Morgan Stanley CEO tells employees if they want to WFH they will face pay cuts

https://news.yahoo.com/morgan-stanley-ceo-tells-employees-172225151.html

by e2e4 • 5 years ago

23 23 5 years ago

news.yahoo.com

dv_dt2• 5 years ago

Morgan Stanley advertises a discount for recruiting talented wfh employees.

zhte415• 5 years ago

So both reduce salaries and not pay premium office rates. Win win!

fridif3• 5 years ago

Genuinely hope companies like Morgan and Goldman feel the pain of talented employee walkouts.

It's a free market baby!

underseacables• 5 years ago

For every employee that walks out many more talented and hungry employees will march right in. I get the impression that there’s a perception that the work from home crowd is starting to get a little entitled

newbalance• 5 years ago

Today's entitlement is tomorrow's baseline expectation

fridif3• 5 years ago

Were your assertion true, there would be millions of Americans lining up to be burger flippers and welders-- the market is showing that isn't happening.

Morgan hasn't been hurting for the last 16 months-- maybe the CEO was on the office fun planning committee.

rk06• 5 years ago

sure they will. but they will cost more money and will lack institutional knowledge of existing employee.

Besides, the new employees themselves may demand WFH

After all, many of the software engineering offices are in New York, while employees live in New Jersey(2 hrs away)

Traster• 5 years ago

Even if you can replace the workers high rates of attrition and loss of trust in senior management is still likely to cause significant problems.

afpx2• 5 years ago

If there’s such a glut of talent, why aren’t wages decreasing?

newbie2020• 5 years ago

As long as we compete in a global economy, I can assure you there are foreigners who will work twice as hard for less. They will not have a problem filling the positions

errantmind2• 5 years ago

This won't solve anything. The bosses that want people in the office wouldn't hire these foreigners. The bosses that are all in on WFH value strong communication skills and schedule overlap, so they also wouldn't hire these foreigners

afpx2• 5 years ago

Let’s say I work for a big multinational. Why are the billing rates for Indians (in particular) $20/hr whereas the rates for Americans are 10x or more? Why is this apparent wage gap so high? Maybe a rhetorical question.

bluefirebrand2• 5 years ago

That's fine. Let other people race to the bottom.

elevenoh• 5 years ago

More difficult to keep employees indoctrinated when they're at home.

nly2• 5 years ago

Makes sense. JPM and GS are both ruthless anyway, and if you work there you're probably someone who values a high salary more than the average engineer.

dudhhdjd2• 5 years ago

GS is known for the “discount”: they pay less to all levels of employees than their peers.

Both of these companies pay somewhat low wages relative to jobs requiring equivalent expertise in tech. A common story I hear from technical managers in these places is their subordinates being hired away by tech for a significant premium over the managers compensation.

nly2• 5 years ago

Perhaps it's regional.

My context is the UK, where FANG like salaries are mostly found in finance.

Morgan Stanley CEO tells employees if they want to WFH they will face pay cuts

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