Actually, pay is low if you look at the amount of work that needs to be done and the stress that needs to be endured. Every colleague I talked to who's left here, has received a much higher pay in their new companies. I think BNYM will have to give more if it wants to keep the best people, but I am almost certain that BNYM will not do that?
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: @ujt+1eRe9LNf - And clearing telling stories
The sentiments expressed in this thread match up exactly with what I posted in previous threads. Basically I could have put up with being low-balled with the miniscule raises I received as long as the screws weren't turned and more wasn't expected of me...
But that's what's happened, and I'm getting out of here. I wanted to wait until mid-year to split when hopefully Covid will be receding, but I don't think I can put up with this cr*p until then.
In my later years at BNYM, HR was constantly working on codifying what the employee value proposition was. After months that became years, they would come out with some word salad that said and meant nothing.
The EC has no idea how to answer the question of why a candidate would choose BNYM. Letting employees decide whether to work in office versus remote would be a meaningful step toward becoming an employee-friendly company again. The earlier poster was so right about how employees used to have good job security.
Employees are now treated how they’d be at JP Morgan… only the drones at JPM take the abuse because they’re more handsomely compensated. Every year, the BNYM leadership tells employees that the bar has been raised. Harder, faster, more perfect… but with less and less staff and declining incentive pools.
I have two interviews within the next week! Wew! I will hopefully be out of BNY by the end of February! :D
Once upon a time, this firm was known to be a firm that paid less than competitors. The trade off was reasonable hours and no layoffs. Advancement opportunities were not great, but overall the firm was much more employee and family friendly.
And then the merger, Bob K., and some mayhem started. Most people pointed to the other legacy firm as being the evil one when new policies came about. Then we chose locations for key functions which created more division.
Then Gerald was in charge and things settled down a little bit.
Then Charlie S. Came and shook everything up while looking at the employee base the way a kid looks at the goldfish in a plastic bag that they just shook around. We were nothing but something else for him to abuse. Under his regime, our pay raises and incentives shrunk while his increased. Thankful he only stayed 18 months.
Then the former employee friendly firm became infiltrated with folks from GSM, JPM, and other places and they brought their stress and corruption with them. Now we are expected to be online 7 days, 12 hours. And the newcomers got the pay when they came in, but the BNY and Mellon lifers are still living the 2% dream while working the hours. Newsflash: the new employees are not saving our company and they will be gone on 18 to 24 months if not sooner.
Low pay and low stress were a match. It created a loyal base that loved the company even if we were not getting rich.
Low pay and high stress leads to destruction and employees leaving. Employees from both camps (long term ones and ones just arriving).
The sad thing is they could EASILY make it much better to work here and it wouldn't cost anything.
It's true. I got laid off, got a nice paid 3 month vacation, then took a fully remote job that paid $20k more per year. Now I'm bustin fat nuts and eatin gelato in my underwear all day.