They pay well below market rate and even have multiple groups on very different pay scales. The people on the higher pay scales flaunt that they are making more. This happens mostly because they grow through purchases as opposed to new business wins or service enhancement.
The review system is so convoluted and confusing. It is completely framed around how you as an employee helped the company. With no thought or desire to what goals you as an employee have for yourself.
It is the definition of promotion through attrition. There is no reward for trying or working harder, just longevity.
The senior managers all 'grew up' at State Street so they have no idea what other companies are like, they make decisions based on their frame of reference which was developed by only working at this company.
Because of the issues above, they are never able to bring in outside talent for senior positions, nor does it seem that they ever even try to.
Recently they pointed to a stat that their voluntary turnover had decreased by 1% but was still 2.5% above industry average. They took this to mean that they were doing a better job of retaining employees when the fact is that the economy is awful and people just can't find anything else.
If you want a promotion be on the sales teams, because they are the only ones who get bumped regularly because management feels like it is good to have people facing the client with at least a VP title.
You will actually find out about openings in the company that you are qualified for from external recruiters because the HR team is one of the worst I have ever encountered.
