A company thrashing desperately - Anonymous employee BNY Employee Review

Where to start? There are rolling layoffs due to a stated goal of replacing half the US workforce with lower-paid people in India. Everyone's looking over their shoulder and wondering if and when they'll be next. Survivors get to pick up the pieces, not just from those who were let go but from the overseas staff who lack necessary training and experience to do their jobs effectively. Advancement opportunities are limited. The bar for success is set so high that almost everyone gets an "average" rating at review time. Promotions come in the form of increased responsibilities but no accompanying pay increase. Annual raises are generally capped at 1% to 1.5% and this year have been more than eaten up by changes in health coverage that forced everyone into high-deductible plans. The Boardroom is of course insulated from any sacrifices; Forbes ranks Gerald Hassell as one of the highest-paid CEOs in the industry, while lower-level employees are falling behind. Cost-cutting isn't matched by any clear strategy to grow revenue. BNY's much-trumpeted "Plan to Win!" seems focused on finding a single magic revenue source that will cure all ills. At the same time multiple, smaller initiatives where the firm already has a competitive advantage sit on the table. A strongly risk-averse, almost hidebound culture stifles innovation and creativity, especially in IT. Efforts to move away from outdated technologies are met with resistance from managers who haven't updated their skill sets in years and chant the not-invented-here mantra. Inbred attitudes are reinforced when younger employees and those with higher skill levels get discouraged and leave. Bottom line, morale is in the tank. People are openly discussing their job searches and wondering when clients will start jumping ship for other providers. If things keep up the way they've been going it may not take too long to find out.