Looking at internal jobs and they are hiring for current roles at a grade lower with lower pay then what we are paid now for these roles. Are we being set up to be laid off or fired so they can replace us at lower pay? Are they gonna lay us off and make us apply for these roles to pay us less? Will any of us that make it through layoffs getting a bonus or raise?
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They've been doing this for at least a year, probably longer. The role I was hired for was previously occupied by a grade 17, I was hired in at a grade 16, and my replacement after I left was hired in at grade 15.
They have to lower the pay grades of open reqs after they chase talented employees out of the bank, so they can create new Gr 18+ roles to bring their buddies in. Nepotism at its finest.
Noticed it too. Classic McKinsey playbook in action. Even if untrue, the constant news about unemployment and how bad the market is also play in to lowering salaries. It is a bank after all and not an exemplary one at that even.
Willing to guess this is AI-driven, similar to the apartment rent-fixing
@a7 USB has been trying to buy their way into better profitability for a while now.
I don't understand how they haven't figured out it doesn't work like that. Now there's a cash flow problem, a toxic MC creating a toxic culture, and a bunch of pi---d and unhappy employees.
Profits come from innovation and system functionality. We don't have innovation because we refuse to pay for it, and we abuse the sh-t out of the talent we do have. We don't have systems that work worth a damn because we also refuse to pay for it and it shows in our stock price. Bad leadership is why we're terrible. But the CEO and MC can't remove their egos from the conversation to actually see what they've done.
@aa the people from Union Bank we ended up with. Everything changed for the worse after that merger.
What was so bad about Union Bank?
Well they used to put the 85%, 100%, 115% parts of the pay scale for each grade on a posting. But now they only put 85% to 100% probably getting you a target of around 90%.
Just more proof to run away from this piece of sh-t bank. Nothing against the people of Union Bank because it's not their fault but find that bank was the stupidest decision Andy ever made. Insane how incompetent CEOs can be.