Into paying higher wages, why not us?
Who's our savior? Who's fighting for us?
No one!
This is not only unfair and it is demoralizing.
11 replies (most recent on top)
@Nr2eocK-catb I couldn't have said it better myself and I agree with everything that you wrote.
As a former employee of State Street who started working for State Street in 1987 and of course got laid off after many years of working their, I always tell anyone who will listen that I feel very fortunate to have had the opportunity to have had a job dealing with the stock market since it was the niche that I was always interested in. The entire financial services industry has changed significantly of course because of the development in technology and outsourcing. Also because of all of their global offices. Obviously, it isn't just the financial services industry but many other industries have suffered because of outsourcing and technology. They claim that we have low unemployment but what type of salaries is average worker earning. Most middle class US citizens are earning significantly less than they were earning several years ago. My current salary is approximately what I was earning about 20 years ago and I am struggling to pay my bills every month. I may eventually find another opportunity but until I do I am using money that I have saved for my retirement which isn't an ideal situation. Just my take on it.
Being an old timer of SST before I was discarded. I can tell you there was a time when everyone coming out of high school and college dreamed of working at SST.
Starting out at an entry level job and working your way up through job training and hard work.
Now fast forward for the last 15 years the goal is outsource, outsource jobs. And the ones who still
have a job have seen their work load double and triple with no more money given.
I also remember having SST on your resume was a sure fired way to land a new job
Now its a red flag due to the fact that SST is way behind the time on new technology and training
its workers.
I stand by an earlier post State Streets layoff is through attrition.
Their payscale is below sub par and they know it and choose to outsource at greater levels than most companies.
In fact, a lot of big corporations are making an effort to single stream the work force due to the failure of outsourcing but when your only goal is CEO salary, bonuses for the top top tier and only shareholders not stake holders and employees you will never learn.
Attrition look it up next is austerity where they cut pay, as if it isn't insulting enough not to make a fair livable wage without raises.
There are college grads starting at a higher salary this year fresh out of school employed by other companies after we are being at state street for a decade, dintbsay keave it's not that simple.
I know I keep trying sending out my resume but state street has us shackled with out of date software and skills unlike true growth companies.
I get what you are saying. Education is never a waste and sometime the only way to find another opportunity is change your career path. I am a never married single woman who likes to keep busy. If I wasn't in school, I was taking additional courses, obtained my MBA, etc. My assessment of State Street is that they are one of the worst companies to work for. Depending on your age and marital status, other family obligations, etc. you should try to expand your opportunities.
State Street has lost its way.
As other financials recover, adapt, grow or change our CEO sinks us like a rock.
I said it before and I'll say it again, it does NOT have to be this way.
You can be beneficial to shareholders without demoralizing your employees or customers.
It's just not the direction this uncrearuve, uninspiring CEO chooses to go, we'll see how it ends, but I've seen this story before and it usually doesn't end well.
I have an advanced finance degree. Several of the Series exams completed and an exemplary work record. What did that get me at State Street?
I was let go 2 years ago without explanation and without any reason.
Stay at State Street and trust that you will be treated differently by Jay H and his henchmen/women at your own peril. You have been warned.
You can have all the degrees and certificates and your chance of getting laid off is still 90%
Since 2000 SST has been on a major cost cutting /outsourcing phase
Its cut cut cut, outsource outsource.
@Nr2eocK-hab I agree with you about finding another opportunity with another company but the only drawback to doing that is that you may also not have that position very long. If you want to stay in the financial services industry my suggestion is to take additional courses, get your CPA, CFA, or as take as many of the series tests as possible. Companies were more loyal to their employees many years ago but that mindset has changed. If you view the Linkedin profiles of many former State Street employees you will find that most of their former peers also either left State Street or waited until they were laid off. Just my take on it.
@Nr2eocK-hab I agree with your post but the problem with outsourcing is that many of the clients aren't happy with the work that is produced. This continual outsourcing results in many mistakes being made which will eventually result in losing clients if it hasn't already. It isn't just the financial resources sector but this outsourcing in many other areas has resulted in no opportunities for citizens of the US and the average US worker struggling to pay their bills.
Ten more years and we'll be like Venezuela we got in the correct potus but left lions and globalist will put an end to us and to the constitution these liow paying jobs will be the good old days soon enough
I work for and despise State Street as much as anybody on this board, but why would they consider paying us more when they've made no secret that the plan is to reduce labor costs by eliminating and outsourcing as many US jobs as possible? It's not realistic to think that could happen. And if you're thinking about some sort of strike, I think you can forget about that. I tried to get something like that going several years ago when things started going downhill, and there are just too many people that are living paycheck to paycheck and can't take the chance that the company calls our bluff. Unfortunately I think the answer is if you don't like it, go somewhere else, because State Street isn't going to change to suit us.