're done.
If you are making the most in your group, you will be cut, they can hire two people now for one salary.
Oh I don’t think anyone makes less than me
@Post ID: @XbjYJ9e
Your job performance sadly means nothing during the layoff phase. It is all about reducing cost and you could be the best worker but they will dump you and keep a cheaper but less qualified worker