State Street Reviews in Boston, MA Area

Pros

A lot of turnover equals plenty of opportunities for advancement via back fill.

Work environment is usually pretty relaxed, but people know when to be serious.

Cons

Pay could be higher.

10% pay increase for promotion via promotion cycle is lousy

Advancement via back fill would be better if State Street approved the open recs for those that have left (no 10% cap there on pay increase)

Bonus compensation and merit increases were lousy in 2012

Continuing challenges for 2012 don't bode well for 2013

401k match of 100% being decreased from 6% to 5%

Discretionary contribution to 401k this year not funded

Was informed bonuses were allocated to business units based on each group's contribution to State Street's results. Last I checked starting Associate I's do the same grunt work no matter what group they wind up in. Why should they receive differing payouts given the financial results of the team they work on? Doesn't the management of those teams have a greater impact on this?

Advice to Senior Management

Bonuses should be paid to the Senior Associate level and below based on a fixed percentage rate determined by job title and performance review rating to be more fair to these levels.

Pay increases should be handed out more than once per year and should be increases to better align the bank with competitors.

Fix these and maybe the smart and talented people that you would like to retain won't leave for better paying jobs.

Pros

able to work from home twice a week; only a priveldge in audit teams.

Cons

repetive reviews and daily duties of financial reports. alot of foreigners. no interaction with higher management teams

Advice to Senior Management

get involved in team adn show support and gratitude for work. don't hide in the office

Pros

Good work environment. Working with teams.

Cons

Being just a number as well as low salary.

Advice to Senior Management

More training on different ends of the business.

Pros

benefits are a plus , and pay is fair

Cons

downsizing is troublesome considering the talent they are losing

Advice to Senior Management

need to improve employee loyalty

Pros

Overall a good place to start- horrible place to stay

Cons

No room to grow, very low salary.

Advice to Senior Management

Give employees advanced warning of layoffs or pay decreases. Would be nice.

Pros

Corporate Social Responsibility - justifiedly has a good reputation and awards - employees get 2 days off every year for volunteerism
Great people - strong management
Good employee networks and opportunities to get involved in non-operational activities

Cons

Difficult to navigate such a large and diverse company - hard to get opportunities to transfer to other areas of the business

Advice to Senior Management

More opportunities to rotate to other areas of the business, opportunities to take assignments in other locations - these would keep employees interested, as the operational roles are difficult to stay interested in long term

Pros

Big name in Custody and investment management, work environment OK, very nice colleagues, training program is good, good location of downtown offices

Cons

Poor salary and poor recognition for foreign workers, very bad senior management, lack of pride for this company, hard to internal transfer jobs

Pros

Flexible working hours and good traning

Cons

Not much advancement opportunity in the firm

Advice to Senior Management

Bee creative on rewarding top performers

Pros

Flexible with work/life
Young workforce
Easy to be promoted within

Cons

Low salaries
They hire a lot of incompetent people
Bad reputation in Boston because of fund accounting

Advice to Senior Management

By offering higher salaries, you'll be able to recruit smarter people and have a stronger reputation within financial services.

Pros

People are young, Location, Health Benefits

Cons

Salary
Bonus
Education Level of Management - Most managers do not have an M.B.A. or B.S. from repuatable university. Many individuals become manager due to date of hire. Managers are employees whom have worked at State Street longer then me.

Advice to Senior Management

They should try to retain those with M.B.A. and let those who do not have potential to become VP or higher go. Job is repetitive which makes many people leave after 1 year.