My team look like zombies walking around on the floor. Morale has been low for the past year but after this compensation season, it seems to have taken the wind out of everyone's sails.
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Totally. I see it too.
Don’t just make these comments here, a hardly known random website. Start making them on the job sites, where potential new hires the bank wants will see them and perhaps not return that phone call from the HR rep. Let the unknowing, know. Discuss the dismal bonuses despite record profits. Discuss the never ending, always increasing work load for less money year after year. Enough people make the same type of comments, and the “great place to work” mantra will have to react, and noting puts smiles on faces like cash.
I always felt that when it comes to "low morale", management looks at it the same way most people look at Bigfoot. They know exactly what you're talking about when someone brings it up, and even though many people swear it is something that exists - and can prove it...at the end of the day they don't believe it is real.
To management, low morale isn't a problem if we keep delivering quarters of good earnings. So I'm sure at some leadership meeting, low morale is just a bullet point on the bottom to be monitored until it actually affects earnings.
@5ele+1qQ9Tizx - it's not a "freeze". HR told managers to reinforce that there has not been any freeze before, during or after pandemic.
(while simultaneously telling us we cannot backfill if someone leaves. Meaning if one of my 3 remaining team members -- who are doing the work of 5 [2 left 2 yrs ago] -- leaves, then that will be 2 doing the work of 5.) wtf
We are supposed to say "There is no 'freeze'. We are implementing "selective hiring'."
Whatever you call it, still sux.
$30MM could go a long way in "delivering on our Purpose to Make Financial Lives Better". just sayin'
Or maybe it's just make 'selective' lives better....?
I really wish the low morale would translate into more attrition. I need the hiring freeze to end.
Worked at BofA for +10 years and left after Covid (2021). One of the key reasons that left was related to my relationship with my direct manager and the significant cut in incentive comp. My advice is to get keep your skills sharp, get your resume updated and go find another job. In my case, I got a 20% bump on salary and like a 40% higher incentive comp.
Morale is low. People are feeling betrayed. Managers with awful esat scores are retained and rewarded big. People who have no real chance in the outside world survive here just because they represent some committee or real friends with Brian's directs like Geoff or Tom. This goes against the very American philosophy of merit based growth. It's a friend and family show and there is no way for real talented people to succeed with all these su-kers and their friends one level down ruling the roost. It's sad
What's unbelievable to me is that I got a better raise in 08 not knowing if the bank would be here on Monday than I did now.
Unlocked a new WAP
5🌟
More pizza, anyone?
We can't pay you nor treat you like an adult, but we can sure clog your arteries with cr-ppy food.
("oh, is that why health care expenses ticked up?" [HR: Yes, sir, it is] "Ok, then no more pizza. We can stave them out."]
B of A is really one big shlitshow. This company is being run by a blockhead CEO who just cares about showing up on CNBC with his phony remarks about how good this shlithole bank is doing. The morale is low and a lot of people have just lost their motivation to work here anymore. Employees at this bank are tired of the bulshlit hour long conference calls and the cr-p they post on flagshlit everyday.
Your assessment is spot on. And the deliberate retention of senior “leaders” whose employee satisfaction ratings are rock bottom helps maintain that atmosphere and drive voluntary attrition at the desired level to meet earnings expectations.
But have hope, the employee sat teams will arrange wonderful town halls and brown bag sessions that will surely make a turnaround in morale.
Seems like something plaguing the entire financial industry. Read the layoff boards for other competitors - more of the same. The escape is probably switching industries or maybe going to a smaller regional bank.
I started my career during the 08' crash. By this time bonuses were already starting to be reduced and I've never seen a "real" wall street bonus in my 15 year career. When I was an analyst/associate, I felt management was slightly better. At the very least, there would be birthday celebrations with cake, occasional impromptu after work drinks (COVERED BY THE DIR/MD), broader quarterly network drink outings for the larger team, and BOTH team and firm-wide annual parties. I am sad to say this past year there was no holiday party for my division (or one that I know of - and had confirmed with a few other departments at the bank as well). In the past there would be skip level meetings with managers to evoke some real hands on understanding of what's going on the ground troop level as well as really get to know someone and identifying talent. Now MD's just perch in their offices and don't say or do anything because they are holding on to their job and don't want to take any risk at all to really improve or shape the firm in the right direction because either they "know" someone, or were just talkers. The ones who are technically skilled are all gone because if you are technically skilled this isn't the place for your growth.
Don't you all feel it is odd that sure, post-covid they want to build an in office environment but there is no culture what so ever. The main issue is there is a larger percentage of managers/MDs/Directors are now "underpaid", especially the newly promoted ones (the dinosaurs still get paid well but they likely complain more about the 6 figure bonus swing, versus the newly promoted folks who are getting chump changed a few thousand - which makes it exceedingly hard to run these "team activites").
Threes only 2 outcomes of this dire situation we are in.
One is that enough people leave and they don't hire, which means things will fail and we will get fined more by the gov't, which means then they hire people at +30% above what someone makes here in the same role. Causing resentment, and then the impetus for a few knowledgeable key people to leave.
Two is that people keep floating around like zombies and we just continue this cycle of slow death. No one has interest in improving themselves or the firm and we just get in a miserable government type job with no pension and no real awards. This is the worst outcome for the firm and it's employees. Sadly, it looks like we are heading towards the worst case scenario.
I will remove my accounts - despite being near Diamond status in preferred rewards. I have achieved this not through earnings but shrewd moves and investing. Perhaps I will be Chase Saphire customer or whatever it is they have. My work will need to be redistributed more evenly across the team. Apparently working hard isn’t the right way to get rewarded. It’s not “performance related” (comp) I was told. I must have misunderstood them. All year I’ve been working on the pay for performance philosophy that apparently does not exist.
I will continue building my outside passive income. I’m not gonna get rich at the hands of Bofa. I will have to, and have done so by my own determination.
Yep same, all I see are people going through the motions and doing the minimum. Those who attempt to overachieve get backlash from those around them, including their manager, and end up ultimately joining the masses defeated.
Most now are worried about how they will pay their bills, given prices keep going up and yet pay (mainly bonuses) go down.
It really is like zombies walking around.
It's absolute misery for the entire floor where I am, across many different departments. Everyone is convinced they are trying to induce people to quit.
I personally don’t agree that it’s the same everywhere. My spouse works at another FI, where they are treated like adults, compensated decently and not tracked like prisoners. Says morale is really good, no where near perfect, but definitely much better than here.
Nobody cares about anything. It’s sad. All just checking the box.
I think this is everywhere not just BOA
Trying to stay positive but the lack of giving a shiz from upper management is taking its toll and stressful. My manager is awesome but his!!!??? And his makes all the decisions and doesn’t give him any control. It su-ks
Your assessment is spot on.