Of course, a higher pay is one of the main reasons why people leave, but it is certainly not the only one. Some people left after a decade here and accepted a much lower pay elsewhere. Actually, I believe there are many such cases? Perhaps management should think about that, unless they want to lose all competent people.
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Hate to be the bearer of bad news but upper mgmt, and I mean above your section mgrs, don’t give a cr-p. They are the ones telling your mgrs they don’t care about employees opinions, don’t care that they are doing extra, don’t care if they want to work in office or not. I’ve dealt with it as a mgr myself who has also been told I have to not only cover my load and processes while short staffed, but have to help peers as well who clearly can’t manage their own staff or team. They’ don’t care about how many hours anyone is working or what they’re doing and they don’t understand at all what anyone under them actually does or what it takes to get things done . It’s behind disgusting and ridiculous. Most don’t even give a cr-p that people can’t afford gas to get to the office. They want to be in so they want you all in. Sad and pathetic
This is exactly why I left in January after working for BNY for almost a decade. I wasn't unhappy with my salary...until, that is, the total staff on our team was reduced from 10 to 6 and those of us remaining were expected to pick up the slack. I wasn't going to work fifty percent harder when all I kept getting was a 2% raise every year.