I work in IT & agree it is a mess. I have to buy my own desk & office supplies, but the big wigs get big bonuses & get golden parachutes when they leave or are fired. The people who do the hard work got pitiful bonuses. I wish they would lay me off...I would get 6 months severance. But, I'm still applying externally just in case.
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@Post ID: @Ycavg9b-9lmo No I am not talking being a contractor.
My friend had worked 23 years at State Street, then they outsourced jobs to IBM.
She was thrilled when IBM wanted to keep her at her current job but as an IBM employee.
If she had been laid off as a State Street worker she would have received a 9 month severance pakage, instead of the lousy 4 weeks she got after IBM no longer needed her.
@Ycavg9b-9kik That is definitely very sad but unfortunately I am not surprised at all. I have only worked short-time contract positions but would imagine that many companies will hire contractors and promise them a six-month or nine-month contract. If the work is completed sooner or they never had any intention of keeping these contractors for more than a few month's they would be let got with nothing new lined up.
@Post ID: @Ycavg9b-8ihm
Happened to a friend of mine who was thrilled that she was hired by IBM, but little did she know after 6 months they were going to let her go after they used her . She got 4 weeks, sad thing is if she had been laid off with her coworkers she would have gotten 9 months serverance package.
And then IBM cut the severance package to a maximum of 4 weeks. People that devoted 15-30 years to State Street eventually got laid off and received a generous 1 month severance. I sure hope State Street has something else up their sleeve because this isn't going to end well.
@Post ID: @Ycavg9b-8bak
I give credit to the old State street IT support people who could keep a lot of the older computer systems running.
People have to remember the average IT person has no say when it comes to buying newer equipment.
That is why they were such great workers, taking 20+ year old systems and some how keeping them running.
As for IBM , the few SST workers who thought they were lucky to be hired by IBM soon found out they were conned. Everyone was considered a new hire so all their benefits were based on that.
People who had 4 ,5 weeks vacation were given 2 weeks as a new hire.
They were given a 20% pay cut because IBM was not going to match your old STT salary and benefits.
And to continue on that point. Because they have no senior people the people in IT are creating solutions for problems that have been solved years ago and the new solutions are piss poor. Chris Perretta destroyed IT and walked away with suitcases full of money. The decision looked ok for a while as many of the skilled IT folks went over to IBM and continued to provide the same level of support. Fast forward 6 years, most of those skilled people have left and IT is in shambles and that is putting it kindly,
@Post ID: @Ycavg9b-8wqz
The sad thing is most departments have no senior expereinced people of 10+ years with vast knowledge of procedures.
In most departments anyone who has been there for 3 years is considered a senior person..
How stupid it was to get rid of 90% of the senior people who had incredible knowledge of how things ran.
Unfortunately State Street has a senior management team that are prepared to cost the company millions in long term error losses relating to complex work that is now being offshored so they can save a few thousand now and more importantly meet their own financial targets.
They don’t care about the risk involved or the quality of staff they are losing. They are also now trying to get out of paying redundancy by moving people to completely random teams when the work goes in the hope they will annoy people so much they will leave and save them a pay off.
I was part of the first lay offs under 'Project Beacon' a few years back. So glad to be out of it - horrible place run by mo--ns. And all of this is so going to backfire on them once everything is fully moved to India and Poland. Talk about putting your eggs in one (not very safe) basket :) Scrambled eggs anyone? :)
@Post ID: @Ycavg9b-4wvu
Pity the few remaining U.S workers who spend 50% of their time having to fix all the mistakes being done by the Indian staff. The staff who thinks meeting deadlines is more important than producing quality work.
They think getting a job done in 2 weeks instead of 4 weeks is more important.
Because they know the poor understaffed U.S people will fix all the mistakes for them.
I am amazed why State Street hasn't lost more customers due to the poor quality of the work, and the poor service being offered to them.
Getting laid off would be the most merciful thing at this point. I dont see how StateStreet can repair business functions with how aggressively they offshored, and how limited the payoff was
The N Quincy offices are JAB, JQB & OHD. Do you know which offices or departments should expect layoffs?
I work in IT in JAB & my spouse works in JQB & we have heard no concrete rumors. It's almost been TOO quiet.
From what I heard from friends still working there, most of the layoffs always happen at one of the offices in North Quincy.
@Post ID: @Ycavg9b-3fdo
Sadly doubling the workload has been going on for the last 15 years at State Street, as has the layoffs.
Before I was discarded my dept used to have 10 people, then we went down to 6 workers.
The worst part was when somebody went on vacation which brought it down to 5 people, sometimes 4 people.
Some of the younger people thought they might give everyone a small raise to compensate for the double workload (lol)
Nah the motto from mgmt was " Be grateful you have a job, be grateful you have a job.
If your over 50yr you are in big trouble when looking for a job, nobody wants to hire people over the age4 of 50yr.
Even though we bring years of experience and a strong work ethics.
I have a few friends who found full time jobs but are making 30% less than they did at State Street.
Others have been surviving on low paying temp jobs , due to the thousands of other people desperate for any type of work.
I had a friend who worked as a temp at State Street for 4 months, then was renewed for another 4 then another 4 months, for a total of 12 months.
Then she was let go after 1 years but was told by a close friend in the dept how 5 days latter after she was not renewed , a new temp was brought in to take over her job.
Wow !!!!!!! so instead of just keeping her they let her go after 1 year and bring in a new temp who has to be trained.
Agreed. I've been applying externally like crazy since my (small) bonus was received on March 11th.
I also have been given a whole extra 2nd job with no extra pay. My team has shrunk due to attrition & we cannot hire to replace.
The best part is that State Street is now off-shoring more complicated work in departments that do not involve performing the same tasks day after day. I am happy to report it has been a complete failure so far.
I wish I could divulge more about what is going on in India and how little the company really cares. They have gotten to the point they are hiring the loser throwaways that could not succeed at other companies off-shoring India.
Mark my words the company is going to start getting rid of any dept that is high risk / low reward. They will also sell of SSGA and what is leftover will be an acquisition target. My best advice to you is to look for a job elsewhere and do not be afraid to relocate and get out of Boston and the northeast.
The count in my department in the last 12 months.
6 FTEs left, 2 laid off, 1 internal, 3 external. Only 1 replaced by a left over from another disassembled team who is total rubbish at her new job and is outwardly disgruntled she didn't get let go too.
At least 10 new reqs have been opened in Gdansk or Bangalore but no work has gone over aside from the random one off project just to test their ability (which isn't high).
The best part is the contractors aren't staying more than 2-3 months with some leaving before the end of their 2nd week with out giving notice.
What I have heard this week was not layoffs but instead mass exodus of us employees after bonuses were paid on March 11.
Any new layoffs? I heard of a few in Quincy, but heard no details.