You know what is most disheartening about the constant layoffs at WFC? They never hit the people who are the worst performers. No, they're intentionally targeting the most experienced and talented people to get them off payroll - they are basically paying good money in severance to get rid of the best people. Tell me, how can a bank or any company survive long-term with such nonsensical strategy?
14 replies (most recent on top)
@2pys+18MEHgNW is correct.
You don't get rid of your talent if you can help it.
If HR makes a decision to cut a percentage or you get offshored or your manager's manager makes the choice, then maybe.
But as a company strategy, no, come on, folks, common sense.
As a middle manager, this is exactly what we’re not doing. People who get cut think they’re the best, but 98% of the time they’re simply clueless. The only exception is if the role is moved overseas. No one cuts their best, unless they’re just stupid. Pay doesn’t matter either. If emp A is a rockstar and makes 20k more than dead weight, the decision is simple. These are facts.
You are not a valued employee, you are an expense.
Charlie’s plan to “ Charlie’s plan to dumb the company down” has been in place for well over a decade before his arrival. Apparently you were an early adopter.
The OP is generally correct in his assertion. Look at The control functions such as tech control. So-called senior directors who have not touched a computer in ages . Some of these folks have been around forever or are discards from elsewhere. But these people have not been let go. Blimey.
Post ID: @dcy+18MEHgNW
I fail to see the humor in laughing at call center workers. What is your point??
Post ID: @dcy+18MEHgNW. “Keep the humor coming guys”
I don’t think Call Center employees are trolls. Or that calling Call Center employees trolls is funny. What the hell are you talking about?
Wells Fargo won’t survive.
Time to move on to bigger and better things. You had a good run, but this place isn’t worth putting your energy in to any more. Be glad for the money you made, the friends you made, the lessons you learned and take that all to a company that is worthy of your efforts.
I work in a department that is on the tour for New Employee Orientation groups. This was before WFH, but the majority of the new employees on the tour looked like we had just picked them up off the street outside the building. This is the best we can do?
sorry to say but this isn't happening in the manner you think it is. Could there be talented people being laid off? Well, yes. But is it because they're a top performer or too high paid? Likely not. It is however very likely that their job was either redundant, duplicative, could be off-shored or the function was no longer needed. That certainly doesn't mean the person wasn't great, just meant they were in the wrong job and or LOB. The main reason the OP view's doesn't make sense is because there are a lot of roles that are being hired going in at midpoint in six figure jobs. That's certainly not saving money if the company is laying off "good performers" who are also likely in the six figure mark to be replaced with other six figure salaries, and on top of that pay the severance to the laid off employee? As awful as some think the company is, they're not that dumb.
Charlie’s plan is to dumb the company down. Wells Fargo is becoming a giant call-center. He will offshore as much as possible. Most everyone else will be $20/hour inexperienced employees, except for the C-Suite. They want entry-level employees who need the job, will do as they are told, won’t ask questions, are easily influenced and desperate to please.
It’s happening as we speak. Very few new employees have experience in the financial industry. They might give you a decent title, that misleads you in to thinking you’re getting an important job, but it’s basically working in a Call Center. Client Associate= Call Center job. Trading Assistant = Call Center job. Customer Success Specialist = Call Center job. Human Resources Liaison=Call Center job. Product Specialist = Call Center job.
We are the next Macy’s or JC Penny’s, unable to defend ourselves against competitor’s new products and technologies, postponing the inevitable as long as possible. We will change out CEOs every few years hoping this will be the guy that saves us. We will unleash a flurry of activity, but it won’t be the appropriate activity. We will close more brick and mortar stores every year, sell off business lines every year. All moves designed to cut expenses at any cost and keep the business going as long as possible until it eventually fails.
Sounds like a sour grapes post to me.
If you've seen many layoffs you know they span the entire range of performance, from truly outstanding employees to ones that should have been termed for their horrible performance already. If you look at a small enough subset of people that have been laid off, I'm sure examples can be found when top performers are disproportionately impacted, but you've got to look across the enterprise to really see the scope / impact.
You really believe they are targeting the talented people only? That HR wants to keep the bad performers and get rid of the top ones?
You really, honestly believe that?