The FS industry has been enabled with greed, unscrupulous practices, shady products, etc. because employees are afraid to speak out and lose employment. In return, they are treated poorly, particularly in the US with it's employment-at-will practice. In my years here I've seen so many employees lied to when training their replacements in India, then laid off, age discrimination is real and most employees don't feel valued. Despite all the DEI talk, there is extreme cronyism with rules for you and not for us. Most damaging is the poor management practices. Over the years, we've had our benefits cuts, merit raises frozen or minimal (well below inflation anyway), recurring layoffs, and the PE system is a check the box exercise, if done at all. They lack substance and the training is weak and underinvested.
We need to organize to improve the outcome. CEOs and EC get raises for steering us through the financial crisis and pandemic, but it's really the employees doing the heavy lifting who then get shafted at comp time and cast off to the street like garbage when the Firm needs to meet "street" expectations on EPS/growth. The Board needs to be more engaged on the culture and experience of the avg employee. We should demand an employee rep on the Board to report on the conditions. Some will say "just leave", but it's not any better at other FS firms. All use the same playbook. Interested in others thoughts on how we can improve the employee experience. We deserve better!
18 replies (most recent on top)
If they got rid of the company jet and all the costs to run it they could probably pay a decent merit increase!
@6xwz clearly doesn't know that organizing the obstruction of labor of a manufacturer is absolutely racketeering and a violation of RICO.
@6lxk+1cHiQOt8 clearly knows nothing about RICO or unions.
@3drt, sounds like those tactics went beyond simple harassment and as----t and entered federal RICO territory.
lkjhto is correct. Years ago I worked in manufacturing that was unionized. We were forced to invoke a strike only one time in all my years. It's known as "Do not cross the line". We had to show up to the site daily, form a line around the entire building and inform any temp workers who showed up that they "don't want to cross our line". There were only a couple people who tried before the message was loud and clear. It's hard on the employees who are striking and difficult to watch what happens when someone is trying to get in the door.
The idea to unionize is the classic "looks good on paper" idea. In reality, you must be prepared to use violence against the new hires who replace the pro-union employees who will be let go for some "manufactured" reason. That's the only way to discourage people from accepting employment conditions that you reject. History speaks for itself on this topic.
As much as it pains me to say this, there is nothing we can do. If you are not happy, you can leave and find another role elsewhere. No one cares, things will not crumble, and there are always people willing to do your job (or my job) for less money. And if they do a bad job, the company won’t go under. We will learn from mistakes, fire those who made the mistakes, and move on.
At one time, our legacy company’s each had leaders who cared about the employees. It is not really a factor anymore. No one cares. Because for everyone who is unhappy, there are 10 more that are happy.
I suspect in large (virtual) meeting rooms, someone says “let’s not give raises” and someone else says “good idea, no one will leave” and the reality is that is what happens. 2020 did not provide good merit increases and I expect 2021 will be flat or worse. (Just remember that the exec pay we saw in published reports did not reflect the same flat pay increases).
create unions
This is called annoying tactics, as long as employees keep writing letters to State governors for years and years. When the election time comes, you tell the governor that you will move out of the state due to job lost. The State governor will pressure the CEOs
'So you will write a letter to the governor that you are not happy working at BNYM? What is this non-sense we are reading here. Start doing a better job, transfer internally and I agree with the other post you are free to leave the company!
I agree we are all just a number, upper mgmt doesn’t give a damn about us and anyone that thinks otherwise is foolish. With that being said, like the other poster said, we are all free to leave whenever we want. Unless you get an overwhelming majority of the employees to band together to demand change nothing will ever happen. No matter the company that’s the only way. Unfortunately I don’t see that happening any time soon.
Blows my mind that some people stick up for the arrogant self entitled CEO’s.
Believe me…. These execs have your name on a list to be cut. It’s just a matter of time. I work on these efficiency projects. It’s sickening how they talk about these “saves”.
So you will write a letter to the governor that you are not happy working at BNYM? What is this non-sense we are reading here. Start doing a better job, transfer internally and I agree with the other post you are free to leave the company!
@1hch,
We've invested countless hours making our company better. Oh, and I have over 10,000 bk shares which I' concur is nothing compared to what the execs have pillaged.
Let's write some letters to State governors and let the State governors pressure on the CEOs. Telling the State governors that we won't cast our votes to him/her if they don't do it. State governors only cares about votes.
How exactly is it your company? I agree if you are not happy no one is holding you to stay!
Why should any of us have to leave? It's MY company as much as it is theirs.
IF you are not happy you can leave. No one is forcing you to stay, it appears lots of companies are now hiring. I suspect you are one of those entitled problematic employees you blame the company vs. you lack of work ethic.
Couldn’t agree more.
Remember the occupy wall street days? It was great in theory but they didn’t have the correct/ inside information nor spokespersons.
Organization is needed.
These execs reap all the rewards w/o ever sacrificing anything. They didn’t put up start up money.