I am currently interviewing for an open position. The question is, do I leave my stable job of 10 years to join this organization with a history of annual layoffs? Thoughts?
6 replies (most recent on top)
As the others said. I do not recommend giving up a stable job that you may grow in. There is 0% promotion within departments it is always easier to bring outsiders at "Market Pay" per HR. Once you are in you may forget pay raises and bonuses and watch for lay off. In the last 10 years since I have been with SS the morale is absolute negative. Quality of work declined significantly. Leadership should be fired as they are not leaders just hiring consulting companies and outsourcing their decisions for millions then they outsource employees pick up their bonus. With the most recent earning result you can start seeing how bad the company performance is despite the improving market. They always have a reason why they cut employee bonuses, raises but CEO, CFO just collecting higher and higher pay...
I agree with all of the others that you shouldn't leave a stable position to work for State Street. They continue to layoff every year and send jobs to other countries. I even know of entire departments that were replaced with workers from another country. Glassdoor is definitely a good place to read the reviews from current and former employees.
I actually have 18 years in the industry and the open rec is for a VP. I have read glass door and wasn't surprised at what I saw given the company's track record. It is essential to review many information sources; thought this site would be helpful. In light of your replies and other news sources and reviews I have seen, I would be a fool to pursue this opportunity. To all who posted replies, I appreciate your insight. Thank you.
There is no safe place at State Street unless your friends with the Senior Vp's and higher .
For the last 10 years its been nothing but layoffs, layoffs, outsourcing
If you were to come here straight from school, I'd say yes, come and get some experience. But if you have 10 years of experience this place will chew you up and spit you out in no time. Go to glass-door see what folks say - read reviews and READ BETWEEN LINES
No way. Not only does State Street participate in annual layoffs, but it is an overall an awful place to work. You'll never feel appreciated and you'll be overworked and underpaid.