The way this company is going about cutting cord is ridiculous. I've examined and spoke to previous employees of companies that have done layoffs the past 10 years like Capital One, Bank of America & Chase. None of their severance packages are tying them to the company for 60 days stopping you from seeking employment somewhere else. Cut the check & carry on. It's really insulting & this place has a lot of nerve
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I had my severance unwound on the evening of the 60th day of my notice period. They can change their minds right up until the very last minute.
60 days is due to WARN notice. It's actually very nice that they're giving us 60 days, non-working days free basically. We got to keep all our benefits for 60 days then move onto severance. With the severance we lose some benefits like we cannot contribute to 401(k). I for one, and thankful that I get an extra paid 8 weeks to chillax.
No one likes layoffs. That said, WFC has historically been generous when they happen. All they are required to do is give you notice at 60 days, but pre-notice is often provided even earlier than that. When you get to the 60 day formal, there is often a working and non-working portion of that 60 days. Depends on the situation, but either way it's paid time to start to prepare for your next career step. If you have non-working notice, you're getting paid NOT to work. Hard to complain about that. After that 60 days, then your severance starts. If a week after you start collecting severance you find another job, you get all the rest of the severance as a lump sum. If not, you keep getting paid for as long as you're entitled to under the benefit. After that, you can always file for unemployment. Instead of complaining and making false accusations, take this time to brush up the resume, build a list of places to find jobs, read employee reviews, and get ready for the next step in the employment adventure. People spend about 3 years at each employer the work for these days. It's unreasonable to think that any of us will be employed at the same job 'forever'. That should always be in your mind and you should develop yourself and network accordingly.
can you also apply for unemployment benefits anyone know??
You DO lose (i.e., don't receive) severance if you leave the company during 60-day notice period. During 60-day notice period, you are still technically employed, whether you're working or not working. Therefore, leaving during 60-day notice period is considered RESIGNATION.
Once severance begins, you are due all of your severance. Either in regular payroll period checks OR in a lump sum if you have found employment at company other than WF (if you found employment at WF, you do NOT receive remainder of severance).
Is anyone taking any time to read the Employee Handbook and benefits? If you're too lazy to do that, perhaps it's best you get cut.
If you are 60 days non-working, how would WF discover that you started another job? Keep your mouth shut and double dip.
You're not locked into not looking. They're basically giving you a 2 months heads up and a package. Most industries won't give you anything, at tech firms its zip. The company doesn't really have to give you jack sh–.
WARN is pretty simple. They can pay you for the 60 days and release you right away, or they can keep you for 30 days and give you 30 days of job search while not working. If something came up, they could call you back. Either way, you get a 60 day notice and your severance.
OP you are just plain uninformed or just trying to stir animosity and s__t.
It's been explained well enough by other posters. And you are correct that other companies don't do it this way - they make you actually work for the 60 day notice period. Notice period is NOT the same thing as your severance payout. So would you prefer to work for those 60 days instead of having the time to job search, or do whatever you want?
WARN requires 60 days notice if an employer has 100 or more and is planning on laying off 50 or more in one location. So in a general sense, 60 days is not required by law for all. Like a lot of companies, though, WF makes it easier by just applying a blanket 60 days to every situation and then stipulates if all, some, or none of that requires the employee to actually do any work.
During that 60 days, you are not prohibited from seeking employment or leaving on your own, and you actually can still get fired for misdeeds that contradict WF policies. So you're not tied at all and can still hunt for a job. If you find one in that period you can report it back to the company (effectively resigning and forfeiting salary continuation) or keep it quiet and double-dip. After the 60 day period is up if you let the company know that you found a job with benefits, you can get a lump sum of the remaining salary continuation period. Before 60 days there is no lump Doeam not a fan of WF now as of just recently and believe that I was mistreated a little by them by being laid off after 13 years due only to my new manager playing favorites and jobs being moved to India. My performance was good and ratings always reflected that but was told that my performance was not adequate compared to my coworkers. So I don't agree with the decision and feel it is untrue but am not going to argue it. not worth it and will happily move on with the continuation pay to help get by.
But here is where i do like Wells. All they "owe" me is 60 day notice of job loss if my layoff meets the terms of WARN, and nothing more. But by not having to work that 60 days and also getting the extra 26 weeks after that they are helping in a bad situation, or I can move on immediately if I wanted to.
Good luck to all that are hit by this. Very poor of management to get it to the point that the company is staffed very high in some areas and very low in others, but all areas will take a cut because of it except the army of execs. Make the most of the continuation pay and move on to a better company.
OP is clearly arrogant. Thinks (s)he’s going to get a job within 60 days during the holidays compounded by a pandemic. Good riddance.
OP, the WARN laws mandate a 60 day pay period. Do some research before spouting off nonsense. Speaking of nonsense, are your seriously complaining about staying on the payroll whilst not working? You DO REALIZE you’re getting paid to look for work. Also, YOU DO realize the job market is the worst since the financial crisis, if not worse. Looks like wells fargo definitely cut in the right places when it comes to you OP. Please consider moving out if the industry so smart people can continue to rebuild our industry. Warehouse work seems like a good option for you.
that’s if you have a 60 working day notice. If you leave during the 60 day working, you could potentially lose your severance.
Lucky you. They are no longer making people work the 60 days. It’s a non working 60 day notice now.
These responses are exactly why yall are stagnant in life SMH. Miss the whole point trying to prove a point nitwits
How does Wells know that you haven’t started another job in less than 60 days?
I also believe it is legally required to give 60 day notice. You don't need to wait to find another job but you will lose any severance if you start one before the end of the 60 days
Pretty du’mb post OP
it's called noticed period people- it is normal and its typically classified as "working" so be thankful to those now who don't have to work and still get paid for 60 days, then their severance benefit. Where's the complaint? Relax for a couple weeks, then start interviewing. Chances are you'll find a new position shortly before or after severance begins and get that nice payout.
Are you really complaining about getting a severance package at this point? Seriously? Be glad your not one of the people losing their job without any severance like those that were displaced in the service industry because of a Covid shutdown. SMDH....
Seems to me with attitudes like that you are good riddens.
Where are you getting that you can’t seek employment elsewhere for 60 days? What happens if you do?
This is definitely a severance package with a leash attached to it.