Thread regarding Wells Fargo & Co. layoffs

The thing is these companies, these jobs they are not really going to look out for you. The biggest problem i see is that the people who have their 9-5 and think they are good and they are all set and
close themself off to other opportunities or they specialize in a company's proprietary technology or niche area.

So i have been applying for jobs, i have multiple offers –> 80k, 150k, 270k and up. The range of these offers is just so broad. Really doesn't matter, I am north of 35 now, so really ready to get my own thing as my primary focus soon, so whichever I end up with, will be the normal 3-4 year deal.

Where are you reading this? (3) the bank can terminate your employment without a package or any notice.. just fyi

Totally incorrect. The bank doesn’t need any reason at all to terminate you.

There are internal processes meant to keep the bank out of legal trouble for discrimination and such. But beyond that, this at will employment. You can leave and they can term for any reason at all.

If you are rated below a meets requirements (3) the bank can terminate your employment without a package or any notice.. just fyi

So I took another look. The handbook was recently rewritten and so has the Displacement Policy. The policy now says eligibility is based on the employee signing the package when they are involuntarily displaced.

@1zna+17wu4sUf is correct. If you're terminated because you won't show up for work, it extremely unlikely you will qualify for unemployment. If you are fired because you are incompetent, you can collect unemployment.

I don’t see where in the Employee handbook it says if you get a low performance review score you are ineligible for severance in ch 14. Does anyone else think this?

An employer is charged unemployment insurance based on the number of previous claims against that employer. So yes there could potentially be a cost savings.

No you are not eligible for severance. It's right in the Team Member (Employee) Handbook chapter 14.

You can collect unemployment if you're laid off and even if you're terminated. If you're terminated, you have to provide a reason for why you were terminated. They review it and determine if you qualify for insurance.
Many people have the false interpretation that if you're terminated, you automatically cannot collect and that's not true.

@1rvd
You're either grotesquely uninformed or lying. That's not how unemployment works. Unemployment is paid by the employer in the form of a tax on the employees' first 6-8k of wages. So unemployment is Already paid and no money to save there.

1. Depends on state and local laws
2. Severance may be affected, but not unemployment according on #1 above. It's very rare to see unemployment denied, even if you are outright fired, but again, see #1.

I'm in HR. You'll most likely be "papered out" and terminated for just cause. No severance and perhaps not even unemployment benefits as part of termination laws (WF plans to fight unemployment claims).

It's an aggressive strategy WF is using to avoid laying off people and saving money.

Forced ranking is not your friend. It's awful, but true.

Look it’s clear that meets is the next exceeds and inconsistently meets is the new meets. OC members are making that clear to front line through manager emails, basically a play to start getting the manager to lay the tea leaves with the peasants while chainsaw waxes the dolphin

I’m a force ranked 2 I certainly hope so.

Not necessarily. You're tying being rated low to being laid off. That's not really what's going on as far as I can tell. There's an effort to displace employees and whether or not that process uses ratings, I don't know, but don't link them together.

If your rating is indicative of being fired, then you should be on a performance improvement plan (PIP). If you're not on on a PIP then it seems you're just in the "bell curve" of performance ratings and won't be fired. You might be laid off though.

Two separate issues here.
1) Severance/aka "salary continuation plan" –is determined and paid by WF – your employer can specify conditions and make you jump through some hoops here but the TYPICAL Employer pays this out as long as employee is reasonably diligent.

2) Unemployment is paid by your state. Generally, If you are laid off through no fault of your own, you will be paid unemployment but payments will be delayed and not start until your severance has been paid –i.e., you cannot collect unemployment during the time you are also being paid severance.

State laws may vary on some of the specifics but the lesson here is that you do not want to make any dramatic gestures:

I’ve heard the same thing! “Inconsistently Meets is not a bad thing”, uhhh it’s the second lowest score we can give and only 15% of the workforce is supposed to be slotted there. Explain to me how my employee’s are not going to take it as a negative, no matter how much i try to spin it? If they want to make it more positive, use a more positive title instead of ‘inconsistent’.

Management is up to something strange with these ratings categories.

I have heard several times on big group meetings these talking points about “the bar is being raised” and “meeting expectations is doing everything perfectly every day” and “people inconsistently meeting expectations is more the norm”. That’s head spinning double speak, while moving the goal posts at the end of the game and changing the score.

I just straight up believe that this performance stuff is a series of lies. I don’t know where they are going with this, but it’s both fascinating and stupid.

Severance is called salary continuation leave and happens when you’re displaced based on yours of service. It’s governed by WF policy and is subject to change, though it seems unlikely WF will change its policy on this in the middle of a layoff- bad publicity.

Unemployment is governed by state law and how you qualify depends on your state. Typically you do not qualify if you are terminated for cause or voluntarily resign, but the law varies by state so check your state laws to know what circumstances make you eligible.

The speculation on here is that if you get a poor mid-year/annual evaluation then your management may be aiming to term you for poor performance as opposed to displacing you in order to avoid paying severance. Whether that’s true I don’t know. But I wouldn’t put it past some managers.

I don't know, but that's what I'm hoping for.