So they continue to put out the stupid peaking surveys….
Claiming that they want our input. I seriously doubt most employees asked for reduced 401(k) benefits, pending layoffs, and mandatory three days a week in office.
Funny how this reduction in retirement benefits isn’t anywhere to be found on my source for people to comment on…
Every year since we were acquired by BONY in 2007 the benefits decrease. No exception, not one year without cuts.
This weeks was all about ESG…. (Eye roll)
Off topic for the 401k Convo, but related to peakon - I always qualified low scores with thoughtful commentary (more for my own sanity than anything). But I never received any feedback/acknowledgement from my manager... That was until I gave a low score on a question about "having equipment to do my job".
That this particular low score was concerning to him, is laughable and he defended the bank by stating "that's not a fair score because you have a computer, headset, etc.". My reply was that I viewed the question in the abstract - applications and processes were lacking and siloed across the org. I also made the point to ("anonymously") ask if company really needs to confirm whether I have a computer and such items, via a survey? I heard Crickets...
So yeah, those surveys are about as useless as my (and many other) managers.
The 401k changes email, like so many of their announcements of changes in policies & programs, was so blatantly disingenuous. No, employees did not ask for this on their Peakon surveys. No, the firm did not do research that concluded this move would make our retirement benefits more competitive in the industry. And no, they will not use any money saved from this change to enhance benefits in other areas.... Unless you count more useless self-service / self-help websites.
These surveys are all bs. Asking the same questions repeatedly as if our responses will change. My manager never comments on these - more concerned with everyone responding so the team is not spotlighted for low responses. False sense of the firm caring about their employees. This is the lowest I’ve ever seen this company hit and they will continue to sink and take more away from us. They should be ashamed but that word is not in their vernacular
Yes it makes me laugh that the cut in 401k was from employee surveys and the always "remaining competitive". What employee would favor that? As for peakon I stopped answering when the response back on pay was look for a new job outside the company. I asked how can the company give meets expectations a practically 0% raise after all the cuts in benefits. Was told we are not a COLA company and no one does that. Then sent two articles easy to find that BofA and Schwab are doing exactly that. Of course I expect this now. I work my 8 hours and that is all.
I'm only here for a paycheck and that's the only answer they get
I prefer Peaking duck
I write essays for each Peakon question, offering suggestions for improvements and sharing the reality of stating we are facing headwinds and salary actions are down does not match executive salary actions (hard to hear salaries are too much when the person stating that makes millions annually). By writing essays, I no longer get comments. I also stopped responding for a while, but do get some therapy from it…..just like I do from posting here.
I don’t work here anymore, but when I responded with negative scores, I would give detailed, honest feedback that would offer some solutions. Those always got ignored. But when I gave 8s on softball questions, management would respond with “thanks for sharing”.
Everyone needs to reach out to their local media outlets. Business journals are always looking for stories, especially around the Holidays. The story of how BNY EC stole Christmas....or Scrooge, etc. Let's give these fine people the sunlight they richly deserve.
Trust me, in my department, there are many unhappy people about the awful 401k change. More talent out the door, and I’m aiming to be one of them after 3+ decades
i think employees need to band together and plan to go on strike. that will show them our true "resilience"
Someone created a post about it yesterday, search for "401k match deferral was a good idea?"
Funny how this reduction in retirement benefits isn’t anywhere to be found on my source for people to comment on…
That was the first thing I looked for yesterday when the email came out! Nowhere.
The 401k contribution change is a huge negative for employees, going from per pay to yearly and they can fire you Sept 30th and you get nothing. I can't imagine many people paid much attention to the email but they should have. It would be good to get something going on My source.