There are newer employer reviews for State Street
There are newer employer reviews for State Street

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Helpful (4)

NOT a place to build a rewarding and lucrative career.

  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Associate II
Current Employee - Associate II
Doesn't Recommend
Neutral Outlook
Disapproves of CEO

I have been working at State Street full-time (More than 3 years)

Pros

They'll hire just about anyone and the work is very easy. Good place to earn a little money while you hunt for more legit jobs.

Cons

Pay: Consistently pays the lowest in the industry. Bonuses are a joke in good times (aka 2007). With a good rating, nice VPs, and a fully funded bonus pool you can expect about $1,300 pretax. Last year the good groups got $700 pretax. Raises are about 2% annually... yeah. You read that right, 2% of your measly 40k salary. Job growth: They have a terrible promotional system. Rarely is hard work recognized. Many higher ups have no idea what goes on at the actual work level and do their best to ignore work distribution. Benefits: They used to be good but the company is constantly cutting them to save money. Now they are just like any other company. Culture: The company actively endorses a very sad culture. They spend enormous resources saying that they care about your career and that they're always "attracting and retaining" the best talent but that's hardly ever the case. The company has a reputation of hiring everyone who just couldn't get a job anywhere else. They want you to be that worker who has no ambition and will work in the same job for 10+ years until they eventually lay you off and re-hire you at a fraction of your last pay. It's depressing how many people are ok with that.

Advice to Management

Start over. Rethink the whole strategy. Get some fresh thinking in there. The company is so badly entrenched with laughable HR policies that it has become a zombie bank. Most employees are unmotivated and perfectly content to just sit there on 40k a year and do the same thing over and over and over until they get laid off. The company has a reputation of hiring the lower tier candidates and paying below market average. All of the higher ups in ssga have either come from outside or left, worked somewhere else, then come back. Internal promotion to a good ssga position is actively blocked by HR. Do you really think that's a good way to attract and retain talent?

Other Employee Reviews for State Street

  1. Helpful (1)

    Easy work, terrible pay

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Fund Accountant in Boston, MA
    Current Employee - Fund Accountant in Boston, MA
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

    I have been working at State Street full-time (More than a year)

    Pros

    -Work is not strenuous -Great work/life balance with work from home -Benefits are above average -Working with the right group can make the job fun -If you put in the work, you will get recognized

    Cons

    -Pay is ridiculously low, with essentially no raises this year. -Repetitive button pushing in order to process tasks for accounting. You won't know if it's Monday or Thursday.


  2. Helpful (6)

    Waiting for State Street to change for the better..could take awhile

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Associate II in Boston, MA
    Current Employee - Associate II in Boston, MA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at State Street full-time (More than 5 years)

    Pros

    Locations close to public transportation Work from home access but needs to be approved in advance

    Cons

    Culture has become outsource, outsource, outsource Lack of proper training programs..mostly online training that's not really job related Work is being outsourced to departments that make errors and don't take responsibility Lack of career roadmap..To advance, it's based on being buddy-buddy with management and talking about sports rather than being based on an individual's credentials Low salary compared to competitors Annual reviews/raises aren't based on employee performance but a mathematical formula based on employee's annual earnings..If your salary is too low based on the company's mathematical equation, most likely you wil receive little or no raise Raises for 2012 nonexistent except for upper management..Bonuses not as much as the past Reward system was discontinued with nothing to replace it Employee feedback isn't taken seriously

    Advice to Management

    Don't blame managers for the company not handing out raises...Hard work goes unnoticed..If employees were appreciated more and paid fairly compared to other companies, maybe there wouldn't be so much employee turnover.Listen to the employees that are keeping the company afloat rather than force change and ideas upon them that are unproven and untested


There are newer employer reviews for State Street
There are newer employer reviews for State Street

See Most Recent

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