Has anyone heard if people will be told they need to work from a hub location? If told they need to move and if they don't want to that will be considered a voluntary termination; no displacement package. Sounds like this already happened in Technology before the sh– hit the fan earlier this year.
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You get displacement package if you decline to move, but you do NOT get unemployment insurance since it's considered voluntary displacement.
WF is getting really crafty and underhanded. Remember, you reap what you sow, leadership.
I read the displacement policy recently and it says if your job is relocated more than x number of miles from your home you have the option to move or are eligible for a displacement package.
BofA has a similar strategy a few years ago. The goal was to eliminate as many higher paid employees as possible and replace them with employees in hub locations. My friends that are still there said mgt accomplished this but the new junior employees are so inexperienced that they aren’t sure what they are doing, mistakes happen all the time and customers are frustrated. But salary expense is lower.
A (re)location strategy is a resignation strategy. Senior leaders want control. There isnt a lack of collaboration, its a lack of controlling every minute of your day, including your ps and st schedule. That other bank with a lower stock than yours is doing the same thing.
I was told move to Iowa or Phoenix or it's cpnsidered voluntary resignation (NO unemployment insurance). Date of mandatory move was pushed out due to pandemic, but was recently told it is still on.
Anyone who moves (unless it's where you want to go) is crazy. It's just delaying g the inevitable at great cost/stress... you will likely be displaced in the new location.
By moving many of us to lower-cost regions, it freezes the already paultry raises due to area differential.
WF is eliminating tons of positions anyway to reslot/lower the salaries per our leader (musical chairs game – who will be "lucky" enough to get the low-salary seat?)
Get out now – the walls and ceiling are caving in.
Only COVID-FREE Offices; not by thermal checks but by the swab!
The senior leaders in compliance and the control office still keep talking of looking forward to seeing everyone in the office. They have made it clear it is a matter of when, not if. Evidently they are such weak managers they don't feel like they can efficiently manage anyone unless they can physically stand over their people.
Be very careful if you are considering a position in another city. If you have applied for a position that requires you to move and then decide to turn it down, it will cancel out any displacement package. We had it happen to one of the guys in my department (Wholesale). Very sad. One way around this is to reach out to the hiring manager to talk about the position before throwing your hat in the ring.
Who would want to move and uproot for this Shxx Show? No way. People need to quit accomodating and find greener pastures. This place does not give Two Fuxx about you!
I know hub cities looked attractive to management months ago, but COVID's thrown a wrench in the works. Do they still think they can cram thousands of employees like sardines into large hub-based campuses? Sounds like a recipe for a pandemic.
If they change your location it is still a situation to get a package- but it is voluntary as you had the option to move and accept the new location for the job or stay where you are and lose the job. Right now things are on hold but everything I have heard is that they are still planning to move forward with core locations- locations are still up to the businesses to determine but there are 11 or so key markets.
A friend was offered this but it was move or be displaced so a package was still offered.
It was planned for tech but didn’t happen....yet
All that work has been put on the back burner due to covid19. Even Tech pulled back on the process.