Any word on bonus payouts , is it as bad as advertised ?
11 replies (most recent on top)
State Street is putting out the red carpet (higher bonus % , WFH) to attract more offshore Indian workers. The executives are eager to have Indian workers replace American workers as soon as possible.
@Post ID: @2rel+1r262FR0
As somebody who worked 20years for the company before being outsourced.
I know raises and bonuses for the average worker varied from 3% to 6%
Raises and bonuses more than 7% were extremely rare for the average worker.
Interesting from all these posts and talking to my few remaining friends at
State Street. It seems the Indian staff gets the perks of higher raises and bonuses and the luxury of being able to work from home.
Something the company denies to the U.S worker.
I’m a low level VP in Quincy. Really not a VP outside the title. I don’t get paid like one or have the responsibility of one if I’m being honest. Anyways I got my TCP yesterday. It was in line with a previous post, zero merit and bonus down about 30%.
Also this was the first time I’ve had an employee reporting to me in India. He received an 8.5% merit increase. I initially went for 3% thinking that was average but I was told 8.5% is the minimum for performing staff in India and typically it’s 10+%. Also SSB is considered a relatively high paying company in India.
Crazy and sad times here at SSB
@Post ID: @2umn+1r262FR0
Nope I know the hierarchy just in my opinion the title of MDs is just a made up title
I can see you and I both forgot about a very low level title , and not sure if it still
exist .
It was the title known as Officer.
I can confirm as an avp and speaking with other avps; we also get crumbs depending on the teams you're in. I know a guy that used to work 65+ hours a week and had to spread his hours across for coverage. He only got a few full days off per month. He was expecting his bonus will make up for what he really should be compensated for his time and effort. Instead he got a cr-ppy bonus and soon after was informed that his role was being eliminated. He said being place in the Talent Marketplace was a joke.
Post ID: @2obj+1r262FR0, you have wrong order, looks like you are not familiar with State Street's hierarchy following is the order,
- The Senior Vice Presidents
- The MDs
- The Vice Presidents
- The Assistant Vice Presidents
@Post ID: @vor+1r262FR0
They had the money but they 1st had to start at the top with the bonus money.
- The Senior Vice Presidents
- The Vice Presidents
3 The MDs
- The Assistant Vice Presidents.
They all got a loaf of bread while some workers got 1 slice of breads and the remaining got crumbs.
@Post ID: @1gml+1r262FR0
Really ? you must be an executive then, if you were told what your bonus was to be when they hired you. The average worker bonus varies from 2% to maybe a high of 6%.
The average worker who is hired is never ever told what their raises and bonuses are going to be. They find out about their raises and bonuses when their Boss calls them into their office.
Was hired Q3 2022. Was told to expect a bonus of 10-15%. Was told 3% today.
I have a small team and no one I would consider a high value employee. They all got 0 merit and took a 35% cut to their bonus.
Before anyone gets snippy, I was told by our MD that there was nothing he could do for us. They had very little to give out and did what they could for the people who worked hard all year.
Question how long have you been at the company ?
If you been there for 8 plus years.
Then you know raises and bonuses are very small.
And there were years when raises and bonuses were not given.
Just because they are doing layoffs it doesn't mean any of the money they save is going toward bigger raises and bonuses