Thread regarding Wells Fargo & Co. layoffs

Any update on the HR outsourcing theory? Projects seem to be full speed ahead to convert to WorkDay, or is that a false project?

Where did this information come from? Was it in an email to managers, HR employees ???

I work in Risk:Compliance and checked my LinkedIn notifications this morning and saw that my profile is coming up in search results. Where do the searchers work? Boston Consulting Group. This seems to corroborate OPs assertion that they have been engaged.

So all risk and compliance would be outsourced? All lines of defense? That seems odd.

1Np - within HR

To OP, do you mean risk and compliance work specific to HR will be outsourced or is the intention to outsource all risk and compliance? Thank you for the info.

BCG is a big spam.....why you are paying $$$$ for the useless consulting work?

Looks like we get to keep the recruiters who have no idea what you are posting a job for, and end up blocking good candidates while sending you resumes of the trash ones. Sweet!

I thought when they sold the retirement and trust business to Principal Financial Group they (Principal) would handle the servicing. I guess not.

ADP is awful, just awful. But they are the largest in that space.

That HR list in the comments is huge. What HR functions are NOT going to be outsourced?

Interesting, I thought HR recently decided to start using a Workday for a bunch of functions. Guess that went to the circular file.

The list @ohf provided is huge. Some makes sense to me, some doesn't. Outsourcing HR Business Partners most of all, though outsourcing ER also doesn't make a lot of sense. Just my opinion based on working in these areas at other organizations.

HR investigations is not actually an HR function anymore. Employment investigations was split out. It's now under Conduct Management, which rolls up to the COO. CM does the investigation, then forwards the results to ER to work with LOB on the outcome. There are contractors supporting employment investigations, but the general consensus is the company is not getting its money's worth. In house investigators are cleaning up work done by the contracted resources. I'm not saying there the function couldn't be outsourced (if WF could find a quality service provider), but its not an HR function anymore.

Finally information that is specific and concise. Thank you OP.

The following internal HR functions/processes will be outsourced to one strategic partner in the future.

• Internal Payroll Questions/processes (Time Tracker System Questions, W-2, W-4, deductions, garnishments, tuition reimbursement, auditing, balancing, verifying, auditing, sox compliance, bonuses, spot bonuses, payroll system testing, reporting, Gl account reconciliation, imputed income calculations, on-demand payments, termination payments, ect),
• 401(k) Plan and Retirement
• Benefit Questions (eligibility, qualifying life event exceptions, Information about active team member enrollment, eligibility, making coverage changes, or plan rates and comparisons)
• ER Solutions (performance management/annual review disputes, corrective action, work place conflicts, allegations of misconduct, unfair treatment, ect)
• HR Investigations
• HR Business Partners
• Succession Planning
• Change Management
• HR Risk Management and Compliance
• Talent Acquisition and Strategy
• Compensation (Non-Executive)

It is true that Lincoln Financial is the current leave management partner; however, the function will be outsourced to another strategic partner going forward.

• ADP is the current payroll processor, but we manage all other functions in house. Everything related to payroll will be outsourced going forward.

The bank 401(k) will be outsourced in 2021. WF sold the entire Retirement Plan Dept. last year and the bank 401(k) is part of it.

Any updates on Talent Acquisition?

Payroll is in house. Makes sense to outsource to ADP. Get rid of that stupid calculation to determine bi-weekly pay.

Outsource all of these functions, especially risk and compliance since govt doesn’t like how we manage that and boom, asset cap is lifted

Uh, doesn’t ADP already handle payroll?

And Lincoln Financial does leave admin.

In fact, the one HR type thing that isn’t outsourced but should be but is the 401k plan.

Maybe someone in HR should get us signed up with a decent plan administrator and better investment options that aren’t total self-dealing on the part on the part of the bank.