Is it solely your manager’s performance ranking that drives your lay-off? So if you are below meets expectations, you get laid off during the next round? Does HR determine who gets laid off? Does anyone know what the magic formula is? Appreciate your incite. Thanks
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Oh this ones easy.
Can your job be done in india for 90% cheaper? +10
Do you work customer service in a market with >1 branch? +1
Do you work managing/administrating/maintaining a system that there is a commercial cloud equivilent? +1
Can your job be automated? +1
Are you overpaid for your market and skills? +10
Do you have a lot of overlap with other departments? +10
Do you spend the bulk of your time in meetings and paperwork vs doing actual work? +10
Is your geography far from the top 5 city centers wells has designated a hub? +10
Have you been at the bank either a really short time (less than 2 years) or a really long time( >8 years)? +10
Do you work in technology or operations? +10
Are you a manager but manage less than 8 people? +20
Do you make more than 30,000usd per year and not any condition above? +10
You dont speak fluent hindi or tagalog/spaglish? +10
Now add up your score
Got 0? Congradulations. You are exactly what the $36,000,000 salary per year CEO is looking for!
Got score 50? You might wanna look into "body to body massage" work real soon....
I have seen good and bad people let go. The downside is that it's based on spans and layers. If a Manager is let go, it's more likely that some of the direct reports got the axe too. It could be different in other groups, just what I noticed in the profiles that now show zz on Teamworks.
Right now it is all about eliminating layers of management. This involves both displacement of middle managers and the demotion of some to individual contributors. Next round will be offering demoted managers the opportunity to interview for a new job at lower pay. Refusal to accept an offer will be considered resignation, i.e. no severance package.
Several arrogant posters on this board who for think they are somehow better than the rest and won’t get the boot. I get a kick out of them because they reveal their selfishness and entitlement with every word, which is why I like to get them talking. Lack of empathy is a telltale sign.
They may not be the first to go, but they will certainly be sent packing. Narcissists, with their self-absorption and self-admiration, make for terrible employees. Their inability to cooperate eventually gets them weeded out. Because they are interpersonally abrasive and dismissive, narcissists do not make good team players. Narcissists breed a toxic environment because of their grandiose sense of self-importance and belief that they are an extraordinary performer. Problems with people getting along in your department? Eliminate the narcissist and suddenly everyone is working together again. They are known for disparaging others and become aggressive when challenged, therefore they are difficult to manage.
So, though they think they are superior, they will be their own worst enemy. And yours. I’ll take a somewhat less-skilled employee with a conscientious and open attitude over a skilled employee who causes trouble on my team any day.
My experience has been that all kinds of reasons come in to play.
In 2019, they laid off the newer employees because the severance packages were smaller due to lower salaries and shorter length of service. (It did not make sense to me, but that is what they did at the time.)
You could be laid off for being in a LOB that is not considered a core business, even though you are a top notch employee.
Or you could be the person that balances out the metrics. (They lay off an older employee, they have to balance by laying off a younger employee. They lay off a man, they have to lay off a woman. Not that simple, but you get the idea. There can not be any perceived biases.)
Or you could be the victim of a boss who plays favorites, or doesn’t like employees that ask too many questions. Or doesn’t like women in managerial roles, or has other “unconscious biases”.
Bottom line is that no one is safe at any level or any LOB. No one thinks they are the one who deserves to go and it is not always a fair process. Anyone who thinks they are safe, for whatever reason, has their head in the clouds. Unless they were personally interviewed and hired by Charlie.
@lbq nailed it. Been at other places where I have both seen this happen and seen the fallout which wasn’t pretty.
the first response is correct 100%...
great post @lbq
No it is not solely based on job performance. I speak from experience. When I was laid off 2 years ago, I had excellent performance reviews etc. I believe I was laid off due to job metrics. Due to incremental raises over the years, my salary was way out of alignment, My salary range was $75,000 - $85,000 with a 10% annual bonus. I was being paid $94,000 a year with the 10% bonus, again due to the standard incremental raises over several years of service. I knew that I was on the radar to be severed due to being out of the metric band on the high side plus being 62 years old. However, I was planning on retiring in another year regardless. The sweet part of it all was the severance package which was over 12 months which brought me to my planned retirement age. The lesson here is know your pay range and if you exceed it, look for another job before company metrics forces you to. (There is not much you can do about getting older, no company wants someone in their 60’s on the books due to health care costs.) Remember, WF as with all large corporations are not benevolent organizations. Never, ever stay stagnant in your job positions.