Even when we're fairly certain there won't be layoffs in the next few weeks or a month I can't fully relax. All I do is stress over it. I think things have gotten so bad that even in the few calm moments we get, the prospect of what we know will come sooner or later is still very much present. This can't be healthy.
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You’re quite likely to be a naturally high strung person. There is pressure at the bank and there are (actually quite rare) small layoffs but nothing to stress over. Best advice is to leave. Look for a job that aligns with your hobbies, your beliefs and your aptitudes.
Remember that layoffs have been virtually nonexistent for the last 3 1/2 years. The real issues here are endless benefits cuts and pressure to do more work than humanly possible.
Layoffs can actually be a good thing for a nervous and stressful nature. Sub can be a welcome calm in the storm.
It is important to distinguish between fears and reality and reading this site definitely makes that harder. Find a small
And becoming needlessly paranoid at a Bank that hasn’t had a sole layoff in two years plus offers up to a years SUB means… if anything… that they should factor in a newer car after they hit the SUB lottery.
Budgeting requires assumptions of future income. How can so many people working at a financial institution not understand that?
Sorry, BNY's so called “constant layoff” cannot possibly “cause your household budgeting problems” unless you are actually layed off.
Think about it for a minute… if you’re not layed off then you’re still getting your paycheck.
How could that cause budgeting problems?
Sorry, unless you’re actually laid off there is. No way that “ BNY's constant layoff causes your household budgeting problems and stressing to the point of losing sleep.”
Now if you actually are laid off I can understand household budgeting problems, stressing and losing sleep.
“Seasons don’t fear the reaper, nor do the sun, the wind and the rain.”
I promise you, there are many good jobs out there and the jobs pay more (for those of you who have sat around there for 15 or more years; you are probably underpaid). Most of the bank roles are in high demand. Enter your role in Google Trends. You can see if there is demand. It may be that what you do has morphed into something new, under a different name. Google Trends will list those other names. If there is no demand then be grateful you found out while you still have a paycheck. Use the time to skill up. You can do so quickly and cheaply. There is no reason to be miserable. Best thing that happened to me was getting let go. Nice long break, generous package, new direction!!
How can BNY's constant layoff cause your household budgeting problems?
If you’re still working then set aside some savings now while you still have a solid income. But don’t stress about what might happen… just let it go.
@1aod
I was thinking the same thing about the obnoxious entries belittling others and implying that they aren't working up standards. Of course that would be true for some people (always has been so nothing new) but certainly not for all or even the majority of people laid off. I personally know several people who were laid off and then immediately got scooped up by other major firms with much better reputations than BNY Mellon.
It's almost like BNY Mellon hired someone just to monitor websites and submit those kind of replies.
You're spending too much money if you have to worry about losing your job.
I just got laid off 2 days back
We haven’t had constant layoffs since the 2000 to 2008 years from Y2K crash to Toxic assets from the Clinton home give away program which resulted in unsupported collateralized mortgage securities based on nonexistent criteria..
There were 10% per year layoffs from 2000 to 2008, no exceptions.
This could well be the first real life taste of hard times for GenX on down.
BNY's hasn’t had constant layoffs in the past 35 years.
Layoffs don’t cause household budgeting problems unless you’re layed off and even then you get SUB and unemployment. No need to stress to the point of losing sleep. The vast numbers of displacees come out far better than those who still work here.
I always wished for it but was too solid of a performer.
I forfeited 5 days of earned vacation time in 2022 due to the workload -- and we were recently hit with an 8% cut in staff in my department due to the November layoffs. Everyone in my department is working overtime to try to get client deliverables out on time. Well - not sure if it is considered overtime since none of us are on an hourly pay scale so not a penny more for our effort.
What percentage raise do you think the executive team will get this year because they cut staff? I'm guessing higher than the inflation rate when most of the rest of the staff will get a much lower percentage. And, of course, that's on a significantly higher base.
I know countless colleagues who don't take vacation time off because it just means all of their work gets bottled up the day they come back. A lot of teams and processes don't have adequate backup because there just aren't enough people anymore.
I feel so for you as I was the same way. Recently just adopted a new mantra of “I will not let this place steal my peace”. This place does not care about us so I refuse to let it take more from me than what I allowed in the past. Unfortunately, layoffs are inevitable which su-ks. Ironically, RV linkedin post speaks of more mental health awareness/ care in 2024. He doesn’t see the shabby treatment of his employees is the catalyst for many whose mental health is suffering. The sad reality. Big hugs to all who are struggling
BNY's constant layoff causes your household budgeting problems and stressing to the point of losing sleep.