State Street

  www.statestreet.com
  www.statestreet.com
There are newer employer reviews for State Street

 

Huge varience of workforce accross all floors

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Senior Associate in Edinburgh, Scotland (UK)
Current Employee - Senior Associate in Edinburgh, Scotland (UK)

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.

Recommends
Neutral Outlook
Approves of CEO

1390 Other Employee Reviews for State Street (View Most Recent)

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  1.  

    Great place to learn

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street

    Pros

    You can learn a lot if you care to, there are many people that dont want to learn outside of the their daily process, so one can stand out by taking interest in the overall bigger picture.

    Cons

    Job consists a lot of data entry and not much analytical work. Outsourcing has taken away many of the fundamental tasks needed to build a conceptual foundation of fund accounting/custody banking.

  2.  

    Good.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at State Street full-time

    Pros

    I enjoyed the work environment. The community service projects that were encouraged to take part in.

    Cons

    I was unclear most times of the management structure. To many managers.

    Recommends
    No opinion of CEO
There are newer employer reviews for State Street

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