@ltm - spot on. He could give 2 sh*ts about anyone outside the execs he brought in
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Wells Fargo is so inept that they can’t even properly manage getting rid of employees to cut expenses. Typical.
Also, Post ID: @jkc+183HiwKk is 100% correct that they made no announcements when they cut the max severance package from 16 months to 12 months back in 2017. I read about it in the news and called HR to confirm. The HR Call Center employees could not answer questions about it and no one could confirm it until I eventually spoke with a manager there.
I, personally, cannot confirm whether they are cutting severance in 2021 or not. But they are desperate to cut expenses, and Charlie is pretty blatant about not valuing employees beneath the C-Suite, so it’s not too far of a reach.
The word I get from exec mgt and HR is that the system got overwhelmed and could not process enough. As we've seen on this board some displacements did occur in November. Some that were scheduled for November have been delayed to Feb at earliest. This is because there's no capacity in Dec either to shift the overage from Nov to Dec.
the math doesn't necessarily work for this conspiracy theory (that layoffs were postponed to cut severance benefit).
Take an example: If layoff was scheduled for November and there's an employee with 10 years of service, then their severance would be 20 weeks of pay. If the severance is cut in half, that's 10 weeks saved. However, by delaying the layoffs three months (to Feb), another 13 weeks of pay has been disbursed, meaning the delay would have ultimately cost the firm more overall.
So for any employee that's been employed 13 years or less, delaying the layoffs costs the firm more. Only when you get to 14 years tenure or more does it start to pay off delaying to take advantage of reduced severance. And for the math to work, for every employee that's 13 years or less tenure you'd have to have one that's 14 years or more to break even. To save money, you'd have to have MORE people in the 14 years + bucket than under 13 yrs. And that's not what the distribution looks like
I'm not saying that severance won't be changed... just that the delay of nov and dec to 1Q next year isn't the reason.
To @nvl and everyone else who needs to find the info:
Type "continuation pay" in Teamworks to see table with current weeks of pay per years of service (tenure).
My source is the meetings I'm in and material provided. Certain levels received draft talking points this week to help prepare our leadership (DRs) for what is coming.
The details of the severance plan are not in the handbook, they are in the SPD.
Not communicating the change is of no benefit if you want to create attrition among people waiting to be laid off.
I’m continuously disappointed in the widespread inability of many employees to make the most basic of connections between two pieces of information.
The last time they changed the severance terms, they just updated the employee handbook. There was no announcement made or anything.
If they intended to cut the severance plan, the time to communicate it would have been during annual benefits enrollments when the SPD gets updated. Assuming this is a fact, telling employees about it in October may have prompted more and earlier attrition.
All that being said, it wouldn’t surprise me if HR didn’t do that because of total ineptitude. I mean, taking an ax to the severance plan really has no down side for the bank. Whatever small amount of press gets generated won’t garner much sympathy for employees, and investors would love it.
I posted this on another thread but relevant here:
It doesn't matter for me. Currently I will qualify for 40 weeks. If I am laid off before the change then great. If I am not, anytime after 2/5/21 that the severance package is cut in half I stop working. I will have used my 2 personal days and 2 floating holidays in January and any acquire PTO as soon as the severance change is announced.
It will be interesting to see how long I can go collecting paychecks before i get put on a PIP. I bet I can go at least three months before any consequences. Once PiP'd, I 'retire'.
@sk1, what is your source for this? We are all feeling the stress of everything 2020 has thrown our way but unless you have some sort of credible source for your comments on severance change you are only fueling the flames of stress. Not saying you’re making this up, just asking why you state this as a fact.
Is the minimum still 8 weeks?
Yes, the severance change is factored into the delay. HR processing is factored in as well. And the ranking had to be completed before the major 2021 "yanking", which is why the entire process was much earlier this year.
All those on this site who've been balking at the talk of mass layoffs have no idea what's coming. Scharf was hired to bring down operational expenses and the axe blade has been sharpened and is ready to swing with a fervor starting in Q1 2021.
There will be NO grandfathering of the prior two weeks per year severance. So for example, if you have 10 years with WF and were expecting 20 weeks of pay (5 months), as of 2021 you'll only be getting half of that... 10 weeks (2 1/2 months). This makes a big difference when job hunting. WF is counting on employees no longer staying for big severance paydays.
Employees are just numbers at this point... liabilities on spreadsheets
yes its a combination of that yes and the fact they can't handle the volume still....
heard it was delays with HR; not being able to process them quickly enough. If you've ever dealt with our HR, this rationale makes a lot of sense.
yea they do that in our group, make it miserable so people go;
tbh its a blessing in disguise, as i have lost about 90% of my skills working here so better to make the jump once get a new role to get them back, the sooner the better.
the people that make it now will fact his in the next 1-2 years in a different way
They don’t need to pay you severance if they 1) lower your salary to where you have to leave to provide for yourself, 2) make it absolutely miserable to the point of quitting, or 3) give you a biased review so that you have to leave because another group thinks you are trash. It’s all about making you quit.