State Street – Edinburgh, Scotland
With more than 29,510 employees across 29 countries, at State Street, our people are our greatest asset. We recognize that highly skilled, engaged… State Street
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- Comp & Benefits
- Work/Life Balance
- Senior Management
- Culture & Values
- Career Opportunities
I have been working at State Street full-time (more than 5 years)Pros
There is a lot of change/movement going on in the firm from outsourcing work to 'Centres of Excellence' which in the short term may provide oppertunities to travel.
There are a lot of smart intelligent people to learn from.Cons
Roles are being 'dumbed' down due to outsourcing of work to COE's.
There is an unfair work distribution within teams at various levels across the floor - those who can or show initiative DO most of the work, those who cant get sidelined and forgotten about. At the end the difference in rewards between the two are almost indistinguishable at present.
People are promoted internally to fill positions, rather than showing merit.
Regardless of your work, expect to get an average rating on your yearly performance review. Dont bother to ask what you could have done to have got the next level, as it would only result in friction between yourself and your manager.
Employees are generally not rewarded for their work - for example bonuses are not increased for helping meet company targets, such as reducing the number of breaches, which helps reduce compensation payments, and increase company profit - should all of this go just to the shareholders?Advice to ManagementAdvice
Annual Performance Reviews -Scrap the 1-5 performance rating system. If you want such a system, then expand and make this 1-10. Encourage workers to help the business by setting clear performance goals,with each grading marker defined in a transparent fashion.
Bonuses - To get around the whole 'poor bonus' issue, would it be better to offer employees a discount share purchase scheme, or a bonus in form of shares? That way all employees are directly offered a fair return/reward for their hard work.
Promotions - Do not fill roles internally out of need, but merit. If internal candidates are not yet up to par, then look externally.
Work Equality - Monitor working hours(building sign in/out times of staff), and see the differences of employees at each level. Use this to look at re-allocating resource.RecommendsNeutral OutlookApproves of CEO