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Message
re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Posted on 6/16/21 at 12:23 pm to Louie T
Posted on 6/16/21 at 12:23 pm to Louie T
they could over time but what you have to hope for is your talent that stays ins't selfish and is actually talented and not riding coattails of those that aren't.
its a fine balancing act that is really solved by employers giving some and employees giving some as well.
We have 3 camps at my firm: the 100 percent work camp which is made up of some of the higher performers and some brown nose people as well that really ride by as try hards instead of being actual talent, the remote 100 percent camp which has a few higher performers and then selfish people and probably some low performers. Then you have the hybrid camp, which has a mix of all types.
its a fine balancing act that is really solved by employers giving some and employees giving some as well.
We have 3 camps at my firm: the 100 percent work camp which is made up of some of the higher performers and some brown nose people as well that really ride by as try hards instead of being actual talent, the remote 100 percent camp which has a few higher performers and then selfish people and probably some low performers. Then you have the hybrid camp, which has a mix of all types.
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Posted on 6/16/21 at 12:28 pm to dandyjohn
quote:
You get paid for the value you bring to a company, not for where you live. If a company thought you were worth 250k in nyc, you are worth 250k anywhere.
Again, you are worth what the labor market says you’re worth. If a company is headquartered in NYC, and wants people to be at the office, they have to offer pay that is competitive in the NYC market.
OTOH, if the job can be done effectively from anywhere in the country, they don’t have to pay as much to be competitive. It comes down to how much the company values that employee’s presence at the office. If they want remote employees to take a $20k pay cut (as an example) then it’s pretty clear that they think the value of those employees’ presence at the office is about $20k.
I have heard that some tech companies are floating the idea of implementing some kind of sliding-scale remote compensation plan based on cost of living, which I think is retarded. Once you are comparing remote workers vs. other remote workers, it shouldn’t matter at that point.
Posted on 6/16/21 at 12:34 pm to Lima Whiskey
quote:
They need people in the office, so they can instill their culture in them.
Posted on 6/16/21 at 12:51 pm to engvol
quote:
I believe is good for you in general.
This. I know several WFH folks who have had exacerbated anxiety about going out in general. They've actually been doing a pretty good job at being productive with WFH, but it's not so great for mental health to just be in your house all the time. At least this is what I've seen with several people I know.
Posted on 6/16/21 at 12:55 pm to LaLadyinTx
quote:
This. I know several WFH folks who have had exacerbated anxiety about going out in general. They've actually been doing a pretty good job at being productive with WFH, but it's not so great for mental health to just be in your house all the time. At least this is what I've seen with several people I know.
You see, we want you commuting for at least an hour a day and then stuck in your cubicle for at least 8 hours per day for your mental health!
Posted on 6/16/21 at 12:59 pm to Mo Jeaux
well that’s quite a lazy and disingenuous rebuttal.
Posted on 6/16/21 at 12:59 pm to RedRifle
But if you moved from NYC to somewhere more peaceful and are making a high amount for that location, why bother moving back just to get killed by a man with a switchblade knife for $43.
Posted on 6/16/21 at 1:03 pm to Centinel
quote:
Why would I want to work in an office when I can do my job from anywhere in the world with a network connection, and I have no need to interact in person with anyone?
But that's not the question for the employer. The question for the employee is do people need to interact? Is it more beneficial to have other support staff do some of the "grunt work" and you do the more important tasks? How do you hand off this work efficiently? Are there set hours where everyone is required to work so that people are readily available?
If you're in M&A, you need to physically see some things, or to view electronic documents you'd find that many documents are old and many smaller companies haven't scanned in everything. Someone has to be there to do those tasks.
I can see investment banking, legal, accounting, etc. not needing to be FTF all the time, but WFH 100% of the time is just not feasible. Maybe you're business is different. It's so much going to depend on what you actually do.
Posted on 6/16/21 at 1:04 pm to Mo Jeaux
Eh, the poster has a point. People do get burned out working WFH and if you never leave the house then yea it will cause problems. Those people though likely already didn't like going out much.
Posted on 6/16/21 at 1:07 pm to LaLadyinTx
Yea most of those don't need to be 100% in the office but being 100% remote in those is probably going to lead to issues.
I do think some jobs in the corporate world can be 100% remote. In most cases hybrid is probably ideal. It keeps people happy, it keeps the pipeline moving and such.
I do think some jobs in the corporate world can be 100% remote. In most cases hybrid is probably ideal. It keeps people happy, it keeps the pipeline moving and such.
