We've all heard the reports of what's going on with various teams. What's it actually like, overall? Is HR as overwhelmed as rumored? Is the problem big enough that upper management might rethink their strategies?
21 replies (most recent on top)
Just making sure i’m reading correctly. Each function has a different threshold, and the overall enterprise threshold is 13%?
@1drb+1dxwCzDb where is corp risk in those figures? As someone who works in CR I've seen a fair amount jumping ship. Just unsure the actual percentage.
@1bcq+1dxwCzDb
There isn’t a threshold. Nothing will make them re-think any of this.
@1rd
Sorry that’s called data, you can’t make it up.. you must be someone else who knows these are true so you’re trying to deflect..
This is great information. It's interesting that some LOBs seem to have already surpassed their thresholds, yet we've not yet even begun RTO or possible vaccine mandates.
@1drb+1dxwCzDb : Stop posting garbage information on this site.
Last months data
Enterprise 16% (under 13 is threshold)
Coo- 12%
Comm banking12%
Cons bank 26%
Lending 15%
Cib 14
Finance 8%
Hr 10%
Legal 9%
Pa 10%
Sdi 14%
Tech 8%
Wim 13%
Out of those only 4 functions are within their tolerance.
I think 15% might be average, however, certain LOB have extremely high attrition. I think the key question is - of the folks who are voluntary leaving the organization, how long were they tenured at WF? My bet would be ~1 to 5 years. If this is true, then these folks are jumping the ship to get away from the dysfunctional team they might be part of or unhappy with RTO or they might have been offered higher pay and WFH options.
Another thing to consider is - The more we loose here in the states, the same number of folks will be hired in a different country (you know which).
If 15% is where attrition currently is, what is the bank's comfort threshold?
Is that 15% ytd or 15% for the month of sept?
It must be high enough that certain LOBs that were hellbent on implementing the location strategy are now considering people in non-hub locations for roles.
legit answer is 15% across the enterprise as of September; we don't have the data for October for another 2 weeks. Some areas are better and some are worse.
And now they really think they can fix the problem by ‘slowing’ down layoffs? Lol…
For the past 16 months, head count has decreased 2k a month. This has decreased some in the past two months. How much of that is attrition and how much are layoffs, I have no idea. But with covid and all, I'm guessing layoffs accounted for probably 95 percent or more. And how much of that number are forced retirements, who knows.
I encourage everyone to QUIT as fast as you can! I did! Seriously, what kind of CLOWNS who run and institution that has more consent orders and open issues than you can shake a stick at, and needs focused talent to remediate them, pulls this kind of BS where they intentionally do things to PIZZ people off and drive attrition?! You'd think it would be the exact opposite, they would be trying to no eliminate bonuses or work from home!
This bank is well known for not meeting regulatory expectations, so they instead engage in efforts to lay off and alienate talent at a time when they need engaged team members to serve customers and implement and execute on consent order and remediation work to get out from under the asset cap! That alone should merit another fine and consent order from OCC on people management! They've not learned ANYTHING from fines and executive punishment that came out of the sales practices scandal, not a thing! Still rotten to the bone culture!
About 17k were gone when i left. About 5k were voluntary
I'd guess a large portion of the attrition is in the branches
you people seriously think 50,000 people are going to quit, give me a break
I have heard something in that same range, 15-20%. This is having a couple of impacts. Rumor is that they are slowing down layoffs in response. And I heard the first inklings of backing off the “3 days in the office” during a townhall this week. We may be down to 2 days instead. I’ve been interviewing outside of the bank, and I’m steering away from any role where the company or hiring manager isn’t crystal clear on in-office expectations, and it had better not be more than 2 days a week. I have to guess that other candidates are doing the same thing. It’s going to be hard to hire people who feel the same way I do. And managing exceptions for lots of people is going to be a mess. Interested to see how this all plays out!
Enterprise wide is 15% and about 70% of the business/functions are breaching their thresholds.
20 - 25% percent YTD attrition in and around the bank