If you received a sub-5% raise this year, and are in a back office position with little-to-no transferable skills (bonus if you are <3 YOE): take the hint and find a new job elsewhere. Is the job market easy right now? Definitely not. But as someone who left MS in 2022 along with a number of former coworkers who were either laid off or left voluntary, everyone has found relevant work at a competing firm or industry. You're not going to find what you're looking for at MS. Waiting to get laid off? Not gonna happen. And for a 4 week paid vacation, in which you'd be scrambling to find a new job anyways, you could have been in a new role making 30% more. Just my 2c.
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Add to this - it won't get better. You will continue to be inundated with mind-numbing tasks as headcount is lowered either through layoffs or attrition. On top of that, remember you're at the lowest paying firm on the street regardless of market conditions.