State Street FAQ
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(select only 1)44 English questions out of 44
January 29, 2020
What is health insurance like at State Street?
Pros
Great benefits of health insurance and vacation Use to be solid opportunities for advancement and growth
Cons
No work life balance expect to work 12 to 16 hours without compensation Lack of training now with emphasis on India, U.S. employees learn by procedures and figuring out on your own while India to recieve procedures and shown how through using webex and phone
Advice to Management
Refocus efforts on U.S. office, I understand moving jobs to India to leverage reduced cost and time differences just need to do at slower pace to allow for easier transition to allow for training to be spread out to reduce the struggle and time it takes to train
Great benefits of health insurance and vacation
January 29, 2020
November 6, 2018
Does State Street offer sponsored degrees?
Pros
401k match to 6%,, tuition reimbursement, and flex arrangements
Cons
Offshoring and cost savings running rampant for last two years
Advice to Management
Focus effort on retaining and rewarding what talent you have left that is helping transition the business offshore. Quality of service deteriorating since only focused on hiring in low cost locations.
401k match to 6%,, tuition reimbursement, and flex arrangements
November 6, 2018
November 9, 2019
Does State Street pay for a gym membership?
Pros
Good company to work for
Cons
No gym in the company
No gym in the company
November 9, 2019
March 3, 2019
Does State Street offer health savings accounts?
Pros
When they are available, you can get true entry level positions without prior experience. Can't beat the amount of vacation time (3 weeks starting, increases to 4 after year or two. Option to "buy" an additional 40 hrs.) Don't have to wait for vacation to accumulate to use it. Some teams have flex work options (work from home up to 3 days a week if you are an Associate II). Insurance options are ok. All high deductible options, but State Street contributes to your HSA each year. 401k matching up to 6% after 1st year. 2 paid vacation days to volunteer somewhere each year. Will match contributions to some charities, and will pay a grant to some organizations if you volunteer 16 hrs.
Cons
Lots of outsourcing to India. Splits teams up, causes increased work load and stress. This has hurt employee morale lately. Little time for performance reviews and comradery like there used to be. Also causes confusion with structure, (Ex: Managers keep changing). I feel this has resulted in less opportunities for advancement as domestic teams get smaller, there is no need for as many higher level employees. This has most likely also affected the amount of entry level positions available as the teams in India do a lot of the simpler tasks. Raises and/or bonuses are not guaranteed and are not received every year. **Due to the vacation time available, I would still recommend. You will just want to be aware of the above issues going in.
Advice to Management
More communication/heads up about constant changes. Need to do something to lift the spirits of employees during this time of change and transition.
All high deductible options, but State Street contributes to your HSA each year.
March 3, 2019
November 11, 2020
What is the retirement plan like at State Street?
Pros
Good employee benefits and retirement plan Stable environment
Cons
Most people are not motivated Overachievers are not rewarded
Advice to Management
Please stop outsourcing. Work quality has gone down
Good employee benefits and retirement plan
November 11, 2020
44 English questions out of 44