State Street

www.statestreet.com
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2 people found this helpful  

Outsourced

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Officer SQA in Quincy, MA
Current Employee - Officer SQA in Quincy, MA

I have been working at State Street full-time (more than 10 years)

Pros

The benefits were good and they offered good work/life balance.

Cons

Our department went though 10 years of yearly layoffs. Morale was horrible and most of my peers felt we should have been happy to make it through the cuts. Eventually I was laid off as our jobs were outsourced.

Disapproves of CEO

1490 Other Employee Reviews for State Street (View Most Recent)

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  1.  

    Opinion

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Associate in Boston, MA
    Current Employee - Senior Associate in Boston, MA

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

    Pros

    Work/life balance is good, learned a lot about industry

    Cons

    Salary does not match competitors

    Recommends
    Neutral Outlook
    No opinion of CEO
  2. 9 people found this helpful  

    Went really downhill

    • 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 full-time (more than 5 years)

    Pros

    + Convenient if you live around Boston or Quincy
    + Some groups are "okay" if you're lucky
    + 401k is ok
    + Wasn't very hard to get in

    Cons

    - No work/life balance
    - Increasingly already excessive work load
    - Minimal raise/bonus for associate to manager level
    - Multitude of frequent systems/application issues, IT support is absolutely useless now
    - No one has complete access of everything.
    - Minimal hiring despite getting more business, just less and less bodies for more and more work
    - Upper management is distant and aloof
    - Very high turnover. Layoffs are always recurrent, as is outsourcing. People looking for greener pastures, can't blame them.
    - Other places pay better I heard
    - Work culture here does not reward hard work, or loyalty

    Management have taken the goal of taking care of the shareholders to the extreme at the expense of overworking its employees to the limit. They have become obsessed with cost-cutting. My department has been decimated by waves of layoffs and outsourcing for several years then comes the slow, painful grind for those that remain. Teams become skeleton crews, everybody is overworked and disgruntled....NOBODY is happy, not just my dept.. God forbid when someone calls in sick or goes on maternity or even vaca. People get stressed, then burned out completely. Many have quit on their own...which is ingenious on SS's part since there's no severance needed. It does result in a huge vacuum of knowledge and efficiency with losing so many people, not that they care. People logging in after getting home, working in the weekends, work past midnight, do 12+ hr days is NOT work/life balance. Worst is those on salary with no OT. Everyone on my end is exhausted and miserable.

    Advice to ManagementAdvice

    If SS wants to continue to grow and expand, then they need to invest back to their workforce. Good people and hard workers who are competent, know their stuff, are being forced to leave due to excessive workload and just all around low morale. Pay is mediocre, and downright cheap considering the work, effort and frustrations we go thru each day. Layoffs and outsourcing further erodes confidence and encourages a feeling of expendability. Many cases of people who leave SS only to be hired back, then repeat...each time getting a pay bump. Yet loyal people who worked for the company for years are getting chickenscatch or nothing at all each year...that is why work culture is a joke in SS There's no incentive for loyalty or hard work.. No raise, low pay, less people but more work...bye bye employees. Expand all you want, just don't choke when you have all those clients and no one working on them.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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