Lack of advancement...It's more of who you know rather than what you know..need to pucker up and kiss ass to advance in the company
It always comes across like employees aren't doing their jobs up to par even if that's not the case..You're expected to do more with no additional incentive/compensation
The people doing the most work make the least in compensation
The higher you go in the State Street chain of command (bureaucracy), the less those people actually know about what's going on beneath them
State Street will hire anyone even with no prior experience in Accounting/Finance..Don't need any type of degree to work there..If you have a degree, it doesn't really matter, you'll still get the same pay as someone without
If State Street thinks you are making too much $$, they will lay you off and hire someone off the street/from another dept. for a fraction of your salary (which was peanuts to begin with)
There is a mundane macro for pretty much everything..Any brain dead employee can run them
Routine tasks/structured day with low pay
Raises come once a year, if at all..With the recent announcement of layoffs, employees are considered lucky to have a job and shouldn't expect to get any raise/promotion
CEO is way overpaid and doesn't feel guilty about it--If you asked him, he'd probably say he deserves every penny
Management is not the greatest---lack of quality leadership
Employee ideas are ignored and put on the back burner..The status quo is more acceptable ("This is the way we've always done it so that's the way we'll continue to do it")
Manual processes are used in some cases when State Street employees have the automation but don't know how to utilize it
Employee review process is a joke....Employees are required to do a self review to try and justify why they deserve the piddly raise that the company will give out..Management will throw in a comment on the review which comes across as sounding negative just as an excuse why you didn't recieve a decent raise..9/11 was the excuse for about 4 years when the raises were subpar
Employees pay $2 a week for casual Fridays so they can dress like slobs once a week
Company Christmas party is free for employees, usually held at a bar, and if employees bring a guest, it's $5..The company should pick up the cost for both the employee and guest
No cash incentives/Christmas bonuses for a job well done..Ineffective reward point system in place
Upper management thinks employee salaries' are fair and don't need to be reevaluated while it's known to everyone that State Street pays 20% less than other companies in the industry
Lack of classroom training which existed in the past ,,mostly online now
Most of the classes that they had weren't even job related/relavent to employees' current jobs
Too many hands/different departments working on the same funds,,As as result, more chance for errors to be made--lack of communication between departments
India involved in processing of transactions offshore/much employee turnover there/They were trained from the ground up by workers in the US and the only consistency is the repetitive errors they make..Shh! Don't tell the clients that State Street deals with India..It's considered to be a well guarded secret
