Thread regarding State Street Corp. layoffs

Pushing back to office is their way to get people with children who have daycare challenges to leave. It is also a way to get older workers to quit. Both save the bank costs associated to benefits. They do these rah rah rah meetings saying they support women but their actions do not support that. I don't know why they bother to offer fertility benefits when they do not support parents. Read in between the lines from the latest shareholder meeting especially about costs.

So many complainers but you know what? Just quit. That’s what they want. Go to a client. It’s not really hard. It worked for me and you won’t ever look back.

Managers would always prefer to layoff those capable but not willing to kiss their a-s. Plus by getting ride of those talented, the d-mb managers will looks not so d-mb, and also gives them the excuse to hire more contractors after the crisis.

I remember over the years when my dept was cut from 15 workers down to 5 workers who actually did the work.

The one thing I did not understand is why the need for a Mgr, Assistant Mgr and a
Supervisor.

Too bad there is not a chart to show over the last 18 years of layoffs the percentage of.

Senior mgrs , Mid level workers and Workers laid off. Well I can say in my opinion the chart would look like this.

Senior mgrs laid of 5%

Mid level mgrs laid of 10%

The hard worker worker 50% (U.S offices)

My take is they will use the crisis to cut employees at a larger scale, Ron has already been clear they over hired during the pandemic and need to trim now. Something is definitely baking for sure

Feels another financial crisis is coming due to commercial loan crisis, short money supply, high inflation, and the drain out of household saving. Will SS able to survive the crisis? Or it may use the crisis to further cut US employee in much larger scale?

One major problem of the top management is it has been encouraging managers to abuse their power in hiring contractors and doing outsourcing. Many managers are using all excuses to get ride of employee and bring in consultants, and push for outsourcing so that their friends can profit from state street. Not sure those managers will also get nice kick back somehow. As long as the connection of those managers with HR seems also fishy since HR looks has been providing the necessary assistance for such trend.

@Post ID: @yrq+1oVtGNoU

No way (lol) you mean there might be members of the Board of Directors who are
getting kickbacks from these Consulting firms. No way !! that only happens on
Tv shows and in the Movies

Did anyone ask Ron how he manages to keep the weight off so well?

State Street thought they were so smart when they did the following to save money.

1. Cut 90% of the people with 10+++ years experience who job it was to train the
   new hires and get them up to speed.
   Now what do you have ? People with less than 4 yrs experience fumbling about not
   having a clue on how to solve problems, produce quality error free work.

2. The company should evaluate which jobs require you to be onsite, and which jobs
   can be done at home. Not ever job requires you to be in the office.

3. Maybe during the next round of yearly layoffs they should start at the top, and
   get rid of the vast pool of Senior and Executive mgrs who really are not needed.

FUN FACT
While there's all this talk about hiring freezes and overhiring, did you know that approximately 600+ inexperienced consultants have been onboarded to State Street since last year?

Perks of being a consultant:

1. They get to enjoy working from home, taking over our responsibilities, and being groomed to think they are better than full-time employees at State Street.

2. When the consultants do happen to visit the office, it's treated like a 'fun event week' where they walk around the office like they own the place.

3. Consultants get per diem where the company pays for their flights, lodging, meals, transportation, parking, etc.

Why is State Street choosing to get overbilled by consulting agencies rather than give opportunities to employees?
Hint: See who sits on the board of directors and find who has ties to the consultant agencies.

Lot of people very upset with return to office. It was standing room only and employees did not back down. Impressed with the three that spoke up and asked “Why do I need to be in the office? I manage 2 people in different locations and the rest of my team is in India amd it takes an hour and a half each way”
“Are you going to pay for my parking- and not with my own pre- tax money- but a subsidy”
There wasn’t much that Ron could do to address those issues. Can’t even recall what he said at all.

It was great to see 3 people in person question the 4 day in office mandate. Based on the comment from Ron about over hiring, it seems obvious this is at least a partial attempt to get people to leave. The other areas of concern (lack of training new members, knowledge sharing, collaboration) are a result of poor managers and continued outsourcing but let's not address that.

Is there a way to listen to it if you missed it?

Translation: We made the costly mistake of bringing in too many expensive consultants through a backdoor deal. Our solution is to force our own full-time employees to quit by having them return to the office, and work long hours at their desks alone while experiencing a toxic work environment. None of us executives wants to do layoffs as it requires eating into hefty bonuses to pay for severance. This is not our fault.

Overhired. Maintain freeze.