I am starting to get really concerned about my ability to retire comfortably given all the layoffs and job uncertainty plus poor salary increases that I have been experiencing at State Street.
Can anyone offer me any reasons not to be concerned about my future and ability to retire? Or are my concerns valid?
I would recommend leaving on your own terms. The severance package gets smaller and smaller each year. Also, the longer you wait, the less likely you will be able to find a job if you eventually do get laid off. Ageism, unfortunately, does still exist. I have seen many managers get laid off only to come back to State Street at a lower level for less pay because they cannot find anything else.
I would like to add that this thread is a very good example of the type of hostility that you experience on a daily basis at State Street. Man, I am so glad I got the hell out of there.
To the AVP who has been working for more than 15 years. You could be one of the next to be laid off from State Street. I personally know many former employees who were AVP's and higher who were also laid off. It happens to everyone at every level, age and number of years of work experience. It could happen to you at some point also.
To the AVP snob who thinks they are the greatest thing at State Street dream on.
Not all the workers are mindless lazy drones or coming to work dressed as slobs.
Sounds like you have no idea on how to managed people and motivate them into being
a well oiled working machine.
I worked 50+ hours a week, stayed nights when needed, was on call and never once in my 20
years did I ever get a thank you job well done from my boss or his boss.
I saw my dept slowly go from 14 workers down to 8 workers, yes 8 workers trying to do the work
of 14 people. And when it was vacation time it was 6 to 7 people trying to keep up with the
workload. How many of us ate at our desk while still working .
People become stressed double work loads and it got worse when people took vacation.
Oh the irony of an AVP complaining that 20% of his day is non job related. If they cut 1 out of every 5 of you, there would be no productivity loss for the company.
How many of those "processing robots" that were layed off would have gladly stayed some extra time on a Friday night? I guess you get what you pay for.
Have you thought about going for something other than the traditional financial services positions? The industry as a whole is shrinking and getting to be crappy, it just isn't a highly skilled field anymore. Assuming you are in the Boston offices, there are a plethora of companies...maybe try and be an analyst or something along those lines. The KC people are screwed and so are most of the CA operations. It is very sad what has become of this company, but burying your head in the sand and riding it out is a terrible idea. Spend an hour or two each night kicking off resumes, someone will eventually bite.
Hey there AVP, you must be so proud of yourself for supporting the corporate line. No doubt you will be richly rewarded. How sad. Your response shows how little you know about human nature. Does it ever dawn on you that all the staff "issues" that you have deal with is because you are a manager. Or perhaps they are in response to the poor treatment the employees are receiving? As for approving vacation requests, are employees not entitled to the vacation that State Street offers them and should they not check with you their manager before taking the time off? So sorry that vacation requests inconvenience you so much?
News flash--people have lives outside of State Street. Yes they really do. Try looking at all the issues you outlined from the staff perspective. Perhaps someone can't stay behind at the last minute to accommodate a last minute client situation because they have to pick up there child from day care? As for the standard line, if you don't like State Street why don't you just up and leave and get another job? Have you not been reading this blog? For those of us over 50 it is almost impossible to do? Corporations, especially those in financial services, simply do hire those 50 and over no matter how talented or hard working they are. You will learn this one day. Most likely the hard way.
Furthermore, State Street does not only answer to its shareholders. It must also address the needs of customers, suppliers and its employees. Those companies that work hard everyday to balance the views of all of these are the ones that truly prosper. Have you ever wondered why State Street stock is down so much? Why the stock has not yet recovered from the highs it hit in early 2008? Despite all the job cuts and expense freezes in the last 8 years, the stock market (the shareholders) have rejected the approach that management has taken. So in your view management is addressing the needs of its shareholders with the decisions it is making and in turn the shareholders are very clearly expressing their view. An outright rejection of management's approach.
As for you there AVP. Just try a different approach with you staff once or twice. The positive results that will be achieved will amaze you. It may even get you that VP title you covet so much.
No one is being hostile to you first of all, just honest. If you feel you're being treated poorly or under compensated by State Street then you should leave. Secondly and more importantly State Street is not the devil most of you are claiming it to be. I have been with the company for 15 years and have been an AVP for the past 7, my salary is good enough where I have found out I won't get close to it going elsewhere. I worked hard, stayed late, asked to learn more and I got rewarded by the company. Do I fear of being laid off? Yes, absolutely but that is the world we live in and not exclusive to State Street.
