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

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Good overall experience

  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Anonymous Employee
Former Employee - Anonymous Employee
Recommends
Positive Outlook
Approves of CEO

I worked at State Street full-time (Less than a year)

Pros

-Great place to start your career and learn -Good work/life balance -Good chances for networking -

Cons

-Lower pay than competitors -Often tough to move up in the company, and many employees leave for other opportunities

Advice to Management

Compensate employees better if they have proven themselves

Other Employee Reviews for State Street

  1. Helpful (9)

    Went really downhill

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

    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 Management

    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.


  2. State Street OK Company

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mutual Fund Accountant in Boston, MA
    Former Employee - Mutual Fund Accountant in Boston, MA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at State Street full-time (More than 8 years)

    Pros

    Great training, learning environment with a flexible schedule if possible. Some areas offer a schedule where you can work 9 days and have another day off as long as you work the required hours. Many employees can work from home a few days a week if their responsibilities allow them to.

    Cons

    Not many opportunities to advance in some areas. Unfair job reviews that don't really properly evaluate your job performance. Over the 10 years that I worked for State Street I received a couple of reviews that I was very surprised about. Since I have an advanced degree I am more than qualified to perform the few jobs that I held in my years with State Street.

    Advice to Management

    Some persons are promoted that aren't qualified to hold these positions. This causes resentment among the entire team. Recently I have seen yearly layoffs that really didn't make sense since many teams are already overworked. They don't really target a specific type of employee but the older, higher paid employee is usually laid off at a higher rate.


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

See Most Recent

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