Thread regarding Fidelity Investments layoffs

At this point, outsource all tech

I honestly don’t understand the amount of delusion sr “leaders” have when they say we’re a “tech company”. We have the worst tech possible.

Of course we needed college educated tech teams. Why did we have to do a 5 year experiment to understand cheap labor isn’t worth the investment? We have tons of cash to throw around for manager offsites and endless executive travel. We can keep people who don’t have a high school diploma. So we can afford to flush money down the toilet. How long will it take for whoever is in charge of hiring that we could hire one qualified employee that is 1.5x the cost of one employee, but they do better work than 3 unqualified people. That is a cost savings but we would rather hire 3 people who don’t have one brain cell combined.


by
| 84 views | | 7 replies (last September 30) | Reply
Post ID: @OP+1m3jr5phs

7 replies (most recent on top)

@ke because you probably don't participate and don't give a crao. Then you'll whine when your bonus su-ks

by
| | Reply
Post ID: @kf+1m3jr5phs

@OP - biggest waste of time is quarterly planning travel

by
| | Reply
Post ID: @ke+1m3jr5phs

@e3 - I am surprised that they haven't tightened up on the travel because people are abusing it and just using it for points for personal travel. Hotel room for a few days + air fare + car rental + meals -- unnecessary $1500 being spent per person.

by
| | Reply
Post ID: @kd+1m3jr5phs

@e3 Fidelity wastes so much money on travel. All it takes is one person with the right level of seniority and influence to say "let's get everyone in a room" on a conference call and just like that people are asked to rearrange their lives for an unnecessary work trip. Then they come up with an arbitrary number of days for the offsite before even coming up with an agenda or plan for what they're going to do with that time. Followed by offsite prep meetings to figure what to do at the offsite. In the past i've asked for the agenda so i can plan accordingly as far as when to arrive and depart (ie spend as little time as I'm required to be there) and the answer is always there's no agenda and we'll figure it out sometime before the trip. .
How do you know you need X number of days or even an offsite at all if you haven't even figured out what the time will be used for?

It's another example of useless people making up things they can say they did instead of doing actual meaningful work. To me "having an offsite" isn't an accomplishment but to many it is becasue the optics and culture at this old fashioned company are outdated and predictable.

Most of the time whatever discussions need to happen can be done via zoom (as they were successfully done for 5+ years when everyone was WFH during covid and no one was traveling). Now with RTO I think the the offsite things will be even worse as they try really hard to recreate how things used to be pre covid. Looking back at all the trips i've been on over the years, in hindsight i can't think of a single one that really provided any value.

by
| | Reply
Post ID: @hf+1m3jr5phs

@OP executive travel is out of control. Business class travel around the globe with caviar for dinner. In nc recently, they had a raffle for employees and the prizes were 2$ canvas bags!!

by
| | Reply
Post ID: @e3+1m3jr5phs

Spot on! There are a rare few people who are good that didn’t go to college, but in general, Fidelity is looking for the lowest cost employee, not quality. Those without degrees will say you don’t need a degree to work here and that speaks more to the standards rather than the actual need.

by
| | Reply
Post ID: @c4+1m3jr5phs

this is a one brain cell post.

by
| | Reply
Post ID: @br+1m3jr5phs

Post a reply

: