Employee Retention of State Street Corporation : State Street Corporation, or just simply State Street is a U.S. based financial services holding company. State Street was founded in 1792, and is headquartered in the Financial District area of Boston at One Lincoln Street.[2] State Street has offices in major financial centers throughout the world.
State Street Bank and Trust Company, a custodian bank, and its sister company State Street Global Advisors (SSgA), which is a leading registered investment advisor, together comprise the principal operating companies within parent company State Street Corporation. State Street Bank provides securities services to institutional investors as a custodian bank and SSgA provides investment management services to mutual funds and other asset managers. State Street customers include mutual funds and their advisers, collective investment funds, corporate and public pension funds, insurance companies, operating companies and non-profit organizations.
State Street presence complete range of financial services with 2,800 employees in eight cities throughout Asia Pacific with headquarters located in Hong Kong.
Pros
State street is a large company that is doing very well financially. You will have room for advancement and plenty of opportunities to explore different areas within the company because of its size. With the company being so successful, you don't need to worry about State Street going bankrupt as they just recently had one of their best quarters ever.
Cons
Employee morale is extremely low. Compensation and high employee turnover makes it hard to remain an employee there. Many employees as well as managers do not have business or finance degrees and lack the crucial management skills to adequately address employee morale and respect. It is an issue that never seems to go away. Compensation comparable to other jobs at similar companies is extremely low and yearly bonuses might as well be none at all. For a billion dollar company, they do not treat their employees with the respect they deserve.
mployee retention is the act of keeping employees. Webster's Dictionary defines retaining as keeping in one's pay or service. Unless it needs to lay off employees, the organization wants to keep its employees in its pay and service. There are many reasons that organizations want to retain employees, and there are actions the organization can take to promote employee retention.
Employee Retention
Employees have diverse needs. Employee retention involves a systematic effort by the organization to create an environment that addresses diverse employee needs so employees will stay with the company, according to Workforce Planning for Wisconsin State Government.
The replacement cost for an employee averages 2-1/2 times the salary of the individual, Workforce Planning for Wisconsin State Government reports. This includes hiring costs, such as interviewing, screening and verifying credentials. Then, you must train the new employee. After you hire and train the new employee, you are only right back where you started. Not only are there hiring and training costs, there is productivity loss, potential costumer loss and damaged morale.
State Street Corporation is a financial holding company. The Company, through its subsidiaries, including its banking subsidiary, State Street Bank and Trust Company, provides products and services for institutional investors worldwide. It has two lines of business: Investment Servicing and Investment Management. These two lines of business provides services to support institutional investors, including custody, record keeping, daily pricing and administration, shareholder services, foreign exchange, brokerage and other trading services, securities finance, deposit and short-term investment facilities, loan and lease financing, investment manager and alternative investment manager operations outsourcing, performance, risk and compliance analytics, investment research and investment management, including passive and active United States and non-United States equity and fixed-income strategies. In May 2010, State Street Corporation acquired Intesa Sanpaolo`s Securities Services business.
State Street is a financial holding company organized under the laws of the Commonwealth of Massachusetts and is one of the leading specialists in serving sophisticated investors worldwide.
The Federal Reserve System is the primary federal banking agency responsible for regulating State Street and its subsidiaries (together, the “Company”), including State Street Bank and Trust Company (the “Bank”). State Street's U.S. banking subsidiaries are also subject to regulation by the Massachusetts Commissioner of Banks, the Federal Deposit Insurance Company and the Comptroller of the Currency. The Company is a global company and is subject to the regulatory authorities of those countries in which a branch or subsidiary of the Bank, or subsidiary of State Street, is located or conducts business.
State Street is a public company and its common stock is registered with the U.S. Securities and Exchange Commission and is listed on the New York Stock Exchange (ticker, STT). State Street maintains a website at www.statestreet.com containing information about our corporate governance, including printable versions of our Board Committee Charters, these Guidelines, our Standards of Conduct and our Code of Ethics for Senior Financial Officers.
Benefits
Benefits and resources that support the way you live
State Street offers a competitive, comprehensive and flexible benefits program designed to meet the changing needs of our employees and their families.
Full-time employees are eligible for the following benefits:
>
Programs that cover employee, spouse, domestic partner, other adult dependent and/or children
>
A selection of comprehensive medical plan options, such as a health maintenance organization (HMO), a preferred provider organization (PPO) or an high deductible plan with health care savings account, each offering a different level of provider choice
>
Dental and vision coverage
>
Flexible spending accounts for health care, dependent care and transportation needs
>
Employee and family life insurance
>
Accidental death and dismemberment coverage
>
Short-term and long term-disability
>
Salary Savings Program with 401(k) pre-tax and Roth options, competitive company match and discretionary performance-based contribution opportunity
Other benefits include:
>
Holiday and vacation policy, plus option to buy/sell up to 5 days of vacation
>
Adoption Assistance Plan
>
Support for continuing education
State Street acquires Mourant International Finance Corporation (MIFA), to expand and strengthen its global fund administration and alternative servicing capabilities for investments such as private equity, real estate and hedge funds. With the acquisition, State Street’s Alternative Investment Solutions (AIS) group services more than $600 billion in alternative assets and ranks as No. 1 in alternative asset servicing globally; No. 1 in private equity servicing globally; No. 1 in real estate asset servicing globally and No. 2 in hedge fund servicing globally, based on industry survey data1.
State Street announces its intention to acquire the securities servicing business of Intesa Sanpaolo, to include the global custody, depository banking, correspondent banking and fund administration portions of the business. Intesa Sanpaolo is one of Italy’s premier banking groups and a leading provider of securities services in the Italian market with significant presence in Luxembourg.
Jay Hooley is named chief executive officer of State Street, following the retirement of Chairman and CEO Ronald E. Logue. Since joining State Street in 1986, Mr. Hooley has held a number of diverse strategic leadership positions, including that of vice chairman, and president and chief operating officer, with responsibility for all of State Street’s asset servicing activities worldwide including investment servicing, investment research and trading, and securities finance.
State Street Bank and Trust Company, a custodian bank, and its sister company State Street Global Advisors (SSgA), which is a leading registered investment advisor, together comprise the principal operating companies within parent company State Street Corporation. State Street Bank provides securities services to institutional investors as a custodian bank and SSgA provides investment management services to mutual funds and other asset managers. State Street customers include mutual funds and their advisers, collective investment funds, corporate and public pension funds, insurance companies, operating companies and non-profit organizations.
State Street presence complete range of financial services with 2,800 employees in eight cities throughout Asia Pacific with headquarters located in Hong Kong.
Pros
State street is a large company that is doing very well financially. You will have room for advancement and plenty of opportunities to explore different areas within the company because of its size. With the company being so successful, you don't need to worry about State Street going bankrupt as they just recently had one of their best quarters ever.
Cons
Employee morale is extremely low. Compensation and high employee turnover makes it hard to remain an employee there. Many employees as well as managers do not have business or finance degrees and lack the crucial management skills to adequately address employee morale and respect. It is an issue that never seems to go away. Compensation comparable to other jobs at similar companies is extremely low and yearly bonuses might as well be none at all. For a billion dollar company, they do not treat their employees with the respect they deserve.
mployee retention is the act of keeping employees. Webster's Dictionary defines retaining as keeping in one's pay or service. Unless it needs to lay off employees, the organization wants to keep its employees in its pay and service. There are many reasons that organizations want to retain employees, and there are actions the organization can take to promote employee retention.
Employee Retention
Employees have diverse needs. Employee retention involves a systematic effort by the organization to create an environment that addresses diverse employee needs so employees will stay with the company, according to Workforce Planning for Wisconsin State Government.
