It appears that "Low performers" are considered a "disqualifying" event for salary continuation. So, in my opinion, that basically means the rationale is to not have to pay severance. It seems that they are trying to build "low performer" cases (1's and 2's at mid year review) even when it isn't warranted. If that is truly the case, then it makes sense as to why they wouldn't offer voluntary packages. I realize severance isn't guaranteed but this is really unbelievable.
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Good lord! Get with it people...
Ratings have EVERYTHING to do with company having JUST CAUSE to TERMINATE/FIRE you. No severance if that happens (and often no unemployment benefits, either).
If they deem you a poor performer, justified or not, they can terminate you and save $$ vs. displacing you (layoff).
just to be clear. Laid off = severance. Fired for poor performance = no severance.
WOW. Not sure who the person below is but I have a feeling you are in HR and have no clue what really goes on in WF. And to the person who said if you are going to be fired you will know it.....definitely not the case. They'll pull you aside and walk you out quickly. If you got a low number and are worried about being let go, my best advice is to do your best work and keep yourself off the radar....dont put in overtime though. Just 8 hrs, keep to yourself, let someone else become the target.
RATINGS DO NOT HAVE ANYTHING RO DO WITH SEVERANCE!
To some posters here and on a few other boards. FYI No one thinks they are the “one who deserves to go.” Maybe others think you are the one that hasn’t worked for months or years. I’m betting they are looking forward to layoffs so the smug will go.
I would rather have an employee who is mature, open-minded and collaborative than a self-righteous employee who thinks he’s the hardest working guy in the room. Give me a person with a good attitude and I can teach them the skills necessary to do the job.
I am a new employee not an under performer or even a 2 in my lengthy tenure but my very busy boss rated me a 2 and fabricated assumptions. I’m not a slacker at all and this is a nightmare.
This is going to sound really heartless. The ones who got a ‘1’ meaning needing improvement is clearly a basket case. You may not have recognized this but your performance in relative terms is considered the bottom of the group. It could be a number factors. The most obvious one is that your manager and you do not get along. It may be that your manager is insecure and you have challenged him a few times . Or you showed an air of arrogance that led to a perception of not being collaborative. The obvious one is around communication ‘- I do not understand what you say or mean. ‘ this is a particular problem for minorities or , your manager may be the minority and you are not. Still, as the staff you will be affected . And then there is the confusing category of not being sufficiently technical. This could happen if you have been the same or similar role for 15 years and you are waking up to discover that your colleagues are at least 15 years younger than you and you are listed to be at their level. Well , in this case you have well overstayed your welcome at Wells.
Finally time to get rid of all the gunk plaguing this company. Level 5 performer here and a manager and from my seat finally time has come to get rid of all the underperforming staff that was super hard to get rid of. Good days for Wells ahead!
Have a little compassion for folks just trying to understand what the heck is going on. There are a lot of people that have never been in the 1 or 2 category in their entire career. So, naturally, they might not clearly understand, considering they never really had a reason to. It's a very stressful time for everyone.
PLEASE read the benefits book
If you do not understand the benefits, call ER and ask them.
Letting you go due to poor performance is called getting fired. If you are about to get fired, you will know it. I really cannot believe how many people do not understand employment basics.
I think the OP might be right. Can someone please explain what this means under the disqualifying events for Severance Continuation? What if they say you aren't a qualifying event but are letting you go due to poor performance? (excerpt from benefits book):
You are discharged for a reason other than a qualifying event (including but not limited to poor performance, violation of Wells Fargo’s Code of Ethics and Business Conduct, or Wells Fargo’s employment policies), whether or not you had already received notice of a qualifying event, or you are on Salary Continuation Leave.
NOTHING is unbelievable when you're surrounded by thieves and people with no ethics.
You are not reading this correctly.
A disqualifying event does not include performance.
An ineligible change is a situation where something has happened to change your employment in some way and does not allow for you to be offered a severance agreement just because of that change. You cannot be offered a severance agreement BECAUSE you got demoted having been on a performance plan. However you can be offered severance if you were demoted and your new position was eliminated.
Regardless, performance is not a factor in whether a severance agreement is offered, and severance is a benefit not a right. I don’t know why people continue to believe there is some sort of conspiracy. If the bank didn’t want to offer severance, they could just take it out the benefits book. It serves the sole purpose of protecting the bank and shutting people up when they are let go.
When you say it “looks like” this is the case, did you see something in particular, or are you surmising this? Just curious. What you say does seem plausible.
there are some well deserved cases out there, where these people have not done work for months, if not years. This has to end and I appreciate that the changes are coming.