2% raise is a joke. I got more flipping burgers as a teen at review time. Last 2 corp jobs, if you were meets, then you got 3%. If above meets in any category or all, raise was 4-7%. And better time off. Who doesn't have the friday after Thanksgiving? Most of us don't work in a branch.
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@vox+17Sj7Kc6 , great post, i did get another position yesterday; the pain of the position was not worth my mental health. All the immaturaties going on.
I did upskill as what i did here had no value in other companies. Will the company prevent you from taking a new role? Or can you make it out unscarred once resigning. THat is my next step.
yeah and we're all assuming that everyone in the "meets" category is mediocre and actually deserved that rating, that managers weren't forced to assign a "meets".
Everyone on my team was given a meets for mid-year, we were told it was to "protect" us, but never told us what we were being protected from. We were also told not to expect to get above "meets" for our year end review, at several team meeting - and that was passed down from their senior managers.
Anyone assigned an exceeds for year end would be subject to several layers of management scrutiny and justification from those layers, that our managers determined it may not be worth all the time it would take to get though that red tape.
So stop telling me it's about bad talent - the deck is stacked. Charlie even said so - they're not getting the attrition rate they were hoping for.
After decades of scandal, 80% of employees are deemed Meets or lower how do we retain talent?
With 80% of employees deemed Meets or lower how do we retain talent?
It’s over. Any and all real talent is long gone. There is no tallent. You need to understand that any talent has left and is long gone. The country is shutting WF down gracefully to avoid more damage to ALL of us. Seeing clearly is a thing of beauty. Read William Blake.
Who said they’re looking to retain talent? Pretty clear CS doesn’t see potential from anyone who has been here longer than 12 months or so.
The trap is that you'll be told every year that this is just some short term pain you have to deal with - but once you show them you'll hang around at a reduced comp level why would they pay you move a year or two down the road?
Is there really talent to retain?
Anyone earning more than a meets year in and year out is in the wrong role or has a sh–ty manager with sh–ty expectations.
Meeting expectations is a good rating.
The company doesn’t care. If the work gets done at a mediocre level, Chuck and his JPMorgan peeps do not care. Quality is not the focus despite what they say. If so, jobs would not be offshores to India. They care about getting it done as long as it’s okay and saving money. Expect for business to keep decreasing when people call Wells Fargo and the end user does not speak clearly or understand what you are saying. I’m not racist. It’s just a fact. How frustrated are you when this happens?
"meets" is doing your job and addressing rating inflation that's been around for years. They aren't going to get rid of a population that makes up like 70% plus of the workforce (1-2 = 15%, 4-5=15% if I remember correctly). You aren't going to get everything done with 15% of the workforce (the 4's and 5's).
The 60% of employees in the 3 category (so 30% to 70% percentile of perceived performers) are okay unless their business line is being cut. A meets is not a bad rating nor a career ender in any way.
There is no significant talent to retain here. This FI is a wreck. Everybody is working around he clock to trim the Wells Fargo problem before it impacts the entire banking system. Unbelievably condisdering what we’ve all been through, there seems to be no cognizance of this problem here.
@nds, the advisors don't get merit increases. They are responsible for their own raises (more commissions). Or are you referring to management folks over 250k?
Retain talent? They're all leaving or being laid off. It's more like retRain talent.
I’m at a point, sadly, where I no longer care if we retain talent. Management repeatedly is broadcasting the clear message that they are only interested in cost-cutting. Their disrespect for employees is palpable. It took me a while to get it, but I get it now. Message received.
Every employee should have, by now, seen the writing on the wall. If you have skills, find a great company to work for that isn’t in trouble with the regulators and appreciates their employees. Be looking now. If you do not have transferable skills, I hope you are working to turn that around. If you are looking at a good severance package and are willing to put up with the ongoing pain of this place: hang on and make them pay you to leave. You have earned every penny of your severance.
Wells Fargo is heading towards being a company full of low-skill low-wage workers, outsourced low-wage workers, and employees who no longer give a damn but are hanging on for a severance package. All managed by an overcompensated bloated executive team. I couldn’t have come up with a more backwards strategy if I tried.
“Management knows best.” That’s funny 😂.
@axa+17Sj7Kc6 : @lpp+17Sj7Kc6 same ones that initiated the uprising against shart for the 401k match elimination over $250k. And they were successful. This group of folks have pull in the bank unlike the rest who are largely just peasants in the socialist system
There are jobs out there and the company won’t be able to retain talent. I was laid off in October and had an offer from a competitor 3 days later for $25k more per year. I started looking for a job in August. I didn’t realize how underpaid I was at Wells.
@kxd which snotty advisors folks? The ones in St. Louis?
We have Charlie, Lester and Conor on board. Who else do we need?
Management knows what’s best. The top 5-15% will be happy and the rest should look around. We need attrition!!
As long as there are no jobs out there, retention isn’t a problem.
As long as they make under $150k they can get the 0-2% raises. People over $150k must not have other options. Good comp design...