How many times can a company say the layoffs are related to reducing the layers of the reporting structure? Yes that is a rhetorical question. I see an increase in EVP and SVP level positions reporting into the same level. Why is this happening with layoffs continuing?
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CEO compensation jumps 93% in 2 years - 374 times more than median earnings of average employee $48,146. How does it seem to work hard now when the benefit goes not to you but elsewhere up the chain?
100% agree with the comment about having the wokest, smarmiest, most arrogant mgmt ever - never cutting useless functions but rather just forcing cuts across the board. We can’t even service our clients properly but continue to cut the worker level and outsource where it hurts the client service and operations - but continue to give millions to the ineffective top layer. Shame!
Hiring pause instead of hiring freeze - got to give credit to HR for these semantics.
@izv+1lEhQh2Y - I personally know of many former colleagues who are no longer with State Street. They either left before they were laid off, collected severance after being laid off or decided to retrain for a new role. Either way, most of them are gainfully employed but earning significantly less. You may be successful in a sales role, but it could take a while to be an established insurance agent, real estate agent, etc. Some of my former colleagues are still employed by State Street and do hold executive roles. I have no idea why they are the fortunate few who are still employed in high paying roles when the majority of us were laid off. It would be interesting to view a layoff chart for the past 20 years. My guess is that the majority would be the lower level workers and lower management workers.
Its me the old timer who knows the secrets.
The company started doing layoffs around 2000yr, then where done every 3 years.
Then around 2005 then became ever 2 years, sadly around 2007 its become a yearly event.
The thing that is amazing is how they still have VP's MD and SVP who have no staff yet they are kept.
It be very interesting to see the 20 year layoff chart and do a breakdown by
High level executives
Mid level executives
And the average worker
I bet the chart would show at least 75% of the layoffs are the Average Workers
Because the executives think they are the smartest people on earth and only their level can solve the challenges we face. Challenges that they all caused by the way! Furthermore, they are never strategic about cutting wasteful functions - but rather reactive to the budget crisis of the month. Worst wokest management ever.