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re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Posted on 6/15/21 at 9:59 pm to Vote4MikeAck504
Posted on 6/15/21 at 9:59 pm to Vote4MikeAck504
quote:
Cuomo must have gotten to him. Trying to coerce high earners and tax payers back to NYC.
That and the fact the remote work environment hurts commercial real estate which Morgan Stanley probably has a sizable investment in and he doesn't want to lose value of thos properties.
0
Posted on 6/15/21 at 10:02 pm to RedRifle
He's absolutely rt about the training and molding.
Posted on 6/15/21 at 10:12 pm to lostinbr
quote:
The question is who decides what the most productive environment is?
Maybe it’s not you, boomer.
Posted on 6/15/21 at 10:16 pm to theCrusher
quote:
That’s reasonable as the salary they currently earn is based on living in nyc.
And here all this time I thought the salary you earned was based on the value you brought to the company.
Silly me.
Posted on 6/15/21 at 10:17 pm to Mo Jeaux
quote:
Maybe it’s not you, boomer.
Guess again.
Posted on 6/15/21 at 10:18 pm to James11111
quote:
Because salaries have always factored in the cost of living.
Some do, but if don’t work for Morgan, why are you white knighting for their CEO?
Posted on 6/15/21 at 10:21 pm to Meauxjeaux
quote:
And here all this time I thought the salary you earned was based on the value you brought to the company.
Silly me.
The median income stats around the country must have been very confusing to you up until this moment.
Posted on 6/15/21 at 10:28 pm to lostinbr
quote:
Guess again.
You decide what’s the most productive environment for everyone?
I guess you think pretty highly or yourself.
Posted on 6/15/21 at 10:28 pm to Meauxjeaux
quote:
And here all this time I thought the salary you earned was based on the value you brought to the company.
Silly me.
1. The salary you earn is based on what it would cost to replace you - or, more specifically, based on what it would cost to replace your skills, experience, and any other perceived value. While this is basically the same statement, the point is that “the value you bring to the company” changes if someone else can do the same job with equal performance for less.
2. The term “value” is subjective. If a company is willing to pay a higher salary to people who work in the office, then they are pretty clearly stating that they see this as part of an employee’s value.
Posted on 6/15/21 at 10:29 pm to Mo Jeaux
quote:
You decide what’s the most productive environment for everyone?
I guess you think pretty highly or yourself.
No. Not a boomer. Not even close.
Posted on 6/15/21 at 10:29 pm to lostinbr
quote:
lostinbr
Yep. All of these are very valid points. I WFH sometimes and successfully work with some others who do it 100% of the time. It just isn't a one size fits all is all.
The issue isn't so much with the higher level "producer" folks like many in here are mentioning. Those people have proven themselves and usually won't start slacking just because of being home. The issue I see is with support staff whose tasks rely on them having access to things in the office so they can support the team.
A lot of companies, especially those affiliated with govt programs, still are required to handle things the old school way.. which means hard files in filing cabinets, data entry using handwritten documents, printing/scanning mass amounts of documentation, etc.
If you have to physically drive into the office to gather all of the items you need to complete a task, you do not need to be WFH full time. If you have to put off completing a task until you're back in the office so it sits for a few days, you do not need to be WFH full time.
There's also a lot of work you would normally want to pass off to support staff that you end up just doing yourself because those folks have taken advantage of WFH that day and it has a hard deadline.
It sucks that it is "unfair" for certain staff, but it also isn't fair to let someone whose role is low-producing to just chill at home and get a lot less done because they want to.
Posted on 6/15/21 at 10:30 pm to lostinbr
quote:
Not a boomer. Not even close.
A very boomer response.
Posted on 6/15/21 at 10:32 pm to Mo Jeaux
If you say so. I’m 31. But feel free to keep spouting bullshite that has nothing to do with the topic at hand.
Posted on 6/15/21 at 10:34 pm to jfw3535
quote:
I have no problem with this policy. In fact, I support it.
Yep
Posted on 6/15/21 at 10:37 pm to Meauxjeaux
quote:
And here all this time I thought the salary you earned was based on the value you brought to the company.
Your salary can be determined by more than one thing.
I am fine with the policy as well.
This post was edited on 6/15/21 at 10:39 pm
Posted on 6/15/21 at 10:38 pm to RedRifle
A lot of the NYC transplants that have taken over Charleston throughout the past year are going to be very surprised when they refuse to go back and realize they can’t actually afford their $2,500/mo 1BR apartment on an average South Carolina salary 
This post was edited on 6/15/21 at 10:41 pm
Posted on 6/15/21 at 10:38 pm to Meauxjeaux
Value in NYC isn’t the same as value in Rayne, La wouldn’t you say?
Posted on 6/15/21 at 10:45 pm to RedRifle
I do my best work in my home office that is set up specifically to maximize my own concentration and productivity. The boomers and those with the boomer mentality (lostinbr) can’t offer me anything in their noisy, crowded work spaces that would improve my productivity or happiness.
Y’all white collar baws really wanna go back to giving up over an hour of your life on the road to go share a bathroom with others, be constantly interrupted for small talk, and fight for private meeting spaces? I don’t get it.
Y’all white collar baws really wanna go back to giving up over an hour of your life on the road to go share a bathroom with others, be constantly interrupted for small talk, and fight for private meeting spaces? I don’t get it.
Posted on 6/15/21 at 10:47 pm to Aubie Spr96
quote:
Agreed. You can't unring that bell.
Their model doesn’t function with remote work.
They need people in the office, so they can instill their culture in them.
Posted on 6/15/21 at 10:49 pm to Bluefin
This truly great news.
I hope all of corporate America follows along - I want all those New Yorkers, and all those Californians to go back.
I hope all of corporate America follows along - I want all those New Yorkers, and all those Californians to go back.
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