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Message
re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Posted on 6/15/21 at 9:08 pm to Boring
Posted on 6/15/21 at 9:08 pm to Boring
quote:
can’t grasp how someone in London, someone in San Diego, and someone in Orlando can all negotiate a document together from the comfort of their couches.
Thats not what he is saying. He's saying you are not going to be paid the extra money you were paid to help with the cost of living in New York.
0
Posted on 6/15/21 at 9:08 pm to RedRifle
Not long before all those tech bros who moved to Reno or Austin get a massive pay cut ...
Posted on 6/15/21 at 9:11 pm to RedRifle
quote:
Chief Executive James Gorman said during the firm’s annual U.S. Financials, Payments & CRE conference from the bank’s Midtown office, which was held virtually this year
Posted on 6/15/21 at 9:15 pm to RedRifle
quote:
If you want to get paid New York rates, you work in New York. None of this, ‘I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City,’” Gorman barked. “Sorry, that doesn’t work.”
Makes absolute sense. But the way NYC has gone down hill and the amount of crazies running around that city, Some folks might not care.
This post was edited on 6/15/21 at 9:16 pm
Posted on 6/15/21 at 9:17 pm to RedRifle
quote:
If you want to get paid New York rates, you work in New York. None of this, ‘I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City,’” Gorman barked. “Sorry, that doesn’t work.”
I’ll take the Colorado salary then
Posted on 6/15/21 at 9:17 pm to baldona
quote:
No ones putting in 80 hours a week at home from the couch, no one.
Bold claim considering the majority of corporate jobs were remote the last 15 months and there were plenty of people putting in 80 hour weeks. Why? Partially because they can never get away from their work.
But yeah, I’m sure people are much more focused and productive in a cubicle farm or super hip open office plan listening to constant bullshite conversation and huffing each other’s farts for 12 hours. Oh and they lose an hour or two on either side of the day with a commute. Sorry people are too spastic and undisciplined to turn off the TV and actually get their work done. Producers produce whether they’re at home, in an office, on a plane, or at a client’s office. Allow people an opportunity to be in an environment where they’re most productive and they’ll flourish - whether that’s in an office or otherwise.
Posted on 6/15/21 at 9:19 pm to Boring
quote:
Producers produce whether they’re at home, in an office, on a plane, or at a client’s office
Exactly.
Unless your kids are home too.
Posted on 6/15/21 at 9:20 pm to baldona
quote:
No ones putting in 80 hours a week at home from the couch, no one. And certainly not as productive as in the office. You absolutely can’t be, too many things to take your focus away.
I’ve worked remotely for 5 years and I work more than I ever have. Youre full of crap.
Posted on 6/15/21 at 9:21 pm to wutangfinancial
quote:Yall really just be saying anything in this thread
You want to work an elite job? You'll be in an office 5-7 days a week.
Remote work is the future. And frankly, companies resisting it are idiots. Get out of that huge office and hand new hires a laptop and a phone.
Posted on 6/15/21 at 9:25 pm to Boring
quote:
I’m sure people are much more focused and productive in a cubicle farm or super hip open office plan listening to constant bull shite conversation and huffing each other’s farts for 12 hours
Lol, we get it man. You hate going to the office. Move on already. You don’t have to tell everyone possible how you feel about it.
Posted on 6/15/21 at 9:29 pm to baldona
quote:
But the fact is to work in many of these Wall Street jobs you don’t have a work life balance, you have to work your arse off or you don’t cut it.
And that juice isn’t worth the squeeze anymore, as they will learn the hard way. Who gives a shite how much I’m paid if where I live sucks and I don’t have the time to enjoy the fruits of my labor? Living to work is a thing of the past for white collar jobs. You want to improve the physical and mental health of our nation’s citizens? Work to live is the way to go.
And I’m not opposed to hard work, but when it is not rewarding nor enjoyable and you are underpaid, under appreciated and have no time to live, that’s not worth it.
Posted on 6/15/21 at 9:30 pm to RedRifle
Sounds like the Morgan Stanley CEO has a lot of property in New York he doesn't want to see collapse in value.
Posted on 6/15/21 at 9:30 pm to Brettesaurus Rex
quote:
I’ve worked remotely for 5 years and I work more than I ever have. Youre full of crap.
