There is NO reason the bank has to ambush us when they decide to cut headcount. A successful company should have a long term plan and shouldn't be reacting day by day to micro changes in the world. We should know the work we plan to do and how many people we need to do it. We should be straight forward about cuts and guarantee jobs for a year or two at a time. But instead we face knee-jerk reactions with no clear planning or roadmap. It's amazing that we can have a different CEO every 2 years and every single one of them mismanages this when it's SOOOO easy to fix.
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@2dul+1csXACRR No, I did not trust them. I was waiting hoping it would be my time. Thankfully it was. Perhaps it was mutually beneficial they got rid of me and I was thrilled by it! Not everyone is as thrilled as I was. I was a lucky one.
Yeah, and I should clarify that they notified me on the 6th workday of the year and I was effectively no longer an employee the 3rd week of Jan.
@2dul Yeah that was tragically comical, wasn't it, that the layoffs they promised wouldn't happen in '20 came a couple of weeks into 2021. I remember chatting with a friend of mine in same group as me and we laughed when they annouced that everyone was safe...but we said just wait until the new year! Sure enough, right on cue.... Hate to be right so often.
@2jji, did you trust them when they said there would be no layoffs in 2020 after covid hit? I did. Maybe a little too much because I was blindsided when they fired me 3 weeks into 2021 when covid was peaking.
And it would take NOTHING for each group to say, "we're done for a year". Or "we need another 10% and we're ranking people in the third quarter and you'll be notified in the forth quarter". But we can't even get a "we're done for the day".
@1vmy+1csXACRR The constant layoffs and how ratings are conducted and poor management has created a very distrustful workforce. I don’t think simply stopping layoffs will cut it here. Perhaps I’m wrong but I feel it’s gone too far to be a simple fix.
@sfu, I wouldn't call our downsizing process "culture". It's easy to fix the policy with a stroke of a pen.
When you work for a company that has no vision, no strategy, no real CEO and a very weak EC this is what happens. The only thing they can come up with is to cut costs and people are represent a HUGE cost to them.
To the person that asked the question about EC- they do not read this and if they did they don't care. They care about xxxx b-tt and keeping their own jobs. One of the weakest, piggish EC's on the street. Very few got their because of their talents.
If you are under 40, hired after 2007, you will be less likely to be laid off. It's the 40 and up hired prior to 2007, especially Mellon hired, that need to look over their shoulder.
Ultimately it doesn't matter how successful the company's long term plan is in itself, if investment analysts see a weakness or see strength in competitors then the stock price will decline and then the short term cuts will come in - we are "controllable expenses", like sandbags on an air balloon, cut free to stop the thing from sinking lower, to keep appease major shareholders. The world is ridiculously short term now thanks to the financial "services" industry.
Ever wonder if the EC reads these posts and feel shame for how they created this fragile and stressful culture of constantly waiting for a layoff? If you are reading this….do better. We’re human beings.
Not security per se but decency and respect. Fake reviews no raises cr---y bonuses and plenty of fat at the top skimming plenty of cream
Changing the culture of a company is a hard fix in my opinion. It requires an extraordinary amount of time, effort and money to foster the change and requires the right people and trust of those people. It’s so much more profitable to keep a positive engaged workforce than to try to fix a broken one. I feel that it is next to impossible to bring this company up from the wreck it has become. The ship has sailed and sunk unfortunately.