Someone told me that a person replacing a colleague who left is paid more than he was. It is hard to believe this, given that this person with vast knowledge and experience left because of inadequate compensation. In addition, his replacement has much less competence. Is it possible that BNYM is failing to retain good employees and rather pays more to less capable replacements?
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It's not only possible, it's definite.
That is exactly the attitude I see from the managers when there is a layoff,
then the job opens to sponsor a H1-b later.
The truth is, we need to learn from the younger generation. You need to ask for the world when you start, constantly complain you are underpaid, don’t work in a role more than 2 years. That’s how you will get ahead, (financially). At BNY and Pershing you hear about 30 years, 40 years, 45 year anniversaries. That’s just archaic in this day an age….
It’s BNYM Agile answer is “NO”.
In my experience the H1B workers in both the quantitative areas and the Operations roles are superior to the Americans, with a brief cultural learning curve for offshore of course.
Introductory H1b workers generally seem to be more skilled and knowledgeable than Americans and rightfully should be paid better. I’ve always found this to be true… OPs resources from India get the cream of the cream while OPS resources from the U.S. get college partiers with questionable work ethics at best… but oh they want the money right away…
We’re in a global economy. College should be more about growing brain cells land less about destroying them.
It happens everywhere. But at BNYM I’ve noticed when managers bring in their friends they get paid a lot more than anybody else. Look at Markets. Their compensation numbers skyrocketed after certain people came onboard.
In fairness to managers, the HR trend over the last decade has been to cascade vague meaningless goals while simultaneously failing to measure any job related results. Worst of all… self rating, asking for ratings by coworkers and pseudo leaders. The fundamental aspect of management is to lead, clarify, set goals and to measure results. This falls on the manager.
Nothing can be fixed until productivity is measured and valued over superficial woke DEI hiring. Let’s relearn to hire and measure based upon performance and talent. Until then our competitive disadvantage grows daily.
Have seen this all that time at companies, BNYM included but elsewhere, too.
They will nickel and dime top talent then, when the talent walks, they will hire the untested successor at significantly more.
In fairness, when the talent involved is more average, I can understand why the company takes the risk. But it’s terrible for top talent.
It’s true, but not just here but everywhere. Sad but true. The way to get more more money is to move around. The younger generation teaches us this.
Shame on those of us that just hang in there hoping for more.
Not just BNY, all companies like that
In the quantitative areas, the law does require H1b workers to be better paid than American.
If these wonderful H1b visa holders are inexperienced being just out of college.
Companies usually opt to fire American instead. This is a dark side of finance. While we are holding other countries accountable with finance, they actually checkmate by taking our jobs, ... right in our country.
It’s a thing for sure. You stay somewhere for over a decade and take your 2% raise without moving up, and you’ll lag the going rate for an inexperienced replacement. It’s not at all fair, and people deserve better, but that’s the reality.
Is it possible that BNYM is failing to retain good employees and rather pays more to less capable replacements?
It's BNYM. Agile answer is Yes.