I can't understand why we keep hiring people at the same time layoffs are happening? Yes, I know that people being laid off earn more than those being hired, but when you calculate in the loss in knowledge and experience – which affect productivity – the bank is actually losing money with these changes. Makes no sense to me whatsoever.
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I have seen a pattern in this company, They dont train or provide opportunity to learn . When a resource works here for about 5 years only doing what BNYM asks him to do, they usually are not in touch with the new things that they need to learn to be competitive.
Then there is the salary cap and grades. Once you reach the cap for a grade you have to move to a different role to be promoted or salary rise. Only few people are able to do it or have the opportunity to do it. After a while your skills become stale and the company wants to hire some one in India and pay 20%of what they pay you.
At higher grades, they seem to think the people from JPM or BAC are better. Let me tell you that they are no better and in some cases worse. If you look at the pay they offer for competitive positions it is not as good as JPM or other big banks.
I have seen very talented people join but leave within an year or two because of the mediocracy in the ranks and middle management.
The company is realizing they screwed up on many of the veterans let go. Or so I hear...
The new ones don’t always make less money. It’s a complex problem. Management has a sense that many of us don’t have what it takes to move the company ahead, so we hire new ones to take us forward. The commitment of the new employees differs from the veterans, so even though new skills come aboard, loyalty to the company is not the same. Upper and middle management should tell employees what we are missing and give us the chance. BTW, the new ones don’t always have a great skill set either, despite management opinion.