The MAJORITY of employees at state street are processing Robots who long for the good ole days of hour lunches and 30 minute coffee breaks taken 15 minutes after you first login. All I hear about from my staff are about small issues that have nothing to do with the job their paid for. God forbid you ask one of them to stay 5 minutes late to finish something on a Friday, cover a co-workers desk while they're on vacation or to learn a new task or change their hours from 9:00 to 9:30 to accommodate a new client. At least 20% of my job is coddling my staff, approving vacation requests, reminding them they can't wear tank tops, flip flops, and that they need to answer an e-mail that came in 3 days ago.
News flash for A1s, A2s and Seniors, chances are your jobs are entry level and take borderline high school level abilities and can be learned in a couple of weeks. If you're getting paid 60K to process something you have been doing for 10-15 years then you are overpaid snd likely unmotivated and can easily be replaced by a kid straight out of high school or college who will make 30K less, get two weeks less vacation and not cost the company twice as much in benefits to provide your family with life insurance.
Severance is not required by law and you should be thankful it is a benefit provided by State Street to help you transition. Not trying to be rude, but State Street is a business and answers to their shareholders and not their staff. If everyone wants more from SSB then get together and unionize I hear it worked out great for Verizon.
I agree with all of you that are 50 or older. I was laid off from State Street a few years ago. I am currently working but making much less than I earned at State Street. I have kept my resume updated and will continue to look for a new opportunity but haven't found many good opportunities. Although, I did interview with all of our competitors, BNY Mellon, JP Morgan, Wellington, Brown Brothers, etc. I didn't get hired by any of these companies. It is very discouraging and I will probably have to move out of the New England area when I finally retire since I won't have enough money to live on.
I am not even close to retirement age either so will end up earning much less than I expected unless I find a new job.
I am not sure why you are being so hostile towards me. I posted my concerns and asked for help on here. Many have provided very helpful comments. You have chosen to attack me. I am not sure why?
This is what I have found at State Street. Managers who lack compassion for their staff and who themselves are so dissatisfied with their lives that they take it out on everyone around them. Sad indeed.
I work hard and have done so for almost 15 years. I deserve more from the company and my from its managers. In my view it is shameful what has become of this once great company.
Care to explain to me how a severance is "your best option"? It's a nice LIITLE going away present but it's not something you should be counting on to retire.
Keep looking for something better or at least comparable if you're unhappy, don't just sit there in mediocrity waiting for a measly 4 months of your 45-55 yearly salary.
I have been looking for another position outside of State Street for some time with no luck. As I have a good work record and solid experience I suspect that my age is the major factor working against me. I mentioned earlier that I am my early 50's....probably mid 50's is a better description. It's tough out there for older workers such as myself. So until then I am trying my best to stay positive at State Street but that is increasingly difficult to do. The place is very toxic and eveyone seems to be out for themselves only. I fear that a severance from State Street may be my best and only option.
You don't leave for a worse offer. Just get out there and see what you can find. If you stick it out for a severance package, which is dumb...its not much and you will get a pay bump to move, well you then may be stuck in the position of having to accept a worse job once that severance runs out. The place is garbage and getting worse at a rapid pace. Why be meek and take whatever they give you? Go out and find something better, it feels awesome to not have to have anything to do with that toxic place.
High deductible plans are getting more or more common since they cost less for employers. If you jump ship for another company you could end up with it again.
Do you people really stay at State Street because you might get severance?
Pretty sad reason to stay at a company. Why not be proactive and look for a new job now instead of waiting to maybe get an ever decreasing severance package.
As a manager it's no wonder why there are still people who are associate 2s who have been with the company for 15-25 years.
Yes benefits are getting cut. I am trying to balance the loss of benefits with the potential severance I will get. I have been with the company for more than 10 years. If I leave now--i may find better benefit coverage however will walk away from my severance entitlement.
Best case for me is I get severed very soon and am fortunate enough to find another position relatively quickly. I am in my early 50's so I am not sure I will find that new position.
That's why I am so stressed out and have reached out for help. Seems everyone I try to speak with about this doesn't want to say much--i sense they are afraid to get caught saying anything that could be viewed as being against State Street.
Aren't benefits getting cut starting next year? Staying for insurance is moot since they are only going to offer high deductible plans. It was one of the few things that kept people around, but nope, not anymore. Get that resume updated and try and find somewhere else to finish out your career, this isn't it.
Thank-you for responding. I am also in my 50's and get the feeling that my days are numbered at State Street. I also have a history of minor health issues so absolutely need health insurance. No way I can pay myself. I thought I could count on State Street as long as I worked hard and did my best. No way--the greed of management is too powerful.
I am not sure what to do?
I got laid off last year - at the rate I am going - I won't be able to retire ever, never mind comfortably. After experiencing salary shrinkage for many years. Was Hoping to retire at 62 but no way I can afford it. The key is to work so I can get health insurance. It is tough out there for anybody in there 50's or older.