Am I missing something
Vertical movement! (Love to meet and hear stories of how managers and some directors started as bank tellers)
The People
Random but something I like: Ponies voting
@1ved, BNY Mellon gives 2 weeks of Supplemental Unemployment Benefit for every year you've been there and rounds it up. So you get paid PLUS collect UE and neither are subject to FICA. That beats WFC if you don't plan on getting another job during the SUB timeframe.
LOL @ saying this about a sinking ship, burning in flames
It's like as the Titanic goes down shouting at people "but there's a really good buffet downstairs!! Gold chandeliers! Concierge service!"
have you been living under a rock??? Every single benefit WF has, all the perks, all the "good things", are handily beat by other companies now. The benefits its retained are from decades ago, nothing's been updated and it's no longer competitive
OP- Yes, you missed something. It's like that toxic, abusive ex that looked SO GOOD on paper. There, fixed it!
Wow! "You even get 6 weeks paid fully BEFORE the severance starts." One little thing you forgot to mention is that 60 days notice, not 6 weeks, is "paid fully" and required by Federal Law in the WARN Act. Gee HR, you may want to get your facts straight before posting.
Look… all you really need from these incompetent IT Managers is one id--t to displace you and you’re on easy street for a relaxing ride. Keep your eyes on the prize.
WFC does have an actual formal severance package and it is by far the most lucrative package in banking. You even get 6 weeks paid fully BEFORE the severance starts. It really the best there is of any bank by far and really any non-unionized company.
Does WFC really have a severance package? Or is it a SUB package?
6% match isn’t as good now that it’s a yearly match
The only reason I remain at WF is for the benefits. It’s culture is toxic, it’s leadership pathetic, and it’s career advancement potential nearly non existent.
WF indeed has quite decent benefits.
With that come the worst working environment I ever met in 30 years of my career in IT.
All managers in IT starting from the very top are totally incompetent, only care about covering their most vulnerable parts. Absolutely no respect to subordinates, filthy atmosphere of snake farm. Their mandatory 'training courses' are stupid, irrelevant and totally formal, absolute waste of time. IT support is worse then nothing, they are unable to support any advanced software, permanently destroying working environment. Don't work for them if you are in IT, run far, run fast!
Wells benefits packages are the very best in Financial Services.
Most banks match 401K 100% only up to 4 or 5% and partially above that.
Most banks have totally eliminated pensions, Wells steadily has improved
Wells has an incredibly lucrative severance… it is much like hitting the lottery.
Work at a few other banks and get back to us.
@giw, that 401(k) contribution from US Bank is ON TOP of a pension.
agree with OP
"Up to 6% 401k match" - big whoop. Name a major back or employer that doesn't offer that. It's very average.
USBank:
Our 401(k) plan features immediate vesting and an employer match of 100% of your contributions up to 4% of your eligible pay after you complete one year of service.
Boy that was hard…. Are you now going to move the goalposts?
The 401k fees are very low on index funds. Actively managed funds are much pricier and likely not worth it since appx. 80% fail to beat the index. Fees are competitive with BofA and better than many non-finamcials.
Yes. