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Started By
Message
re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Posted on 6/16/21 at 8:21 am to Klark Kent
Posted on 6/16/21 at 8:21 am to Klark Kent
quote:
ruhroh, the “times are changing” / “COVID changed the work environment forever” folks ain’t gonna like this.
Banking is an old school institution so I could see them returning to the way things were before
That doesn't mean that everyone else will do the same
1
Posted on 6/16/21 at 8:22 am to Aubie Spr96
quote:
Agreed. You can't unring that bell
Haha. Watch him. He’ll make exceptions for a few superstars, but the rest will be in NYC or replaced.
Posted on 6/16/21 at 8:23 am to Powerman
couldn’t agree more. most will adjust their WFH policies to at least a hybrid model. mine has.
Posted on 6/16/21 at 8:27 am to Oilfieldbiology
quote:
For your own health, you need to stop doing that.
It doesn't happen often. But it's why I get paid what I do. I'm not paid to create reports, go to meetings, schmooze clients, etc. I'm paid to respond when shite hits the fan, no matter what day or time of the day it happens.
This post was edited on 6/16/21 at 8:29 am
Posted on 6/16/21 at 8:27 am to RedRifle
Requires people to be in office, hosts conference virtually.
Posted on 6/16/21 at 8:28 am to Penrod
quote:
Haha. Watch him. He’ll make exceptions for a few superstars, but the rest will be in NYC or replaced.
This. And it will be universal. Those who can leverage their value to their employer to get what they want will do so. Same as it’s always been.
The rest- who have nothing more than an overinflated opinion of their worth- will be told to kick rocks.
The rewarding part will be watching those who think so highly of themselves face the stark reality that they really aren’t that good.
Posted on 6/16/21 at 8:29 am to Centinel
quote:
I responded to the person who made it sound like everyone is replaceable by a young up and comer.
Eventually everyone will be replaced by someone or something. Companies have a vested interest in making sure they are prepared to plug in new people as efficiently as possible.
Training new hires and acclimating people into any kind of collaborative work culture is a mess when done remotely.
Posted on 6/16/21 at 8:35 am to Rhino5
quote:
LOL. No one will ever be corporate slaves again.
Big corporations know they’re saving millions by keeping people at home.
People will do what their employers require. Including moving back to NYC.
They don’t have leverage.
Posted on 6/16/21 at 8:37 am to Crowknowsbest
same when new teams within an organization are formed.
Posted on 6/16/21 at 8:39 am to RedRifle
He’s referring to pay scales based on local cost of living and he’s right
Posted on 6/16/21 at 8:41 am to ccomeaux
quote:
He’s referring to pay scales based on local cost of living and he’s right
I guess. Not all companies work like that though for all positions.
Posted on 6/16/21 at 8:44 am to Klark Kent
It sounds like some of you work for companies with just one presence. We have offices all over the US, with teams made up of people from various offices. We've been training and building teams for years now remotely, because it's just how it has to be done.
I mean it makes sense if you're talking about a company where everyone is together in one location. But most large corporations aren't like that, not to mention the multi-nationals where you have teams made of people who are from various countries.
I mean it makes sense if you're talking about a company where everyone is together in one location. But most large corporations aren't like that, not to mention the multi-nationals where you have teams made of people who are from various countries.
This post was edited on 6/16/21 at 8:45 am
Posted on 6/16/21 at 8:45 am to RedRifle
quote:
If you want NYC salary, you need to be in NYC
Most of the big tech companies already operate this way vis-a-vis salaries in SV/NYC versus other offices.
Posted on 6/16/21 at 8:50 am to Centinel
quote:
We've been training and building teams for years now remotely, because it's just how it has to be done.
I would argue that that would be done much more efficiently if those new teams were in one location, even if only on a temporary basis.
Think about a new college grad starting a collaborative role at a corporation remotely. They would understandably be completely lost and probably feel very isolated.
Posted on 6/16/21 at 8:51 am to Centinel
no sir. i work for a very large global corporation.
Posted on 6/16/21 at 8:56 am to RedRifle
Since $1 in New York is worth 20 cents almost everywhere else is it really a pay cut?
Posted on 6/16/21 at 8:58 am to Lima Whiskey
quote:
People will do what their employers require. Including moving back to NYC.
They don’t have leverage.
If you have enough money in the bank...you have leverage
Posted on 6/16/21 at 8:59 am to Crowknowsbest
quote:
I would argue that that would be done much more efficiently if those new teams were in one location, even if only on a temporary basis.
Think about a new college grad starting a collaborative role at a corporation remotely. They would understandably be completely lost and probably feel very isolated.
With zoom, teams, screen sharing, etc, about the only thing you can't do, that you can do in person, is give the guy a handshake.
Posted on 6/16/21 at 9:00 am to Powerman
Or if you're bringing in enough revenue, you have leverage.
Posted on 6/16/21 at 9:00 am to Centinel
quote:
Sounds like your company has a management problem.
You’re not going to get any argument from me on this one.
I wouldn’t be upset if they just shitcanned the underperformers and replaced them with people who are more productive/useful. If those replacements are always available during working hours, get their jobs done, etc. then I don’t really care whether they are at the office or at home.
Unfortunately, it’s not always that easy. Especially when you consider the not-insignificant problem of onboarding and training those replacements remotely in a somewhat specialized field.
So option B is.. make the underperformers go back to work. The hard part there is deciding WHO needs to be in the office. Personally, I would be fine with grading each employee relative to their peers and bluntly telling them that they have to go to the office because they aren’t doing their job from home, even if their coworker in the same group gets to stay WFH. But no HR department at a publicly traded company is going there. And even if they did, front line managers will almost always stick up for their people. It’s a bit of a conundrum but I will admit I don’t think there’s a one-size-fits-all solution.
quote:
He's fighting to let us WFH at least three days a week to give back to us all the extra time we've worked on weekends, holidays, or late at night. The other staff do nothing but work 9-6, M-F. No weekends. No holidays. No late nights.
quote:
I'm paid to respond when shite hits the fan, no matter what day or time of the day it happens.
I get that. I don’t think the folks who are used to basically being on-call all the time are where the problem lies. Honestly, it’s the strictly 9-5 folks who seem to have more of a sense of entitlement IMO.
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