State Street Employee Review

Former Employee – worked at State Street

Pros – State Street is a good company to start your career in right out of college. Starting pay is not great but the benefits are actually pretty good.

Cons – Training is minimal, just enough to get you started. If you are detail oriented, work quickly, and work well with time constraints, you will be able to handle the work.

The main reasons why State Street is a place you use as a springboard as opposed to staying for a long period of time are:
Limited career opportunities
Only fair base pay, small bonus and raises
Short, vague employee evaluations
Stress (from daily deadlines/the better employee you are the more work and stress you get while other less motivated employees have free time
Unfair promotion practices (deserving people have to wait while those with seniority are promoted even when less qualified and less driven to succeed.
The work itself becomes extremely repetitive and boring.

Coming to State Street out of college and getting your foot in the door of a large well respected financial services company is the best course of action. There are too many firms in this industry to mention that have better pay and better career opportunities than State Street.

Advice to Senior Management – Develop your employees by spending more time on employee evaluations. Evaluations are almost an afterthought rather than an integral part of developing employees.
Listen to the concerns of lower level employees.
Increase pay and bonuses.(If you use a 1-5 rating scale, everyone can't be a 3. There will always be people to are a 1-2 or a 4-5. Therefore, distribute bonuses accordingly. Don't simply give everyone the same amount because it's easy.)
Make mid level management get out of their offices and interact with their teams. Do not allow them to sit in their office and be totally disconnected while drawing a large salary.

No, I would not recommend this company to a friend