The replacement cost for an employee averages 2-1/2 times the salary of the individual, Workforce Planning for Wisconsin State Government reports. This includes hiring costs, such as interviewing, screening and verifying credentials. Then, you must train the new employee. After you hire and train the new employee, you are only right back where you started. Not only are there hiring and training costs, there is productivity loss, potential costumer loss and damaged morale.
State Street Corporation is a financial holding company. The Company, through its subsidiaries, including its banking subsidiary, State Street Bank and Trust Company, provides products and services for institutional investors worldwide. It has two lines of business: Investment Servicing and Investment Management. These two lines of business provides services to support institutional investors, including custody, record keeping, daily pricing and administration, shareholder services, foreign exchange, brokerage and other trading services, securities finance, deposit and short-term investment facilities, loan and lease financing, investment manager and alternative investment manager operations outsourcing, performance, risk and compliance analytics, investment research and investment management, including passive and active United States and non-United States equity and fixed-income strategies. In May 2010, State Street Corporation acquired Intesa Sanpaolo`s Securities Services business.
State Street is a financial holding company organized under the laws of the Commonwealth of Massachusetts and is one of the leading specialists in serving sophisticated investors worldwide.
The Federal Reserve System is the primary federal banking agency responsible for regulating State Street and its subsidiaries (together, the “Company”), including State Street Bank and Trust Company (the “Bank”). State Street's U.S. banking subsidiaries are also subject to regulation by the Massachusetts Commissioner of Banks, the Federal Deposit Insurance Company and the Comptroller of the Currency. The Company is a global company and is subject to the regulatory authorities of those countries in which a branch or subsidiary of the Bank, or subsidiary of State Street, is located or conducts business.
State Street is a public company and its common stock is registered with the U.S. Securities and Exchange Commission and is listed on the New York Stock Exchange (ticker, STT). State Street maintains a website at www.statestreet.com containing information about our corporate governance, including printable versions of our Board Committee Charters, these Guidelines, our Standards of Conduct and our Code of Ethics for Senior Financial Officers.
Benefits
Benefits and resources that support the way you live
State Street offers a competitive, comprehensive and flexible benefits program designed to meet the changing needs of our employees and their families.
Full-time employees are eligible for the following benefits:
>
Programs that cover employee, spouse, domestic partner, other adult dependent and/or children
>
A selection of comprehensive medical plan options, such as a health maintenance organization (HMO), a preferred provider organization (PPO) or an high deductible plan with health care savings account, each offering a different level of provider choice
>
Dental and vision coverage
>
Flexible spending accounts for health care, dependent care and transportation needs
>
Employee and family life insurance
>
Accidental death and dismemberment coverage
>
Short-term and long term-disability
>
Salary Savings Program with 401(k) pre-tax and Roth options, competitive company match and discretionary performance-based contribution opportunity
Other benefits include:
>
Holiday and vacation policy, plus option to buy/sell up to 5 days of vacation
>
Adoption Assistance Plan
>
Support for continuing education
State Street acquires Mourant International Finance Corporation (MIFA), to expand and strengthen its global fund administration and alternative servicing capabilities for investments such as private equity, real estate and hedge funds. With the acquisition, State Street’s Alternative Investment Solutions (AIS) group services more than $600 billion in alternative assets and ranks as No. 1 in alternative asset servicing globally; No. 1 in private equity servicing globally; No. 1 in real estate asset servicing globally and No. 2 in hedge fund servicing globally, based on industry survey data1.
State Street announces its intention to acquire the securities servicing business of Intesa Sanpaolo, to include the global custody, depository banking, correspondent banking and fund administration portions of the business. Intesa Sanpaolo is one of Italy’s premier banking groups and a leading provider of securities services in the Italian market with significant presence in Luxembourg.
Jay Hooley is named chief executive officer of State Street, following the retirement of Chairman and CEO Ronald E. Logue. Since joining State Street in 1986, Mr. Hooley has held a number of diverse strategic leadership positions, including that of vice chairman, and president and chief operating officer, with responsibility for all of State Street’s asset servicing activities worldwide including investment servicing, investment research and trading, and securities finance.
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