Do Managers, VP's, HR, Corp, ect see these posts? Would they even care?!!!! Would not be worth sending this to them!?
21 replies (most recent on top)
I am an SVP as well and going through all of the same issues everyone is talking about. After over 10 years, I'm on my way out. Enough is enough. I was hanging on to the memory of the company I first joined, and recently opened my eyes to the fact that there are other much better companies. And these other companies are happy to have you, excited about your experience and willing to pay you for it. Hopefully I am out very soon.
It has been horrible here. Laying so many associates off, expecting you to pick up the slack, and thinking they do not need to compensate you for it. I'm over the stress and worrying. You can negotiate any perks you want with another company- there's no reason to hang on for whatever reasons you are hanging on. You can WFH elsewhere. You can get compensated better elsewhere. Will you leave anything on the table at BOA? Negotiate for it in your signing package elsewhere. It doesn't matter your level, we are all dealing with the same issues instituted from much higher above us.
Enough.
Yes, HR does read this thread/ site. I am an SVP, HR Manager. We have the same challenges that all of the other departments have. We also have to make cuts/ reduce our department headcount.
What you described is the now popular "Rank and Yank" culture. Apparently, this is the new normal.
Does the media look at these sites?
Someone is reading these and editing (removing certain comments). I tested it by planting a comment I knew would be a bit sensitive and 2 days later it's gone.
As a former manager, we started with stacking (rating the employees from the best to the worst). We'd get the word from Sr Mgmt that we had to let go of x amount of employees, so we'd select from the bottom of the list and work our way up. Some of the unethical managers would purposefully put the employees they didn't like at the bottom of the list, regardless of their performance. This all eventually changed where we were given 5 min to quickly pick names, then to not even being included. Sadly it's the managers that then have to pick up the pieces. This company doesn't care about people. Everyone is disposable. BAC is the devil.
Yes, that's what they do when they think it will lift the stock price. They have no idea of how the business actually functions.
How about its a poorly run company in a tough economic environment? You think the 0.1% call BM and tell him to cut staff needed to support money making units?
It's not the 1% that are the problem, its the 0.01%. The multi-billion dollar globalists that have more money than anyone could possibly spend in a lifetime.
Thanks again 1%!
Buying CW was the worst decision
Is Warren Buffett still a major investor in BofA? That would explain some of the pressue.
Managers and executives get let go too. They wonder just like everyone else when their time is up. Even Band 2's are in same boat unless you are CEO or one of BM's directs.
The reality is, the entire company is suffering from poor business decisions made during the financial crisis. BofA would have to earn 10+ billion each quarter to be on par with earnings per share of it's competitors. If BofA had the means to buy back 5 billion shares, then we would only have to earn 5 billion+ per quarter to be competitive. If shareholders were happy with the .05 dividend and .20 something per share earnings than layoffs would not be an issue but shareholders expect more... much more.
My asshat manager knew 2 weeks in advance that he would cut all but the India portion of his team. He was real close with the axed members and knew how hard they worked. Didn't matter. Didn't give slightest heads-up. Most of us knew it was coming which made him look worse. And yes, as stated in another post, they keep the slackers. I guess they're easier to manipulate than the smart ones?
I can tell you as a former manager (until I was redeployed) that managers don't know anything about the layoffs until an hour before it happens when we are all pulled in a room and told who is being affected by the layoffs.
We have no input as to who is laid off and a lot of the time the people who are affected don't make sense. I had someone who was exceeds/exceeds for 2 yrs laid off and someone who was a DNM/meets stay who also made more money than the exceeds/exceeds person.
Good luck to everyone today and hopefully we will all find better employment asap
Remember, HR will also be affected with layoffs as they too are hired based on head count.
They just sit there rubbing their palms together as they give an evil little laugh. "Ha. It's working. Gooooood."
I'm sure there are managers who care very much but unfortunately most of them aren't high enough on the food chain to make a difference. As much as it sucks I'm thankful we have this board where we can talk about what's REALLY going on at BofA without fear of recrimination.
Managers and Vp's have nothing to do with it, it's being decided in HR and all about saving money, my bet it's coming all from BM and his minions
Look at all threads - you see how some of them have 2000 or 3000 views, some of them have to be corp folks, managers, etc.
My VP knows about this site, not sure about others - we are on the mortgage side and this site is popular with mortgage folks. Not sure about retail, etc.