Thread regarding Wells Fargo & Co. layoffs

Post ID: @xwt+17uSbYua

Not only is the tech stack old but .NET developers can easily make 110k+ elsewhere, to get that level in WIM your role will be less about coding and more about administrative, bureaucratic tasks.

I would absolutely get on the volunteer train.

Until then, my output will be minimal. I'm not going to work my hump off just to lose my job the next day. My work output will be such that if I'm suddenly laid off, I'll have no/minimal resentment.

And this is the REAL problem Wells has right now. Layoffs + no bonus are on the horizon. What do they think that does to work quality and quantity??

They must think people are going to go crazy and quit, and a few people might do that, but the rest of us are going to enjoy a very relaxed work habit until the company develops the courage and competence to approach these layoffs more sensibly.

A couple suggestions. If the company (or really your manager) knows you are looking to leave, interviewing, or planning on retiring, They are less likely to give you a package. The simple reason is they hope you voluntarily leave and save them the cost of severance.

Now if you have a really good manager, I’d encourage you to have an open discussion about layoffs and if there is an option to leave, that you’d be open to it so someone that wants to stay can keep their job.

I’ve been through many layoffs and had both types If managers. Fortunately, my last manager was open to volunteering and I received a package. Just be ready for it emotionally. Have a plan (whether it’s to find another job, retirement, etc) and make that your new full time job. I kept my same routine and instead of logging in at 8:00, I went through all the job postings, applied for some positions and completed interviews. In the end, I had multiple opportunities and picked one that started on my 61st day after leaving Wells... day after the WARN period expired.

I’m in nearly the same boat as OP. I would definitely consider a package. I’m actively looking to leave right now, so a package would free up my time so I could accelerate my process and beef up my networking.

It’s true millennial don’t want to work much. Just sip Starbucks from a remote place while typing a few emails an hour as work , the American work ethic stopped in the last generation even then it was sparse

I just got an alert for a fedex package coming tomorrow; tbh, i am not so worried about things anymore. Whatever happens it was meant to be, but hoping its a new contract with at least 100k salary increase

Does anyone realize the bulk of Millennials are now in their 30s? Millennials don't mind working more hours, they just prefer to do it from home, remotely locations, ect. What's with all the millennial bashing?

I wish that they did. I interviewed with MUFG bank before I came here and I asked about layoffs and they said they try to ask for volunteers first before making the tough decisions. They said it worked out for everyone because they realized some people were ready to move on and that saved them the elimination of many jobs.
Too bad I didn't get in there. I think it's a great idea.

@yjw+17uSbYua, your right, but i think even if your not looking they are trying to make your life miserable!

It is what it is, the whole sysem is very corrupted, no way around it; anyways, the company is in financial distress in a bad way; they even owe 1 billion in refunds from customer refunds. Of course they want to cut costs whether you are looking or not. Company is in major distress.

https://edition.cnn.com/2020/10/14/business/wells-fargo-bank-earnings/index.html

OP: We have been down that road many times on this board. But I agree with you.

I will tell you what I tell my “best friend at work” (survey joke) on a daily basis:

“You have way too much common sense to work here.”

Post ID: @tld+17uSbYua. I could go either way on your statement about the 2 millennials.

My question is: Do you know if they were getting overtime?

If on salary, no overtime, I lean towards supporting their decision to leave. Bonuses won’t be good this year, if Wells is even paying bonuses. Or if the workload is unreasonably high, and Wells is refusing OT. Why would a young fresh mind want to work for a company where the future is uncertain and employee morale is in the tank? (FYI - I am further along in my career and have always worked hard no matter the pay. But I worked for a growing organization who valued their employees.)

If they were getting paid overtime, I would have stayed and collected the extra pay, and given it more time. The unspoken benefit of being “exempt” is, supposedly, that your bonus will be greater than your OT would be. I would rather have the OT bird-in-hand right now, than count on a fair bonus during this time of cost-cutting. Depends on the quality of your direct boss too.

There has to be some benefit/payoff for young (talented) workers to stick with Wells Fargo through the rough days that are ahead of us. They have to be fairly compensated for their time and workload, and they have to be shown that working hard can lead to advancement in a company that has a promising future.

They don't want to provide packages! They want you to just leave on your own accord. If you give anyone one single hint that you want to leave and want a package, they will never give you a package. I am assuming they will likely make your life as miserable as possible, so you will just have to leave - no package - no nothing!

@xwt

1. You've obviously never met a millennial.
2. You don't work here, otherwise you would know OT is greatly frowned upon except for emergencies and on-call responsibilities.
3. If the tech is old, it's because of boomers such as yourself not evolving it. That's on you all.

@tld
Good for them! Do you have a point or are you just a parrot for Fox attacks?

First, just because the company offers a voluntary severance program doesn’t mean that you get it just because you volunteer. The bank would select from among the volunteers.

Second, the people with the best skills that the bank needs the most should be getting the opposite incentive to stay. If they have such marketable skills, they need very little extra reason to leave in the first place. Unfortunately the current performance plan process doesn’t work that way and I don’t see where the bank has undertaken any kind of fact based skills assessment process.

2 millenials got frustrated with all the extra work in our department and literally just walked out and left their laptops there, never returned.

i wish they would offer me a deal i would take it and get another role asap without a second thought

The reason they don't do volunteers is because the people with the most marketable skills will take the offer to double-dip when they find a new job quickly, while the people who don't will not. The result is a larger % of brain flight and higher risk to the company.

A number of people I work with have also said they feel like there is an intentional effort to make life unpleasant so people will quit. I don’t know if that’s true, but I don’t think that will work until after people learn about the banks plans for bonuses. I’m not going to quit until I know, it’s too late in the year.

I think voluntary severance is a good idea, but obviously management doesn’t for whatever reason. I’m not sure what their priorities are, but swifter staffing cuts would not only reduce uncertainty and angst, it would also quickly drive work prioritization to that which must done and away from the nonsense (of which there is entirely too much).

Issue is millenials wont put up with work over 8 hours, so they wont last if this is the case.

Also, the tech is so old, if i was a millenial I would not come here with this tech stack. Would be like losing my entire education.

@qnx+17uSbYua, I am noticing this one too;

In any case i have gotten a new role, dont think its worth waiting for severance since i have not been here that long. Better for me to move to the higher salary ,which would cover any bonus or severance since the offer is significantly higher. I would make it back with my new salary and still have a surplus in Year 1 of new role.

I think they would rather make things miserable and have people voluntarily resign. With spans and layers and letting go other employees, the people that remain will have more responsibilities and work to do.