Thread regarding Fidelity Investments layoffs

I hope we see some financial relief soon

I know not everyone will feel this, but it seems to be a hot topic. Obviously some people are highly compensated, get huge bonuses and plenty for shares.

For most of us that aren’t senior management, highly-compensated salespeople, or software engineers, It seems we are many times worse off than years ago. With the state of the world, a lot of us in average jobs are suffering greatly. It’s all people talk about at work.

I myself was once able to save a good chunk of money a few years ago, even two years ago.
Now I can’t afford clothes and shoes I need. Never anything extra. Debt mounting. Feeling very hopeless.
I know the economy su-ks right now, but I wish Fidelity would pay us more.
When raises are a fraction of inflation and bonuses are small, life feels pointless. PI adding headcount as well.
Add being overworked, given work that belongs to higher salary grades, automation taking lots of the work, less opportunity for overtime, and the like.
It’s hard out here.
Probably going to have to look at some sort of retail job part time and be even more tired.

I wish they would adjust pay ranges for the salary grades. If you’re near the top, you’re screwed.
Not all of us are in entry-level jobs that need to be left ASAP, either. We should be able to live on a full time job’s salary at a huge financial company. Climbing a ladder won’t work for everyone, especially depending on job type, of course.

Just praying for some miracle, extra paycheck this year, etc. Likely? No. Going to keep wishing? Yes.

by
| 1784 views | | 12 replies (last September 26, 2023) | Reply
Post ID: @OP+1oFr4uQP

12 replies (most recent on top)

If course it’s not a fidelity issue alone but we should be able to make a living wage in any position here. The salary grades are weird, since you can’t get a raise near the top. You should not have to change jobs every year to be able to make it. Should be able to make it and pay for extras and live life. Especially at this very rich company.

by
| | Reply
Post ID: @8pyk+1oFr4uQP

One observation from NH.
Too many folks today are convinced that Fido is the only place to they can work.
This is very much to their own detriment as this is no longer true today.

by
| | Reply
Post ID: @7fag+1oFr4uQP

That is not a Fidelity alone issue - https://www.kiplinger.com/personal-finance/inflation/most-americans-havent-had-a-raise-in-3-years

by
| | Reply
Post ID: @7bfs+1oFr4uQP

"Haven’t had a raise in 3 years. Very discouraging." Maybe your performance isn't what you think. If I did not get a raise every year I would be looking for a new job. Why would you stay after 3 years of no raise?

by
| | Reply
Post ID: @7dju+1oFr4uQP

OldFidelityEmployee just curious, what are the benefits at your new company? How much PTO? How much company matching on your 401K? How are the insurance options?

by
| | Reply
Post ID: @4tcx+1oFr4uQP

I was in this exact situation, stuck at $100,000 and not able to get to my goal of 130 to 150k plus bonus.

Guess what? I got sick and tired of being sick and tired. I took a few months, did research, found a great smaller asset management competitor. This was 7 months ago. For doing essentially the same job I now make $2000 more every month, at $134,000 salary plus bonus.

It’s easy to get comfortable but at the end of the day life is short. Don’t ever get comfortable. Never be afraid to look for something better

by
| | Reply
Post ID: @4pya+1oFr4uQP

Was just talking about side jobs with a colleague. We are tired but going to have to come up with plans.
Have heard numerous people say it’s embarrassing to tell people you work here but can’t afford to live or only make X amount a year. People that live at home can’t even afford things!

by
| | Reply
Post ID: @3dqt+1oFr4uQP

Nor have I written “bye, Felicia”.
You know this is a forum and not one person’s blog, I hope.
It’s almost as if automation affects more than one person at the the company.

by
| | Reply
Post ID: @1xqd+1oFr4uQP

The irony is that different people have the same thoughts then, because I didn’t make other posts.

by
| | Reply
Post ID: @1ust+1oFr4uQP

Again? Same sentence?
"Automation appears to be handling much of the work"
I've noticed you've used this phrase in four different posts recently. Similarly, you've repeated movie quotes like "Bye Felicia!"
I'm not sure if this is intentional or if you're consistently using the same ChatGPT prompt.

by
| | Reply
Post ID: @1fzh+1oFr4uQP

They won't start giving raises until people start leaving the company.

by
| | Reply
Post ID: @nae+1oFr4uQP

Haven’t had a raise in 3 years. Very discouraging. I am also over 50 so I wonder if my age factors into the equation. My performance reviews are all good.

by
| | Reply
Post ID: @dvl+1oFr4uQP

Post a reply

: