So last week we learned that the company isn't going to change the PTO policy (carryover days, use extension) in response to COVID and few of us really wanting to take PTO during isolation and with everything in lockdown. Is this decision another indicator of a planned RIF? The bank certainly wouldn't want the liability of owing PTO to thousands of newly laid off people.
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PTO stops accruing (aka is capped) if you've surpassed 1.5 times your annual accrual (even for those in CA, etc. where you can carryover PTO from one year to the next). That's what prior poster was referring to regarding 1.5 figure.
(I work in Employee Relations.)
I just got offer to with BOA!! Looks like no worries about the layoff here coming now
Doubters gonna doubt..say what you will, but in the same week:
- Shrewsdiggity says brace for layoffs;
- HR says job re-definitions are coming in July;
- Managers ask employees to please take PTO if you can. It's just one piece of the larger machine, certainly not the biggest tell.
https://www.sfgate.com/business/networth/article/Mandatory-vacations-help-bottom-lines-Forced-2926499.php
@1cmn+15wyiULm , you said, "Paying out accrued PTO on a lay-off is nothing to the company. The max per employee is 1.5 times your annual allotment..."
First, what is 1.5 annual allotment referring to? Perhaps there's some policy I'm unaware of?
Second, there are many long-term (and assumed high-salaried) team members who are awarded 28 days or more of PTO each year, and with carryover that could be 33 days or more available to them in a year. That's over a month's worth of salary, and if these team members are among those paid out, it could add up to a lot of cash.
@1mpc+15wyiULm, you must be a pleasure to work with.
This is what you’ve got to whine about? Worry about company performance and job security or you’ll find yourself with unlimited unpaid PTIO.
Pssst, you can carry over some of your pto to next year
Typical WF response. Other banks are allowing their teams to carry over some of the PTO into next year. The reason is because other banks did significant amounts of PPP loans and needed their people to get the work done. Hence, no vacation was allowed. But WF really didn’t do much with PPP so I can see why they won’t let us carry over PTO. The bright side is we will get paid for it if they let us go this year.
@OP+15wyiULm, you should consider a job in HR.
Why do you feel the company must accommodate your schedule? PTO and holiday is pretty generous at the company. No one is stopping you from taking days off. Just because you have no where to go doesn’t mean it’s the company’s problem. You accrued the PTO, use it.
Not doing something about the policy doesn’t mean layoffs are coming. Paying out accrued PTO on a lay-off is nothing to the company. The max per employee is 1.5 times your annual allotment, I think the bean counters know that.
It’s unlikely it’s related to layoffs. Its more likely that a) they don’t want another administrative headache or b) a broader change is in the works.
People complain about WF becoming Chase, but it’s a fact that Chase has a better time off setup since they get sick days separate from a generous vacation block. That’s especially true for people who haven’t been with the company for 20 plus years. Would be a nice change and more in line with other big banks.
@sud+15wyiULm , then why are you on here if you already know everything you need to know?
Some of the people on here are chicken little the sky is falling. Every email or every thing that happens does this mean layoffs? They were pretty clear that RIF is coming not sure why we think we need all these secret codes to figure it out.
My guess is yes. Employees saving PTO for a small cash out individually if laid off adds up at the top of the house. Corporate greed at the Sr Exec level continues. The prior SR Execs got us in this mess and the current cutting expenses at all costs to line their pockets