I am helping my niece to find a new job. She is a young accountant and was just laid off from BNY Mellon.
What you don't know is that for the past couple of months, she and her colleagues were forced to train their Indian replacements.
I don't know about you, but that makes me angry.
I have experienced that too at BNY - to train people in offshore who don't have experience or qualification. Quality of work gets affected but they don't just care. In the long run the company will fail. Also there is a new trend of new people coming in with their own team, many of the jobs/positions that were made redundant gets filled up within a week under a different job title/position for the same work. They let go experienced people by giving false BE reviews and harrassment. HR does not help the employees, many don't file a suit or complain as they have families to feed and so need the SUB pay when let go. Legally they will be fine, but really can these managers sleep at night? They might feel top of the world now as they have safe jobs but I'm sure the bad karma will come and bit them soon - it's just a cycle, no one can escape.
Simple. Train them, but leave a few crucial tidbits out of the equation.
BONY sounds just like State Street!!
It’s fine for the company to make their profits off this country. But employ here? No. How do they sleep at night?
Lots of new posts I like. I also worked for a company in the financial services industry who’s mega success plan was to hire a giant staff of overpaid over hyped digital transformation team, dozens of data scientist, analytics groups, lets copy silicone valley start ups and triple up on Vice Presidents and outsource all the legacy jobs. 3 years later and a 100 million bill for all this and they really have nothing to show for it. AWS is not your partner, Salesforce is not your partner, Accenture is not your partner, they just want your money and to hire all new people so you can use all their new toys that then require you to buy more services and add ons and people.
It’s all FOMO driven. I have 10 speedy ways to do my banking as it is. The world didn’t have a banking problem. Takes 3 seconds to pay with a card, takes 3 seconds to pay with an app. Wow holy cow this changes everything...................
Bad BNY, but other companies have done that too, for many years. Not sure how to fix this, other that wish good luck finding a steady job where this does not happen.
@vzw+18VLQcUM actually Pittsburgh employees had to travel to NY to document their processes because no documentation or procedures existed. Half the NY staff didn't know how their tasks affected other parts of an overall process. Things were completely disjointed. Pittsburgh employees also had to travel to NY to pull client files to try to reconcile and locate many missing legal documents that were in employees individual filing cabinets or altogether missing and required repapering. We brought procedures and documents up to date and provided a dedicated training team only to be overrun by NY executives who have moved us fully backwards. That's why we're in the position we're in again with staff being untrained and unable to locate updated reference materials.
Completely different scenario than the layoffs.
It’s a terrible company with terrible management.
Your niece is so much better off and sorry she had to learn that lesson- the one that BNYM is a bunch of blood s—ing vulture.
I also trained Indian co workers for my dept. It was awful! I was actually training on the layoff day 2 years ago in my dept as my US co workers were being shown the door. I have hated this company ever since. I’m retiring this year, I have to get out. BNY Mellon is a toxic atmosphere. No more!
While upsetting they weren’t “forced” - employees are at “will”, meaning if I were to walk off the job I would not be contractually bound to continue working BUT at the same time the employer is under no obligation to provide pay and/or benefits.
I know the above is difficult to swallow, the whole idea of training your replacement is immoral but given the choice of collecting pay / most take it and do it because we aren’t Daddy Warbucks. Essentially the employer has you over a barrel and they are taking advantage of it. The employees should be looking for new work ALL the time as most employers have zero loyalty to its employees.
The MO at BNY Mellon is to do more while paying the absolute minimum on a global basis.
Good Luck to your niece. Network as much as possible, keep the faith.
I had to laugh at Todd's message today - how generous of him and the Executive Committee to agree to not making any layoff 's after Covid struck, then lay off people while Covid is rampant. Ah, but they can tick the box "We didn't make layoffs in 2020" - hooray for BNYM!
The funny bit of the message was the bit about the layoff making the company leaner and able to make more efficient decision - uhm, I don't think it was those folks at the bottom make the inefficient decisions Todd - look a bit closer to that Executive Committee you have hung around all these years.
6 Months ago I put in a request to have a report changed so the report would run with the correct parameters without manual intervention. It had to go to a committee to get approval. It's still waiting to be come up on the agenda. No quick hits budget? Efficient huh.
Ahhh flashbacks to when some Pittsburgh teams traveled to NYC to train with the people there who's jobs were being moved to lower-cost Pittsburgh. Those Pittsburgh jobs will be offshore soon enough!
So I see a lot of nationalistic themes on this thread. To the original poster, your daughter is young and an accountant. Yes this s—s but she should leverage this opportunity into something better. If she was expecting to stick around and comfortably grow with the company, she clearly hasn’t paid attention to industry trends. I am recommending she expand her search as her skills are in demand. Shifting job functions geographically is nothing new. The ones that continually complain about it need to differentiate themselves and take advantage of the situation. There are tens of millions of white collar jobs in this country that are routinely unfilled because the available workforce either doesn’t want to retool or has no interest. Cant say there’s an easy answer to this but your daughter will be fine and should be able to land another job that will probably compensate her better than what BNY Mellon provided.
Well I was in that position myself. Only thing I can tell you is that I was unable to train my counterparts fully- a lot of details slipped my mind. But after all- I was being paid for my experience-how can I train 40 years of experience in a couple weeks. Even hiring at 10 to 1 in India- it will bite them in the end.
They hold your severance over your head as a condition to train your replacement. If you don’t, you won’t get it.
I sincerely express regret and remorse with people laid off at the expense of shipping the job overseas , particularly India. It is blatantly wrong to drop employees here in United states and hire elsewhere. In some cases I have read the folks in India were trained at the expense of their own positions here in States. Its outrageous. These corporate decisions are similar to what happened in Disney in 2018. I have no words for this kind of corporate behavior and it is prevalent across all companies. I understand corporate growth etc... But I fail to comprehend the argument on corporate savings when new employees who were hired in last 2 years with extremely high salaries in NY / NJ area and the amount of money was spent to up technology during the same timeframe with less return on these investments. Its appalling !!. I am not sure if there a oversight committee seeing these kind of things within the firm or external.
Did your niece need the paycheck that badly to help the company who is screwing her over? When she becomes older and wiser, she will look back and wished she had walked away without training her replacement overseas. She probably didn't think she had options at the time but she does. Accountants are in demand even now and she needs to realize she deserved so much better. I would be livid if that happened to my niece or daughter. But I get it that younger people tend to bend more easily to the company's will. The good thing is that she is young and still have plenty of work years ahead. I hope she messed up their books before she left.
They did the same to me, they promise bigger role and I had to train, once the training complete, they laid me off. But NO regret, I am shining brighter now.
Sad every time you train your replacement. Regrettably you will hear more and more similar stories.