To answer the question and to address the theme - I have heard from my team and everyone dropped a pay grade. This was never about creating efficiencies - it was a simple money grab and cost savings. I feel for the people losing their jobs, and some their careers, but the cut in pay, as someone already said, will make quite a few people “silently quit”. The second issue - you force a pay reduction while at the same time mandate we invest our assets with the firm. I no longer want to be a “client” here, I no longer want exorbitant fees with little return from my EJ advisor.
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@ad no, you are loved and you are valuable. A company does not define your worth.
@ah Pmcc
"The second issue - you force a pay reduction while at the same time mandate we invest our assets with the firm. I no longer want to be a “client” here, I no longer want exorbitant fees with little return from my EJ advisor."
So pay is reduced, while expenses continue to rise. Cuts have to be made somewhere. Effective immediately, none of my assets are under EJ control.
Maybe some day in the future, when many things have changed, I'll reconsider. Probably not...
What areas are getting the demotions? Asking around.
@ad I understand feeling this way, but it is not true.
I’m worth more dead
Reduced pay = people quit on their own = no need for severance. This is what they are doing
The messaging has been inconsistent over these past 6 months. First it was stated, the reimagining would put us on a better pace for the future, and to help out with all the expensive new tech we paid for. Then it was said, this is not a financial choice. Now departments are being downgraded in pay grades. I just don't get it.
I know myself and colleagues in my area are underpaid considerably. My job is quite specialized to only FINRA firms. So I don't have many choices in the STL area. WF has a similar area, but I've heard the grass isn't greener.
A few years ago, we had Human Capital come to a meeting to defend their denial in pay upgrades. It was laughable and embarrassing. Instead of being an industry leader or wanting to attract talent. They took 3 competitor's pay and averaged them, then discounted it down to a STL COL adjustment. Didn't even match one competitor. They of course turned off the ability for questions on Zoom, and did not take questions from the audience.
For being a company that is careful with conflicts of interest. HC sure doesn't mind giving their own area higher pay grades.
@a8 it's their way to save money on your severance. As others have said , it's quiet firing.
It's even more frustrating that if you don't accept the demotion and pay cut for doing the same job, you're considered to be "resigning." It seems to me that we should be entitled to an ISP if we choose not to take the job, but that's not the case.
This place is a 180 of what I was sold. Sigh.
And then there are areas of the firm which are consistently underpaid relative to the same work at competing firms. Same licenses, same risk, but other firms pay anywhere from $20k-$50k more. But... we're "appropriately compensated". Sure...
Of course it's about the money. It's always about the money.
Go compete for your breadcrumbs, peasants! ELT, GPs, and the elites need more, more, more!
Is this due to new job roles having more focus on real competencies? In the past titles had really vague and inconsistent competency expectations. Any pay cut / demotion will motivate good employees to quit on their own will as soon as they can.
I agree. A paycut will still keep you employed, but having to do the job for less pay is a slap in the face. It's them saying "We could fire you and severance pay, but we still need you to do this work, but also quit sometime soon...because we love you."...bunch of greedy psychos running this place into the ground
Agreed. My money is gone as soon as possible. I am advising my friends and family to take their assets elsewhere as well.