How can the goal of retaining talent be achieved with only 2% salary increases?
14 replies (most recent on top)
No joke. The goal is not to retain talent but to squeeze as much out of the resource at the least possible cost!
Maybe if you're lucky and management likes you and you fit within the budget parameters - at or near the target midpoint for the salary range of the position based on market location - then you may be eligible for the 2%.
Of course there are no guarantees of anything except for the inevitable replenishment of the annual bonus pool for senior management funded by the continued contraction cycle, where layoffs are followed by lower cost hiring and offshoring. The company rewards vs. risks of applying bubble gum and duck tape to maintain operations is always tilted.
One should wonder why rising or known talent would stand for 2% - below cost of living adjustments. Maybe it's just the 2 percenters who are setting everyone back because of the current corporate practices.
Or maybe it's the Redcoat strategy working and those grinding in the labor mill have simply become overly comfortable with the warm FREE coffee, new climate-controlled indoor work environment and spacious new cube farms complete with desk chair.
Keep laughing. This will be the standard for the Bank of Pune and their 9 year lease and 1 million square foot facility coming soon! We are all part of this globally interconnected company.
Start interviewing externally. You’ll find that what seems like a “lower” title other places is usually a nice hike in base pay and less stress. I was an SVP and accepted a senior analyst position at another company. Base pay went up 23%, stress is lower, and company culture has been way better.
@ah+1jq6pzta7 Got 2%, then interviewed externally and got an offer with a 40% raise...
Not only is there grass on the other side of the fence, it's greener over here.
They don't GAF, the whole point is attrition. Also the 2% is more than what my entire floor received from the looks of things.
I have gas.
Exactly right. Exec levels fly on the coat tails of one another. Execs ‘get to know me’ chats - just BS. Should just tell it how it is revealed in plain sight. We all praise ONLY one another. One of us gets a deal somewhere else, we’ll bring the whole gang along. And around and around we’ll go.
"How can the goal of retaining talent be achieved with only 2% salary increases?"
Let's not forget the free coffee!!!
@bz+1jq6pzta7
First off, there have been several gaffs and fall downs since FIS (formerly Sungard). FIS has been involved in more than a few since. Secondly outside of vendor apps like that, there are deep quality and growth issues persisting with in house legacy apps that are outdated.And frankly, the support staff in India and Poland that are dedicated to support do not matter there because support is all they are equipped to do.
@a3+
For your information - they do find talent and they are replacing you without costing the firm any downtime or performance issues. When did you see a melt-down in any BNY services in the last few years - after Sunguard issue?
How many IMTs are encountered ? Lets be honest - to keep the house running - they do not need folks making 5 times the salary when they can get the same done in Poland or India
Deplorable behaviour
It's a hit and run game from quarter to quarter for the overlords! Always has been and always will be. Retaining talent is just a punchline to those of you that believe this cr-p (targeted to the drones and bottom to mid-level managers.) Believe nothing that these people say, they are forever marketing the wonders of BNY to anyone that takes the bait. The smart people know that behind the curtain is a little man pulling the levelers of fallacies.
Oh yes, smells like it almost time for a CEO swap too! RV has been around long enough to walk away freely with millions that you've made for him and his C suite home boys and gals.
Who was lucky enough to get 2%?
Well, notice how ‘where’ and for ‘how
long’ isnt being specified for retention of talent. It’s at a role level globally not a person level locally.
They think they can find cheap talent abroad.
Also, they don't really care. All these exec-level positions are just a game of musical chairs. They get a nice big payday for temporarily boosting the stock price, then they can jump to another company. What happens to the peons is none of their concern.