So you worked 80 hour weeks 5 years ago and now you work more? Interesting you like it so much and work more, doesn’t seem to be working out as well as some people say it does.
We all know plenty can do it, that doesn’t mean everyone can. That certainly doesn’t mean it’s the best thing for the company.
I don’t have a problem with preferring wfh, I think it’s great for anyone that can. I just don’t think it’s nearly as good for many companies long term as ‘producers’ like to think it is.
Sometimes it may actually be better for a company as a whole for a couple producers to do less from the office then have the entire department produce less.
Posted on 6/15/21 at 9:37 pm to baldona
Look unless you own the company or you’re the CEO, there is zero reason for anyone to work 70-80 hour weeks. Either you’re full of shite or you don’t value your own time.
Posted on 6/15/21 at 9:38 pm to Cfrobel
quote:I heard this same statement back in 2001 when programming jobs were starting to be sent to India. Spoiler alert: Those jobs didn’t come back.
And after 3 months of dealing with the outsourced employees the employer will be begging for the talent to come back
Posted on 6/15/21 at 9:44 pm to TheeRealCarolina
I blew an employee's mind when after hearing about how he worked 70 hours this week, 80 hours that week, I told him that people before him did that work in half the time, and that maybe his long hours were a sign of inefficiency more than hard work.
Posted on 6/15/21 at 9:49 pm to Boring
I've worked remotely most of my professional life. I've become international in my responsibilities with accounts in every region of the world except South America. I don't travel to them now that everyone uses Teams or some other form of video conferencing. I already didn't go into the office except once a quarter to keep my cell phone working on the company system. I haven't been to "the office" in nearly 17 months. I just took a P.O. today from a client that made my quota for the rest of the year. So, if they tell me I need to start coming in, I'll just say no. There's no reason to. I plan to do some small amount of travel, but nowhere near what I did in the past. Everyone has web conferencing now.
This post was edited on 6/15/21 at 9:50 pm
Posted on 6/15/21 at 9:51 pm to GRTiger
quote:Could be true. Maybe you now have fewer employees, too, to spread the load out like it was pre-covid, too
I blew an employee's mind when after hearing about how he worked 70 hours this week, 80 hours that week, I told him that people before him did that work in half the time, and that maybe his long hours were a sign of inefficiency more than hard work.
Posted on 6/15/21 at 9:52 pm to RedRifle
More companies need to take this stance
Posted on 6/15/21 at 9:57 pm to Boring
quote:
Producers produce whether they’re at home, in an office, on a plane, or at a client’s office.
Not everyone is a “producer,” though. In fact, most people aren’t producers.
Yes - top performers figure out how to be productive from home. They work their asses off no matter what. For every high-performing employee, there are 2-3 average employees and probably 1 who is just going through the motions.
So while your performers will do fine either way, they aren’t the problem. It’s the average to below-average employees that underperform from home. This is pretty much universal, because performance is relative.
Other problems I’ve seen.. onboarding and training are extremely difficult when everyone works from home. This is because, in an office environment, new employees don’t just learn from their own tasks and their direct instructions - they learn from being immersed in the business. You lose a lot of that when you’re remote. It’s an issue that continues to grow larger as time goes on and more people are hired into new jobs without having that office environment to learn.
Or perhaps my biggest pet peeve... “flexible work hours.” A lot of people love remote work because they can get their work done at their own pace, without sticking to the traditional 9-5 type of schedule. In some jobs/roles, this is fine. But what I’ve found as that a lot of people just assume that they have one of those jobs/roles when in reality, they don’t.
There are few things more frustrating nowadays than having an urgent issue pop up with a client, and not being able to get it resolved because key person #1 is on his 2.5-hour gym-lunch-grocery shopping break, with key person #2 going to the park with his wife/kid as soon as key person #1 finally decides it’s time to get back to his computer. All of these people think “as long as I get my 8 hours in, it’s not hurting anyone” when this line of thinking can actually be hugely detrimental to the business.
quote:
Allow people an opportunity to be in an environment where they’re most productive and they’ll flourish - whether that’s in an office or otherwise.
The question is who decides what the most productive environment is? Again, almost everyone feels like they are just as or more productive at home. But you can’t discount the fact that for the same people, it’s the most convenient environment. So they will naturally spin it as a positive even when it’s really not.
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