So many people are upset over RTO that this might result in enough people walking away to make layoffs completely unnecessary for the foreseeable future. I don't mind going back to the office and I know there are plenty more besides me who don't. Those who do have plenty of available options right now, making quitting easier than ever. It's a win for everybody!
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Shedding 20-30k this way is the goal, with hopes edging towards 50k with the new labor market. The goal is to get below 160k headcount, but that's across the globe. We already have seats for 60k or so with only 35k heads in Bengaluru. That still leaves 1000s to shed stateside until we can get to the 60-100 split. Not everyone will leave immediate to RTO. It will take several months. Technology has already implemented this. They had great results in reducing heads and sending more to Bengaluru.
The general thought is that no one under the Director level does anything that can't be done by a contractor. There are a handful very specific specialists who are exceptions.
Chainsaw did this with his previous bank with the same "collaboration" claims which aren't supported by any facts. Study after study has shown productivity and job satisfaction go significantly up for WFH and even hybrid options where the WFH is the majority of the time if not full time. I've been fulltime WFH for a couple years now even before covid. Before that I was hybrid and always got more work done on my home days than anytime at home. Hated people showing up to my desk with "allergies" wanting to chat about one thing or another. This RTO is designed to increase the people quitting, unfortunately for those who do not want to change jobs (fear change, upheaval, close to retirement, etc) many of the ones leaving will be high performers who will be able to get a job in this job-seeker market, meaning those remaining will have to pick up the slack. Similar things have happened at other places the chainsaw cleaned up. People who do not want to get laid off will go into being 200% productive stressing themselves out until they burn out because there will be those others who are just here for the payout and don't' really care.
@dzm, I agree, but our best and brightest usually do move up and out, RTO or not. The people I’ve know who go elsewhere in the last few years were all net losses for WFC. In my case, I’m just comfortable where I am and plan to stay until I’m dismissed. No matter when and where I go, I’m pretty sure I’ll lower the average IQs at both companies.
Stereotype much? Good grief. Individuals come/go for a multitude of reasons. Presuming that everyone that stays is the 'dregs' of the company is ridiculous.
ill quit over RTO, company still living in the past
My observation: the ones leaving voluntarily are the ones we should be keeping.
This bank will be left with an intellectual vaccuum that cant be overcome with "hard work" and the dregs left over who cannot get work anywhere else.
It is my thought that we are being prepared for buyout by a non invested new leadersip team who has only to gain via golden parachutes by jumping past asset cap through vivisection to other organizations and during the realignments most of you will end up being part of this population, but involuntarily so.
Nothing lasts forever, and in this case, keeping the patient alive is equivalent to putting a terminal patient on life support.
Turn off the machines. Harvest the organs. Move on.
Those of us who stay or survive the layoffs, will pick up the slack. I don't begrudge anyone leaving. It happens all the time. I think most of us know how to work hard and get the job done.
They're not going to quit. They'll just continue to complain here and layoffs will still happen even to the ones who want to be there, unfortunately.
The OP is a little myopic here. Who do think will be picking up the slack should your prediction be true?
That was the intended goal of rto....to get so many upset they quit. No severance that way. Makes my bottom line fatter. Love, Chainsaw
I’m going to go back to the office unwillingly and start to look for those promotion opportunities since apparently my mid year review of “exceeds” doesn’t do much in my group
If this board is any indication, complaining and quitting so not go hand in hand.
I'm not quitting over RTO. Those who live in a hub location who are good with it, awesome! My issue is I was WFH before all of this and live 5 hours from closest hub. I'm "safe" for probably the rest of 2021, but face being laid off in 2022 due to LOB I'm in. But, rather than wait for what would be a great severance, I'm looking to leave to ensure I can continue to provide for my family. I'd happily RTO if there was one near me I could go to. I've also worked here long enough (close to 25 years) that I'm over it. Over the financial industry, over the BS. And there are MANY like me. Yes, people like me leaving will help Chainsaw reach his goal and save on paying out severances. But, many of us simply do not care anymore. We have years of experience that is transferrable to many industries who will be happy to have us.
Those RTO, I truly hope it goes well for everyone and everyone can stay healthy. My fear is the new variants will start to run rampant (vaxxed or not) and people will take it home to their families and possibly to vulnerable populations. Let's all do what makes sense to us (pray, chant, dance, happy thoughts, etc.) it goes well across the world as companies make these decisions.
And go where? Most large financial firms announced RTO plans that are similar to WFC.
There is too much going on in the world for ppl to quit over RTO... the way I see it... they are going to have to give me my pink slip