Things are not good at WFC right now, I understand that. We are having layoffs left and right, benefits are taking a hit, people are getting tired of it all - but is it really that bad to accept a pay that's barely half as much as what you earn here just to leave? That's what a soon-to-be-former colleague told me he did and then he got offended when I called him crazy for it. I just don't get it. He has three children. He can't stick it out for them?
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Everyone’s financial circumstances are different. Some people are paycheck to paycheck. Some people have a spouse that works. Some people have built up some savings. I could quit tomorrow and be good for 12-18 months on what I have built up. Ten years ago, however, that was very much not the case.
What an incredibly clueless comment!
@OP+19VSntre, the pay here is the worst in any industry. What is Op talking about? Plus having a more stable company with leadership present. Here they hired homeless people off the street an put in exec roles or management with absolutely no experience. Pretty scary a bank is doing things in such a manner.
Wells Fargo overpays their employees fo a degree which is only rivaled by the NYC banks, ALL of which are well run. Wells is anything but well run.
@xog+19VSntre: i'm looking to leave. i've been jobbed by this place by having my bonus eliminated and then getting a 0% raise. I have marketable skills and by the calls i have been receiving, i'm well placed to be out of here soon.
Maybe this person is leaving for an opportunity to do something they actually like.
Most kids would rather eat hot dogs with a happy parent than steak with a parent who hates their job.
Upward mobility might be reason why soon to be former colleague took the position that pays less than current comp. Peace of mind and no stress might be another. Will live longer perhaps.
@lyz+19VSntre Who says it's a bad decision? Maybe it's a bad decision to you, but perfectly reasonable to the guy making it and his family. Let colleagues make their own choices, and focus on making the best ones for yourself instead.
@lyz+19VSntre That's funny, I didn't see anything about this being a "good friend". Just a soon-to-be-former colleague. Either way, learn to read the room. If someone has just made a major decision they can't take back, and tells you about it... constructive criticism right at that moment probably isn't helpful. Even if they are a "good friend", may I suggest that the critic could be a BETTER friend by being supportive?
I really hope the OP didn't remind him/her about his/her three kids as part of his unsolicited advice. Might as well call them a bad parent.
Not totally disagreeing with you but if you can’t tell a “good friend” that he/she is making a bad decision then that person isn’t your “good friend”.
Just saying
Telling a colleague that a major personal life choice they just made is crazy tends to offend them. Go figure. Perhaps he/she wasn’t seeking your approval. Maybe they were just sharing their news, and a better response might have been... Happy for you. Best of luck in your new role.
ho·me·o·sta·sis
/ˌhōmēəˈstāsəs/
noun
the tendency toward a relatively stable equilibrium between interdependent elements, especially as maintained by physiological processes.
Just because someone doesn't mention professional development doesn't mean they aren't doing it. Didn't seem germane to the discussion, but it's happening.
Do you know any of the details of this persons financial situation? I mean, they could have a giant savings account, a well paid spouse, a paid for house or any of a variety of enablers. I know I don’t share any details of my financial situation with people at work, but I am guessing they’d pretty surprised by what they learned if I shared even 1 or 2 things.
like some of people on this thread are definitely complacent. Great to love your job, but human nature is to keep improving rather than staying is a position doing the same thing, mostly making same money, working with same people, no change. This is exactly what is holding the company back and will make it fail in the end.
They need people who have some personal drive and ambition verses these complacent workforce.
@hvb, I still work here and I am not homeless off the street. Get off your high horse.
Lower number does not compute beep boop
It's all subjective and a personal opinion. Also depends a lot on what they do here and their LOB. I love my job and don't want to leave until retirement. I don't really care if BofA or someone else offered me a little more money. I like the mission and the people I work with. Other people want to bail "yesterday" and it doesn't matter what the pay is/isn't elsewhere, they just want out. So yeah, it just depends on the person and their situation. I will say this to the "money doesn't buy happiness" crowd, it's only true down to a point, or maybe more accurately, not having enough $ can sure as heck buy misery.
A period like this with lots of layoffs is a very stressful time. I know it's getting to me a bit. If we can survive this process though, the company will be much more competitive and it will be a better company in the long run. The trick is surviving the cuts.
Dude, no amount of money buys happiness. You don't get it.
@OP+19VSntre, the pay here is the worst in any industry. What is Op talking about? Plus having a more stable company with leadership present. Here they hired homeless people off the street an put in exec roles or management with absolutely no experience. Pretty scary a bank is doing things in such a manner.
I am leaving too with a huge pay increase in a stable company. Your colleague did the right thing!
For some people - happiness, health, respect, appreciation, a fulfilling 8 hour day, a more flexible schedule, a team atmosphere, job stability, working for a company who has a good reputation, a good boss, opportunities to learn and grow, etc are more important than the almighty dollar. Some would rather live simply and happily than sell their soul to this place every day.
It’s a complicated one. High salary alone does not guarantee happiness, and at WF, add to the stress of being layoff’d. Maybe your colleague wants to jump to a more stable opportunity now. Or the new gig has growth potential that he can make up the pay difference in a few years. I’m sure he thought about those things before making the jump. It’s different for everyone.
You must be young. Quality of life is worth more than money.
He left without a job lined up? That is crazy.