Thread regarding State Street Corp. layoffs

@Post ID: @e9+1jq7wfesb

You are correct to, I think the problem is over the years their is no standard routine.
When it comes to noticing people they are going to get laid off.

As a former old time too, I remember the glory days of this company.
When ever high school and college graduate dreamed of working for this company.
Once hired most people were able to stay there for 30,35, even 40 years until they retired.

Then a black cloud know as Corporate Bean Counters were brought in by the Senior mgmt board. Their goal was to slash expenses through layoffs, outsourcing and the dreaded H1B workers.

The decline of this once great company started in the early 2000's of this company.

@Post ID: @ct+1jq7wfesb

I think they would try to speak to you first before you are emailed with details of your layoff. The discussion can come up when you have your weekly meetings with your boss. Or it can come out of nowhere. I had a former colleague who's been with the company for 30+ years. Out of the blue, our manager's boss sent my colleague a friendly message to 'catch up' in another floor of the office and to bring his laptop. My colleague is a smart guy and great team player. We assume it was a career network opportunity.

When he got there, he was surprised to see it was an empty room. He was then asked to dial in. On the line was not only our managers boss but a HR representative to inform him he was being let go. I have no loyalty for this sleezy company. He was replaced with a Indian worker too.

@Post ID: @ct+1jq7wfesb

Yes the email header will usually say Termination Date

And your Boss will call you into his/her office to give you the standard " Termination speech.

Was the email obvious? I get 400 emails a day and would REALLY hate to miss that kind of email.

@Post ID: @ca+1jq7wfesb

1st the talent pool is a joke, you have many workers trying to get hired for the few
jobs that are available . The talent pool is nothing but a company PR stunt .

2. The few few lucky people are the ones who are able to find a job after being let go
   and getting severance package. But this is hard due to the job market being so bad.

Only a few people are able to get severance save it , and get a new job.

Not sure exactly how these layoffs were handled prior as I was not told anything thing before.

But now what they are doing is “redeploying” employees whose jobs are being eliminated or if they are lowering numbers and some people have to be let go in a tram.

There are open jobs and SSB does not want to pay severance so instead they are moving people onto other teams even if their skill set does not match. Often times these individuals get frustrated due to not fault if their own just a square peg in a round hole and leave instead …now SSB does not need to pay severance.

Not sure if this is why they haven’t filed ….i don’t know the legal side but I know prior they went into the “talent pool” and had several months to try for another position or if they didn’t get another one at that time they were given severance. Maybe that was their loophole.

There was one time I had my regular 1-on-1 with my manager and was taken off guard that my position will be eliminated due to reduction in force. I was told that my last day was in two months. I was curious to see if State Street is showing up in the Massachusetts Gov WARN website. There is no historical results showing up for State Street. What's funny is I see smaller companies with less people showing up on the WARN site.

I was unemployed for while but was able to land new position in a different part of the company. I find out later my former role was given to an overseas Indian worker. Of course they couldn't do my job and demanded I train them.

I want to be more prepared next time if I'm being axe again. I rather hold off signing those seperation agreements just to get severance if employees affected have a strong case for a lawsuit.

Ha! An AI bot response below ☆

During the last 20 years of layoffs, the company never sends workers a long term warning. The following things usually happened during layoffs.

1. The company will sometimes send an email telling you your being laid off and the
   date of your termination.
   
2. Your Boss may call you into the office and tell you in person which is now rare.

3. The reason the company isn't going to give workers a 3,6 or even 9 month advance
   notice is. They do not want workers to start job searching and disrupting the
   company. They want time to find H1B workers, or outsource your work to
   another company.

4. My layoff experience was the following . Received email telling me I was being
   terminated in 6 months. During that time I had to train my H1B replacement .
   
   If I refused, no severance package, If I gave my notice before my termination
   date no severance package.