Have I been Demoted?

I was an ASE5. Now I'm a "Software Engineer".

Huh...? A "Software Engineer"...? That isn't even CLOSE to what I do.

They also gave me the title of AVP. When I asked what exactly THAT means, I was told "they can get rid of you easier if they want to, otherwise it doesn't mean a thing".

My pay band is now lower than it was before, and I'm now well ABOVE the "midpoint". I've never heard of anyone being above "midpoint" before. Midpoint has always been the theoretical (and unobtainable) maximum pay. Indeed, being "too close to midpoint" has been used as an excuse to not give a raise in the past, despite consistently good performance evaluations.

My bonus rate is still the same, and my manager was honest enough to say that there probably won't be any bonuses next year at our level.

Like some other people who have posted here, I too check off some of the little HR boxes that have become liabilities these days: White, male, 60 years old, 20 years at the bank, 6 figure pay.

I suspect that me (and people like me) are being positioned for layoffs.

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Sad to say, but these new job titles are the "new facts" that become justifications for future cost-cutting and endless re-orgs whose goal is younger, cheaper talent. Yeah, it's "not personal" just the reality of competitive pressures.

ASE4 and ASE5 were combined in to the Software Engineer band. And ASE is a software engineer.

I could have thought that the pay range would have been expanded vs. made smaller.

I'm an AVP now too! I'm giving everyone raises with my new powers of Assistant VICE PRESIDENT!

Confusing times indeed.

OP: Is there a new and different job description associated with your new title of Software Engineer? I would ask to see it if I were you. Actually, everyone should know exactly what their official job description is, for legal purposes. This seems basic, but I’ll bet many long-term employees haven’t seen their actual formal written job description in years and they have probably been rewritten several times since you have.

I don’t know if it’s still policy, but I would imagine it is: if Wells moves you in to a roll that is more than 60% (I am not sure on the he exact %) different from your current role: they have to give you the option of taking a severance package in lieu the new job. In other words, they can’t take a trade corrections clerk and force them in to a call center role, even if the pay is the same. I know of an employee who’s manager kept changing her job requirements, she had a lawyer write a letter to Wells, and she got the severance package.

This may not apply to OP, but is still good knowledge for everyone to have.

AVP is a meaningless title. I gave up caring what my title is a long time ago. Call me a flying people eater for all I care. I put the industry equivalent title on my resume (with the company title in parenthesis). The work, work environment, and compensation are what matter to me.

MRP is generally where people top out, though not always. An exceptional performer worth a lot to the company will exceed MRP.

It seems like the mid year review rating is the big criteria floating around for potential cuts. Look at how you were rated and adjust your anxiety up to down as needed.

Undoubted sone people will be cut. We won’t know who and when until it happens. Also, being over 40 is a protected class, not a factor that WF should use to target you for termination or RIF. If you’re over 40 you have special legal rights when it comes to a severance package offer. You’re not entitled to one, but if it’s offered consult with an expert in the field before agreeing to anything. By federal law you have 21 days to consider any severance offer.

Good luck.

Thread regarding Wells Fargo & Co. layoffs

Have I been Demoted?

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