State Street should seriously consider implementing employment separation buyouts through a Voluntary Exit Program for employees who are interested in leaving. I understand this was explored in the past, but the program was reportedly canceled due to unexpectedly high demand and costs. However, this time, the company could manage demand by creating a waiting list.
Buyout is a win-win situation. Instead of the playing this stupid cat & mouse game of force attrition and layoffs; employees who wish to leave could do so voluntarily with severance, and the company could avoid increased unemployment insurance costs. Meanwhile, the remaining staff could focus on their work without the constant anxiety of potential layoffs.
Current headcount reduction efforts are misguided. Management seems to underestimate how resilient State Street employees are—and how many have shown loyalty to the company for years, in some cases becoming so embedded in the organization that external opportunities are limited. These employees are unlikely to leave without having another job secured.
Quiet firing tactics such as mandating return to office—are ineffective. Finding internal US roles at State Street is already difficult, and the lack of privacy in the office makes it nearly impossible to search and interview for external positions discreetly. Cramped spaces, lack of available conference rooms, and general office distractions make it challenging to stay productive on our regular jobs, let alone coordinate a job search.