Posted on 6/16/21 at 1:07 pm to LaLadyinTx
quote:Not in my M&A. Quite literally zero need to ever see the counterparty or advisors
If you're in M&A, you need to physically see some things, or to view electronic documents you'd find that many documents are old and many smaller companies haven't scanned in everything. Someone has to be there to do those tasks.
Posted on 6/16/21 at 1:09 pm to LaLadyinTx
quote:
This. I know several WFH folks who have had exacerbated anxiety about going out in general. They've actually been doing a pretty good job at being productive with WFH, but it's not so great for mental health to just be in your house all the time. At least this is what I've seen with several people I know.
You know people that are losers, they don't go outside and do shite because they're soft, not because they work from home.
Same people that are timid pussies when they're in the office
Posted on 6/16/21 at 1:11 pm to LaLadyinTx
quote:
can see investment banking, legal, accounting, etc. not needing to be FTF all the time, but WFH 100% of the time is just not feasible.
Is anyone arguing for never going back to an office or training ever again? People that have been working from home for years still go to shite with they're coworkers at least annually.
WFH means you work from home unless there is a reason to go to an office. Training, client request, monthly meeting, etc.
Posted on 6/16/21 at 1:25 pm to squid_hunt
quote:
I think long-term working from home will be squashed. If you can consistently work from home, you don't need a supervisor, which means your manager doesn't have as many people working for them, which means their salaries go down.
I work at Saleaforce and this isn't true at all.
WFH and WFH hybrid is awesome because it allows people to move to more affordable areas or cities. Better schools and daycares. Rather than living in a metro city commuting for 2 hrs in the car everyday.
If you're also in sales and you're around your territory why do you need to be in the office?
Look I completely get it for trainings but spare me the long term bullshite. If people and the company is productive while working from home at the very least give them the hybrid model.
Posted on 6/16/21 at 1:28 pm to BorrisMart
quote:
why bother moving back just to get killed by a man with a switchblade knife for $43.
How else are you going to take pictures of Broadway nights to send you country buddy in exchange for some homemade wine?
Posted on 6/16/21 at 1:29 pm to Magician2
Its really hard for companies to push for back in office if they are showing revenue growth from a WFH/Hybrid model, but some people just can't justify it.
The only real thing they have is culture but that is kind of laughable. Most employees care about: How much they are paid, and what is the path for the future.
The issue I see is trying to get people to help the new people learn. I know starting out the most I gained wasn't from any certified training or courses but actually sitting in manger/partner offices and discussing real live issues. This can still be done but its kinda non organic with zoom or teams meeting. That is where I push the hybrid and to make sure to give back and help the new guys
The only real thing they have is culture but that is kind of laughable. Most employees care about: How much they are paid, and what is the path for the future.
The issue I see is trying to get people to help the new people learn. I know starting out the most I gained wasn't from any certified training or courses but actually sitting in manger/partner offices and discussing real live issues. This can still be done but its kinda non organic with zoom or teams meeting. That is where I push the hybrid and to make sure to give back and help the new guys
Posted on 6/16/21 at 1:30 pm to Louie T
quote:
quote:
If you're in M&A, you need to physically see some things, or to view electronic documents you'd find that many documents are old and many smaller companies haven't scanned in everything. Someone has to be there to do those tasks.
Not in my M&A. Quite literally zero need to ever see the counterparty or advisors
So there's not someone, somewhere scanning documents? Every single document you need to review was already electronic and perfectly filed so you could review?
I'm not saying your job. I'm saying someone has to be not virtual or you wouldn't be able to do your job.
Posted on 6/16/21 at 1:39 pm to LaLadyinTx
quote:
I'm not saying your job.
quote:
If you're in M&A, you need to physically see some things, or to view electronic documents you'd find that many documents are old and many smaller companies haven't scanned in everything.
That's exactly what you said
Posted on 6/16/21 at 1:39 pm to LaLadyinTx
Yes. I can get everything I need to run a screening or a combination model with S&P data, financials coming from their accounting system, IR presentations, and SEC filings. All NDAs & transaction agreements can be signed without ever having to be in an office. Large public filers generally don't just have important documents and data strewn about an office in file cabinets or on people's desks.
Posted on 6/16/21 at 1:42 pm to Louie T
quote:
Yes. I can get everything I need to run a screening or a combination model with S&P data, financials coming from their accounting system, IR presentations, and SEC filings. All NDAs & transaction agreements can be signed without ever having to be in an office. Large public filers generally don't just have important documents and data strewn about an office in file cabinets or on people's desks.
Not exactly the same, but I don't think 75% of posters on this site know what EDI is
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