My husband was a casualty of the new CEO’s plan with having been with the company over 15 years, working about and beyond with hours, and always provided with a rating of exceeding expectations. That sounds like the one you should get rid of with no warning and no notice....a loyal, hard working, achiever...
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Not a place i or anyone i know wants to work anymore....which i would have made the cut list.
To our shareholder contributor who said “Employees spend much of their time on social cub issues. Work and becoming better takes a backseat”
First off, I agree with cutting executive salaries by 25%. Especially during a time of layoffs, aggressive cost-cutting, dividend cuts, and consistent stock price erosion. 100% fair.
But what you say about employees is not an accurate statement. It might be true about the executives, but not your average Wells Fargo employee. Too many good people here to let you say that.
Everyone please write this down: “ loyalty to a big company doesn't pay long-term. Not only is leadership not loyal to us, our loyalty and tenure eventually put a target on our backs.”
I couldn’t have said it better.
I am still shocked by how many people still see long term tenure on a stagnant organization as an “accomplishment” of some sort. Don’t let corporate brainwashing in the form of more PTO or anniversary celebrations fool you, in this day and age it’s almost always a sign of obsolescence.
Regarding “You should count your blessings - this kind of severance is unheard of “
What country are you living in? Here in America, this severance is average.
Post ID: @wke+17ESaf2A
I see you're I'am a shareholder posts a lot but here's a newsflash: any employee on here is probably a shareholder too. So you aren't impressing anyone.
you should count your blessings - this kind of severance is unheard of
He was given 60 days notice after which he will receive 30 weeks of continuation pay.
To the OP I am so sorry, I can absolutely identify. I just "celebrated" 10 years with the company and was let go yesterday. It's funny, ER told me the choice was made solely at the discretion of management, while my DM told me it was a collaborative effort between HR and Management. My DM also told me it was based on performance ratings and that they "didn't know how far back HR went" but that they went off of those ratings and but couldn't disclose to me what it was because it "was a confidential process." This absolutely s—s and is frustrating that we cannot get a straight answer as to why people were chosen.
I'm sorry to hear that. I was also laid off from WF a few years ago. Had worked really hard, had a great track record etc. But I was also highly comped for my job title, was 50 years old and my team was small enough to make me a target – despite me not actually having a manager title. Even my generous PTO allowance after 15 years of service probably put me at a disadvantage vs. newer, lower-comped peers.
You and your husband have a right to feel crummy about this. It's important to acknowledge the loss. But you'll move past that, for sure, and make a plan. There's a big world out there.
In the end, no matter what euphemisms are used to explain the strategy (efficiency, streamlining for the future) it's all about cost reduction. Not individual performance. A top performer in a group can also be expensive. Choosing more expensive people to let go will save headcount overall.
The sad lesson is... loyalty to a big company doesn't pay long-term. Not only is leadership not loyal to us, our loyalty and tenure eventually put a target on our backs.
There were a lot of GREAT people let go simply because of alignment and that is the hard part. Some mediocre were in the right place at the right time and some great people had the opposite. The good news is that everyone got a decent package and get to have a career reboot. This excellent performers will look back and decide that this in the end was a good thing.
I am sorry for the OP but I have been laid off too and it was the best thing that happened. I wish everyone impacted to take some time then shine up the resume and get a way better job!
@ TCS
My thoughts exactly. I understand the OP's frustration, but there's no real reward for going above and beyond.
Every employer's job is to get by as cheaply as they can to maximize profits.
Every employee's job is to make as much money with as little sacrifice as possible.
Employers' and employees' interests are always at odds, but for social graces, we all pretend like they aren't.
One silver lining to these layoffs is the reminder to keep work emotionally at bay. It's a necessary evil in your life, just like you are to the employer.
Decent people are being cut, only to leave us with ineffective and toxic managers. Could cut two to three terrible managers for every good one.
This place is an absolute circus. There’s literally no motivation to work, no motivation to do anything.
Shareholder glad it’s your money not mine lol...
I guarantee line managers are not in the mix on any decisions. This is between the 2,3,4, and 5 downs period.
My cousin used to be a regional manager for Blockbuster. Rapid promotion, always exceeding expectations, smart and hard worker too. Would have been a five ranking all the time. And we all know the rest of the story... At this level, business will move on, without regards to the employees.
Work smarter, not harder
These aren’t performance based layoffs. Absolutely no one is immune. HR is using some flavor of algorithm to select individuals or create pools of people that need to be cut in departments. I have nothing but stellar reviews, I know precisely how much I contribute compared to some team members who are not at my level of enthusiasm but I do not believe I am remotely safe by any stretch of the mind. I’ve even been told directly that if my direct manager has any say I will absolutely not go but I don’t put stock in that. I don’t believe the manager is a liar but if it came down to a coworker who is a lower performer but did a solid for the manager vs me performing better but not having an opportunity to do a solid then hey, I’m out the door. Not exactly ideal for the org but it is what it is.
I agree. It is usually the wrong ones. I worked hard and busted my tail at another bank for ten years and got the ax. They don't care. All corporations do it.
But it's a new chapter in your lives. It won't be easy but keep God close.
No one is safe. I'm nervous but whatever will be will be.
I am a shareholder and support the layoffs. I just don’t think they will be big enough. I remember being told by an exec at Wells that shareholders don’t matter anymore. This was and still is their attitudes. Employees spend much of their time on social cub issues. Work and becoming better takes a backseat.
I also think pay of upper level people should be cut 25%.
This happens, Wells Fargo and the employee do not owe anything to each other it's an at-will employment agreement. Sad? Yes. In the end, both will continue down their path and hopefully this is just a job and not the end of his career.
what LOB and role was your husband in? I would have to agree with you though, don't see the rationale on letting go a well-performing employee. Ignore those that are posting rude comments such as "cry me a river". We get it, there's going to be layoffs but the right thing to do is at least do away with those that are underperforming first.
Cry me a river.
That is never easy and I feel for you and your family. However, we've all had warning and all been provided notice. If we think that it cannot be us we have an overly inflated view of the intelligence of the people making these decisions. No one is safe - no one.
Not sure what kind of person would downtick this post.
I’m sorry to hear. Sounds like this is Wells Fargo’s loss. I hope your husband finds a better job at a competitor and gets the appreciation and respect he deserves there.
Unfortunately that is usually the case and has more to do with a salary and age (i.e. medical costs and other benefits) than what you do.