Just a job - Anonymous employee State Street Employee Review

Annual reviews are sort of a joke..Employees need to justify why they are deserving of the miniscule raise the company is thinking of handing out..VP's take credit for the departments' success even though most of the time they aren't involved in making the department successful..They get upwards of a 20% raise while the ones doing the actual work have to scrounge to get a measly 3% Cash incentives have been talked about for years and haven't evolved..Now there is no reward system in place..Employees don't get recognized for their hard work Jobs are being dumbed down because of business transformation/restructuring/COE's..If you decide to leave the company and go to a competitor, you won't be as much value as before since you've been pigeonholed into a silo role at State Street..State Street is gradually laying off employees who know their jobs and do it well to hire outsiders who don't know anything so they will work for cheap money..Outsourcing to India/outsiders has become the company's culture in an attempt to increase the bottom line..Company has become a big assembly line process..Hello! You aren't building a car guys! You're handling money/investments for businesses! It's not what you know at the company..It's more of who you know..They would rather hire someone dirt cheap with no qualifications than hire someone from within who knows the job There's not alot of internal promotions with the COE model since you'd move to a group where you would start at the bottom until you learn that job function..After a year, you may have a chance to advance but it probably won't happen..To advance and get the job position you want, you would need to have a recommendation from someone with authority..The COE model hinders knowing the whole mutual fund process