I have it on good authority that they are working with a management consulting firm to revise the severance package policy. They won't change the 2 weeks of pay per year of service, however it won't start increasing until year 5. This is due to the 60 day notice period. Everyone at 4 years or less will get 2 months of severance, regardless of tenure before accumulating more starting on year 5.
Essentially what they're doing is eliminating the overlap with the 60 day notice.
It sounds plausible to me, a longtime employee (experienced, boomer). Scharf has found joy in sc--wing over his employees in every way imaginable. This would align with his philosophy.
Some work will be fully automated and some will be shifted up the chain as it unlocks more efficiency. Regardless of the individual strategic decisions of what is fully automated and what isn't, the outcome is the same - less headcount. There will be less junior staff and heavier burdens on mid to senior level people.
People that believe artificial intelligence is an automation tool do not understand artificial intelligence, nor do they use it
Boomer who believes everything he reads online totally coincidentally has fallen for the AI scam
@df The "boomers" are the ones sitting in these meetings with PwC while you are still doing rote busy work that will soon be automated with AI, but ok.
Jesus christ, boomers really will just believe anything they read online
All of you hating on the poster crack me up. Especially the under skilled Gen Zers. While there is a lot of fake news here, a lot of what has been posted has happened. You professionally immature jokers are exactly why WF is a toilet company. They only keep you because they can pay you what you’re worth, jack sh*t. Maybe focus on obtaining actual skills instead of blaming boomers. Gen X is your real challenge.
"I have it on good authority"
Ok, boomer.
Srsly, who uses that phrase besides boomers?
People under 5 years who doesn’t like wellsfargo should leave not waiting for severance
@ak
It's a way to reduce some of the severance cost without a shocking cut to the weeks per year of service. Also, logistically, 1 week per year of service just doesn't always align with the two week pay period structure; although I'm sure they could manage to pay for a single week for those who have odd years of service.
Anyway, right now, you get 2 weeks per year, PLUS the 60 days notice. So they are eliminating the overlap, essentially. It's easier to justify while still walking back the policy to save $. Slippery slope.
@a2 no - if what OP is describing is true, the impact would be all tenures.
For up to 5 years - you just get your notice period. After that accumulate 2 wks for every year of service. So basically at every tenure, 8 weeks less that prior.
If what OP describes is true… which is a big IF in my book. The usual “they’re cutting from 2 wks to 1 wk of severance for every year of service” has gotten worn out on this board so the troll has found a new scenario to whip people up.
People on this site need to learn the correct uses of the word 'tenure'.
“Good authority”… we’ve heard that before and it’s always wrong info.
Source: trust me
Good authority lol
This you heard from your brother-in-laws neighbors ex-wife?
But only for those at 4-5 years is the impact. So, that small population in the one year difference?