Thread regarding Wells Fargo & Co. layoffs

BOSSES: CONSIDER CARING A BIT

Employees speaking out is here to stay.

You’ve often wanted to yell, “Between 9 and 5, it is company policy that we do not care about anything other than producing widgets. Get back to work.”

This latest batch of rabble-rousers aren’t the ones you’re used to — organized blue-collar workers, protesting for higher wages or better working conditions. These are white-collar types like engineers and analysts, project managers and marketing pros.

You might want to fire them all, but you also desperately need them, and therefore need to keep them happy. What’s a poor CEO to do?

First, take a deep breath, stare out your expansive bay window and resign yourself to the fact that this isn’t a fad. Workplace expectations are changing.

Blame their parents, but surveys indicate that employees in their 20s and 30s want to work for companies whose purpose extends beyond profit-making. They value companies that have a positive impact on society, show a commitment to a diverse and inclusive work force and are focused on issues such as pay equity and the environment. They value character and integrity.

You’d think these “kids” would want to make Birkenstocks or granola. But no. A lot of them want to work for large companies doing big, ambitious things, and seem to believe that you can do good while also having a 401(k).

So your company told its employees it also deeply cares about moral and social issues, parrots that language on its Jobs and About pages, hoping it will entice talented young workers.

But over the past few years, a lot of these brand promises have butted against reality.

Like the time Wayfair donated $100,000 to support those “in dire need of basic necessities at the border,” but sold twice that amount in beds to the contractor operating detention centers caging migrant children.

“But,” you may shout, “don’t they understand that marketing is always an illusion?!”

True. (But don’t you understand that you can’t promise your customers or employees one thing and then deliver another?*

The point is, you and your company got yourself into this pickle.

Rather than lecture your employees - you might do better to shift your mental framework and try to understand your employees’ concerns.

Lest you think this is the end of capitalism, just think how Machiavellian this strategy can actually be. Research shows that by looking beyond profit-making and embracing a strong sense of character purpose, you can actually engage your employees and get even more work out of them!

Engage with employees before any bubbling tension builds to mutiny.

Of course, some employees will occasionally lose sight of the fact that they are working for a moneymaking corporation. You can always remind them of this fact by putting posters on the walls with your favorite capitalist slogans.

But a better strategy might be to sincerely embrace the mission and values your marketing teams dreamed up. A strong moral compass might help steer your company from some immoral decisions in the long run, engendering trust from both your employees and the outside world.

Yes- You want to make money, and that’s fine. But why not actually try caring a bit? America’s new work force expects it of you, and your company needs them more than they need you.

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| 2172 views | | 10 replies (last January 3, 2021) | Reply
Post ID: @OP+18II8WZx

10 replies (most recent on top)

Human Capital has been devalued for sure here

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Post ID: @1dit+18II8WZx

The job market is always shifting, depending on the unemployment rate. Also depends on your skills and how business is evolving, similar to how the housing market is changing with the pandemic.

But, the fallacy is that Charlie wants employees thinking that you need him more than he needs you. Therefore he thinks he can treat you like a number, not communicate with you, and threaten you with layoffs hanging over your head.

The truth is that Charlie can’t get it done without you. He needs you. He needs you to keep the customers happy, to keep the systems up and running, to process items properly, to advise clients correctly, to not make mistakes that cost the bank a lot of money, to handle business legally. There is a lot of money going through this place - whether it be loans, trading, syndicate offerings, mutual funds, asset management etc. Charlie can’t do it by himself. He doesn’t know how. He needs experienced, talented people to keep the money train working smoothly. Don’t let him convince you otherwise.

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Post ID: @1zme+18II8WZx

Watch out Charlie, I'm coming for your job in 5 years!

BOD, I expect that salary + 50%

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Post ID: @1jme+18II8WZx

A lot of people I know would never work at any corporation in banking; they always have told me all they do is let people go/layoffs. They are right. Wonder why they don't manage the money right or use contractors on shorter contracts and extend as needed, like other industries do, instead of doing all the layoffs. Maybe also not committing so many or any crimes so dont get these unpredictable fines.

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Post ID: @1zfb+18II8WZx

I don’t think we should rationalize Charlie as a good choice because he has been described as the lesser of 2 evils.

When I was younger, and new to the financial industry, I was willing to put up with a terrible manager because I was eager to learn and I knew I didn’t have much to bring to the table at the time. But now I do. I know which working conditions are best for me, and which leadership style brings out the best in me, and this isn’t it. So I will leave.

The more experienced or skilled you are, you will naturally put a higher priority on being treated with respect. And working for a company you are proud to put your energy into. At least I hope you will. Other talented workers think the same way, once they figure out their skills are wanted by other companies and they have gained confidence in themselves. Or maybe, for some, the money is all that matters, and then maybe WFC works for you. But I think you can have both. Everyone will eventually figure out what is best for themselves.

I will tell you this: If you’ve ever been on the hiring end, you know it is very difficult to find a truly good employee. One who is skilled, but can still work well within a team and be responsible and reliable. So don’t cut yourselves short. Once I find a great employee, I will do whatever it takes to hold on to them and make them happy, because good employees make boss’s lives easier.

There are good CEOs out there. And good companies where you will be appreciated and can grow and have job stability. It’s not as terrible out there as people say. So don’t let yourselves be intimidated into accepting an environment that is less than you want or deserve.

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Post ID: @1lhf+18II8WZx

If you want to feel good about where you work, don’t work at a bank. The SOLE purpose of any financial firm is to make money. Need warm fuzzies?? Work at the zoo.

Work at a non-profit. Work at a hospital and get busy saving lives. Be a public defender and work with the down- trodden.

There are lots of careers where you can feel like you’re making a positive difference if that’s your thing.

But banking? No. The kind of person who ends up in upper management didn’t get there because they cared about employee morale, or attracting and retaining talent. That’s not a problem. There are plenty of people who only care about making money.

In every generation.

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Post ID: @1ytj+18II8WZx

I think there is an e-book here, maybe train them how to be a manager/leader or good information to if your manager/leader is toxic:

https://medium.com/career-relaunch/3-signs-your-boss-manager-or-coworker-is-a-toxic-leader-and-you-should-quit-4bdf0b33c40c

Definitely management here is horrible for sure.

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Post ID: @1lfv+18II8WZx

the comment about Chase is right on. Remember where and from who Charlie learned his lessons on management. I was at Chase when Dimon and Scharf came on the scene.

The difference with Charlie is that he doesn't outright publicly insult and humiliate people, which Dimon is famous for.

But all of the rest of the stuff that everyone complains about here... it's standard operating procedure. And I can tell you for sure... he and his new execs are just getting started. You haven't seen anything yet.

In terms of overall management and environment to work in, my friends in the industry tell me that things are not any different at BAC or Citi either...

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Post ID: @ffd+18II8WZx

From what i hear Chase is run the same way, yet that is considered to be the #1 bank right now...

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Post ID: @kjb+18II8WZx

Does the BOD really think Charlie can lead this firm while ignoring and disrespecting his employees?
The very talent he needs is the talent he will not be able to attract and hold on to.

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Post ID: @nhv+18II8WZx

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