While LPL Financial has been recognized for its commitment to its advisors, the same can not be said about its employees. Having spent time in almost all areas of the company, I can sincerely say that most of us working in the cubicle jungle are underpaid and under appreciated. Those who excel are often overworked given nothing but promises of promotions and bonuses.
As the company grew, its ability to service its clients became overtaxed. The Business Technology Group, or BTS, is a poorly run IS department that often doesn’t meet the requirements on applications and products. Using a modified Waterfall method, those requesting work done can’t change basic requirements on their software projects. The call center is overtaxed and undermanned. It is not uncommon for an employee to spend additional two or three hours on the phones.
As far as salaries are concerned, LPL Financial does not place a great deal of emphases on acquiring and keeping talent. Their model seems to prefer to bring in people at a discount and keep them with promises of promotion. Claiming to put there employees first, it was easy to be convinced with so many long time employees roaming the halls.
In December, LPL told its employees that there would be some cut backs to their benefits but that everyone’s job was safe despite conditions. Then, after making the announcement of a 10% layoff, LPL brought in the firing squad. All of those long time employees that worked hard for titles and pay were laid off without much warning. While severance was ok, the employees were walked out all day under escort of men who looked like rejects from the FBI academy. So much for taking care of the employees.
I’m fortunate to still have my job. However, I’ve already started looking elsewhere.
