I remember how long my colleague tried to advance to a position that he eventually had to leave because of the enormous pressure he couldn't handle.
And then what happened? Fidelity filled that position with an employee whose competencies are absolutely insufficient to do the job well.
What is this all about? Is Fidelity no longer able to attract quality staff or is there something else at stake?
Fidelity's software developer salaries plainly suck. They are well below the average. Other companies are paying good bonuses also so don't push that as the selling point. In fact. over the past few years, bonuses have been paid at 120-140%. I worked there in the past and have gone elsewhere and have actually interviewed there again for Principal level positions. I had to turn them down because the salary was pitifully low compared to what I was already making. I get that the profit sharing is part of the package. That's great for retirement but doesn't pay the bills today. So, the alternative for them is to use more H1B. When corporations have to start paying their mandatory 15% corporate tax as passed in the new government inflationary reform bill, I imagine the salaries and bonuses will only go down.
Nepotism at work? Director's son/nephew wanted a job already occupied by someone else? Skills have nothing to do with it. Just pass off somebody else's work as theirs. Happens all the time.
It’s also political. Some people involved in hiring pass up on very strong candidates because they don’t want a peer who will outshine them.
The labor market is extremely competitive and hiring managers are frequently limited by the salary grades, so Fidelity’s offers aren’t competitive. My group just had to make offers to 5 candidates before someone was finally willing to accept the offer, but there was a clear drop off from the top candidate to the person who took it. The job titles seem to confuse external candidates at times as well. For example, many banks rank a Director higher than a VP, so you have people applying for Director jobs, expecting a VP/SVP salary.