Thread regarding State Street Corp. layoffs

Get fired.

If you don't go into the office, they will FIRE you! Long live COVID!

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Post ID: @OP+1ka8Aq5s

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@1qsg+1ka8Aq5s - I agree with your post. I can recall the same type of training when I was still working for State Street. You are probably correct about the SOP's not being updated either. If new hires are not being properly trained it will take them longer to resolve the issues that they experience throughout their work week. It is also understandable that many senior employee's might be reluctant to train new employee's.

Post ID: @3gca+1ka8Aq5s

Interesting what’s happening. When I was a senior associate on a team, they laid off all VPs and AVPs. Our MD at that time said they only kept the lower level employees on staff because we were CHEAP. He emphasized that the decision was not for any other attributes. It had nothing to do with showing up early, staying late, and putting over 100% effort than others. It was demotivating to realized if you put in a honest days work and doing your best to make the company profitable; upper management are calculating their next move to include you in future layoffs.

Post ID: @2ltk+1ka8Aq5s

Notice how a lot of the low level to mid level people who do the work have been cut by at least 50%
And yet you still have a full house of Senior Vice Presidents, Vice Presidents,
Assistant Vice Presidents with little to know staff to manage. Those are the big salary people who should have been cut 1st.

Post ID: @2qbq+1ka8Aq5s

Don't go in the office, let the upper managers taste their own medicine. All the knowledgeable staffs are gone, the upper managers can process all the work daily.

Post ID: @1tqu+1ka8Aq5s

Did everyone’s number of days go up to the top tier number?

So most people are probably 4 days. And threats to fire you if you don’t do it?

Post ID: @1gfp+1ka8Aq5s

@Post ID: @1nvv+1ka8Aq5s

As an old timer who was discarded after 22 years of service.
I can tell you before the yearly layoffs starting around 2001yr. The company had more than enough staff to provide training for new hires.

Besides them reading the SOP docs I am my fellow coworkers would take turns training the new hire and hires in our dept.
To speed up training we would give them an idea of the type of problem calls they would receive, and I would show them how to correct the problem.

When they would get a call I would be right their guiding them from start to finish on the issue. This really helped the new hire and boosted their self confidence.
After a while I am my coworkers would then stand back and see how well they could
handle problems using the SOP's and the training we gave them.

One issue they have at State Street is all the experienced workers are gone, so now you have people with less than 5 years struggling to do their jobs.
They have no Senior workers with 15+++ years of vast knowledge on issues you can not find in the Sop some which have been outdated for years, since they have no one to update them any more .

Post ID: @1qsg+1ka8Aq5s

This is part of State Street’s Quiet Firing initiative.

On Tuesday’s leadership call they said after ‘months of analysis’, employees must return to office due to poor performance of service and lack of training for new hires. These claims are mostly inaccurate.

  1. Poor Service claim: Executives been targeting to get employees back into the office all long regardless of how the service is performing. Doesn’t make any logic sense going into the office just to sit alone when team members are spread physically in different regions of the world due to the company’s effort in outsourcing and offshoring.
  1. Lacking Training claim: It may be partially true that some new hires feel they’re getting insignificant training. But what they aren’t aware is even if experienced employees are physically in the office, the new hires won’t get the training that they’re expecting. Most trainings are done on-screen and reading SOPs. If they’re is a lack of training and managers don’t have the bandwidth to train then the responsibility needs to be delegated. When the workforce became less paper dependent to get with modern times, I never saw colleagues sitting beside new hires performing training for a long extent. Realistically, in-person training is only a couple of days at max or new hires are sent to a third party company for training.

We should also take into the account that a subset of employees are suspicious of training new people. Employees is very familiar with State Street executives constantly looking to increase profits by replacing FTEs with cheaper labor since 2003. But as we all know this strategy has negatively impact the company in the long term.

Post ID: @1nvv+1ka8Aq5s

I saw that. Do you think HR and upper management will ever get that threatening to terminate employees actually has adverse effects on retention and also productivity?

You would think such a large company with so many resources would be able to comprehend such a simple fact- but I guess not :)

Post ID: @tgt+1ka8Aq5s

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