State Street Reviews

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

Some good co-workers, great clients, overseas opportunities, good benefits and work/life balance.

Cons

Some bad co-workers, poor communication between mgmt and staff, as well as locations and departments within the same divisions, unfair workload on good performers to make up for poor performers.

Advice to Senior Management

Respect and show your good performers that you care.

Pros

Great place to start out of college and gain corporate experience. Stay for a year or two and take your experience and move on. Nice thing is only 40 hour work weeks..

Cons

Low pay, high cost for benefits, the cafeteria is very expensive and they make you pay in excess of $600 a year to park your vehicle in the parking garage.

Advice to Senior Management

Be aware of your employee's achievements and compensate them accordingly. Also, pay attention to the shooting star employees and rate them appropriately.

Pros

Fast pace enviornment which fosters accelerated learning

Cons

difficult to achieve work life balance

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

The work varies day by day. Flexible Work Schedules. Culture has improved over last few years. Plenty of job opportunities and ability to transfer oversees. Recent layoffs have removed lots of bad management.

Cons

Lower then average pay. Decreasing benefits, i.e. no more Pension, limited tuition reimbursement, increasing healthcare costs. Large disconnect between upper, middle, and lower management. During normal economic times, there is a lot of turnover. Communication across divisions can be difficult.

Advice to Senior Management

Don't let bad managers make poor decisions. There are too many groups who do not understand that there are many solutions to one problem and have free range to make decisions. You need to understand what your teams are doing and you need to be accountable for their actions. If you are not going to increase pay to attract competent workers, then you need keep a tighter leash.

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

Excellent place to start your career in the Investment Industry.

Cons

Starting Salary could be better.

Pros

Good management, great co-workers, laid back atmosphere, good compensation compared to rivals in terms of similar roles.

Cons

Your email inquires may get lost and not responded to in a timely fashion (or at all).

Advice to Senior Management

The only advice I have is try to work on the emailing system (and upgrade the computers ^_^)