Thread regarding Wells Fargo & Co. layoffs

Base salary changed

As part of spans and layers my base salary was adjusted and my manager has no explanation. Is that legal and justified?

by
| 3430 views | | 10 replies (last November 21, 2020) | Reply
Post ID: @OP+181jAy2R

10 replies (most recent on top)

there is a theshold that if they cut your salary more than 15/20% you are eligible for a severance package (layoff). otherwise you take it or are free to quit at any time

by
| | Reply
Post ID: @1whu+181jAy2R

Legal yes. The company (and any employer) can legally change your terms and conditions of employment, including your pay, at any time for any lawful reason (they can’t reduce pay because of race, for example since that’s unlawful discrimination). That’s what it means to be an at-will employee. They can’t drop you below minimum wage, since that’s also unlawful. Some states may have notice requirements, meaning the company has to give you a certain amount of advance notice before making this kind of change.

Justified? No idea without knowing more information.

by
| | Reply
Post ID: @ghd+181jAy2R

Many senior managers are remaining at their salaries, being moved to ORC6, and having a reduction in bonus (10 %) for many their area of responsibilities have not changed and are still going to have off record dotted lines to them. This is a recipe for disaster when it comes to stack rankings.

by
| | Reply
Post ID: @hpq+181jAy2R

My base decreased by 3% and bonus target increased by 5%. When I asked my manager for confirmation or justification nothing was provided even though the MRP was higher for new role.

by
| | Reply
Post ID: @dqn+181jAy2R

everyone only wants and expects an increase. Although not necessarily related here, poor perform should be rewarded with a decrease in pay.

by
| | Reply
Post ID: @alj+181jAy2R

Look in the handbook. There is a certain percentage you can drop before you are considered displaced or severed

by
| | Reply
Post ID: @scr+181jAy2R

Same for me. Some will be impacted positively and some negatively. Many of my managers are being impacted with a 5% reduction in bonus based on new job codes

by
| | Reply
Post ID: @cns+181jAy2R

It would have gone through hr if they changed your comp. did you go from a manger to non manager role?

Otherwise, last year as part of job restructuring some jobs had the pay range and bonuses adjusted but impacted employees were told of the impact.

For me (role level) my bonus % range was cut, but they had adjusted the base salary higher.

by
| | Reply
Post ID: @zkn+181jAy2R

OP-what was your mid-year rating?

by
| | Reply
Post ID: @iqk+181jAy2R

Curious if you are getting less work or responsibility. I doubt it but that should at least be part of the conversation.
I imagine this is going to happen to many who are not let go. Preliminary conversations in my group are that most likely base salary will remain unchanged but bonuses will be reduced.

by
| | Reply
Post ID: @tee+181jAy2R

Post a reply

: