Thread regarding Fidelity Investments layoffs

Incompetence is so draining

Any tips on how to handle the incompetence of colleagues?

Meeting after meeting. Clearly outlined emails with the request. And yet still they manage to deliver the complete opposite of what was requested.

How can I better detach myself from the work while still moving it along? At this point it feels like they are being incompetent by chocie

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| 1641 views | | 13 replies (last July 14, 2024) | Reply
Post ID: @OP+1ts2mHGU

13 replies (most recent on top)

Re Boeing, I agree with the last two comments. It's got nothing to do with DEI. Much of the management is now MBA's and not engineering folks as it used to be. So more managers who don't know anything about the product that sit around telling people what to do. Sounds familiar? Their current CEO is an accounting major, so you can see where the focus was.

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Post ID: @3vde+1ts2mHGU

Boeing didn't go downhill because of DEI.

It's a number of factors. All stemming from cost cutting.

Removing the subject matter experts from management and reducing their power to influence decisions at the company (quality over just profits). Subject matter experts tend to be experts because they are passionate about their job. This makes them good at making decisions to result in a high quality and reliable product.

Also, moving code development to india. Where there is a not just a huge disconnect between the requirements of the business, but also a lack of experience making quality code for highly sensitive technology, and a major push for the cheapest developers.

Another issue is the management bloat. There's a good chunk of the company that legitimately does nothing. Just sit around in meetings, fail/scared to make decisions, requests more and more meetings/data. Just make up initiatives that drive no value. Management should be looking at the sentiment of their teams on a monthly basis. Not every few months once NPS is released. They have direct access to their organization and know the 'vibes' and can directly intervene and try to improve morale. But they would rather just ignore the issue because it's more convenient to just replace the person who is not a 'team player' or doesn't adhere to the 'culture' of the company.

Notice any similarities with Fidelity..

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Post ID: @3hzp+1ts2mHGU

My response to the drivel below:
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“ Everyone sees it now.

Boeing went from top rated to trash in just a few years because of DEI.

Fidelity could go this way, too.”

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Boeing went to trash because they shifted their production to low education confederate states that give workers zero protections or opportunities to re-train (South Carolina). Boeing also started shifting more and more critical work to contractors who they judged only on one criteria—how cheap can you make it?

Turns out you can make it real cheap when you stop caring about everything else.No surprise doors are flying off mid-air on their planes.

The problem isn’t DEI. The problem is corporate greed rules this country and now we are facing the consequences.

Fidelity doesn’t even practice DEI if we look at the numbers and what the people in decision making roles look like.

But of course, don’t let facts get in the way of what you heard from Sean Hannity :)

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Post ID: @2uks+1ts2mHGU

Pay is the biggest issue. With this crazy inflation of the last 4 years, why would anyone stick around in lower level roles especially? There are hardly any jobs below management level. Most of the jobs listed no consistently are higher levels. Everyone in my department left and it’s all new to Fidelity people or people who couldn’t meet the criteria for the first job they were hired for. Then they get rewarded by getting put in a job tenured people usually get because it doesn’t require licensing.

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Post ID: @2srz+1ts2mHGU

Ive only been working for 5 years, but my thoughts on this topic:

  • U.S corporate culture favors sociability over intelligence. St-----g egos, forming cliques, keeping up appearances will get you much further than competence.
  • Many incompetent people are good at projecting an image of confidence. They know how to make things sound or look good. How many people have been fooled by the slick tongued suit man with the dazzling PowerPoint…
  • Many competent people are bad at socializing, networking, and navigating corporate politics. They tend to therefore not move into influential roles as much. The d-mb middle management types promote their own kind.
  • The work here can be complex —synthesizing information from multiple sources, understanding nuances in tech/financial regulations, dealing with constant changes…the person might not have read your email because they are deluged in information overload. Fidelity would struggle to hire 50k competent people.
  • Why care so much if they’re incompetent? Fidelity is making billions in profits. Let Abby worry about it. We are all wage slaves at the end of the day. Let people make their bread.
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Post ID: @1ysj+1ts2mHGU

@nrr+1ts2mHGU Are you in FI? Our teams are drowning in embarrassing processing errors and increasing backlogs. Nothing is being done. No one cares how awful the day to day is for those in client facing roles. It’s depressing.

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Post ID: @1iax+1ts2mHGU

It's so bad. I listen to calls in my role. I'm not allowed to give feedback unless it's a compliance issue, but bad information is rampant. As much as I am dreading going back to the office two weeks a month it might be helpful for people to ask questions from colleagues if there are enough of us left who know the right answers.

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Post ID: @1vir+1ts2mHGU

I feel you completely. I spend half my time cleaning up mistakes made by new or incompetent reps. I then have to do damage control with clients. Incorrect information is given out so readily that clients will call back to get a 2nd opinion. The avg tenor in my group use to be a decade now it’s barely 2 years. People with little to no experience are getting moved up and promoted too quickly. Management is aware but apathetic, coming up with useless bandaid solutions that don’t work. Clients have lost faith and are taking their business to the competition.

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Post ID: @nrr+1ts2mHGU

How is incompetence determined and perhaps your colleagues are tired of your incompetence as well?

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Post ID: @ckp+1ts2mHGU

It’s not even being an all-star. Propel can’t do the bar minimum. I think most teams have someone now can relate. I can myself. It is frustrating. Hopefully management is handling the issues albeit very slowly. Leaving the role and starting something fresh may provide the only temporary (or permanent) relief.

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Post ID: @vcc+1ts2mHGU

Sadly....
=FV(rate, nper, pmt, [pv], [type])

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Post ID: @kpu+1ts2mHGU

You tell yourself it’s a job. It’s a paycheck. You just show up and try to make a little progress every day by hammering away at things, and you collect your pay, bonus, 401k match, and profit sharing.

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Post ID: @lig+1ts2mHGU

I mean no offense, you’re the odd one out here. Everyone is legitimately too d-mb to do their work and the smart ones are acting d-mb so managers don’t push more work on them. Being an all star gets you nowhere so you assimilate :)

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Post ID: @kbp+1ts2mHGU

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