two employees(not team members any more) were rated as need to improve in the mid year, and they are in the PIP now and will be fired soon. Additional 5%-10% will be targeted in the YE by October and will be fired. They will target the most senior people with large package and longest tenure(large severance pay if getting laid off) No severance pay for those folks!!!! Disgusting, Wells Fargo! This is how you manage the cost-cut!
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If the bottom performers are truly poor performers they should have been let go before this initiative. I can identify the slackers who are my peers and have been wondering for years how they remain employed.
Honestly, not sure how these people were rated, but many hard driving technical companies use this scale. Ones with high pay, not low pay/.
Re the bottom 5%—away with these parasites. Seriously.
Disability? You people make me sick!
Disability may be the answer
If a Manager currently has more than 7 direct reports, let's say two are fired for not meeting PIP goals and then one or two others quit due to being totally over worked. Will said Manager then be laid off for having less than 7 direct reports?
all US states are At will so they can fire you for absolutely no reason...
for those that think the grass is greener, many of our peers do this annually (chop the bottom 5-10%). look it up. Charlie's just putting out the playbook that our peers have been doing for the last decade or more.
Firing employees due to a business model change is one thing. Firing innocent employees for a manufactured cause is another. Every manager I know is now telling employees they need to find more complaints whether they exists or not. Typical wells, definitely too big to manage
This is exactly what many have been saying all along and others in denial adamantly claimed ratings wouldn't be used to PIP and avoid severance and unemployment as an attrition/cost-cutting strategy.
It IS fact, not fiction – it IS happening – right now.
Managers on this board have and still are telling the truth.
WAKE UP!
Someone call the grammar police... this one is a bloodbath.
lots of states are “at will” and they have the right to fire you with no reason. you can still claim unemployment but they can fire you.
apparently the two posters here are new to the company. this is a strong strategy wells has employed through the years. you can find a matrix of which words to use/avoid to categorize each employee on their mid year review. They can complete your reviews and put you in as needs improvement. The OP is saying teams would target the worst employees on their team, deem them as NI and work through the system to let them go. This is part of what they mean by attrition. Pulling you in the office, taking ur bonus away with no warning, etc. I was on a team with analysts years ago and they stopped all bonuses and provided two cent raises. Everyone transferred out that were tenured. They hired new TMS at half their salaries. This is not new so you need to perform to the best of your ability right now.
something called PIP, which your manager can build with fake evidence.
5 to 10 percent will be fired for what? You can’t get fired for no cause. It’s illegal and they will lose much more in courts then paying out the severance.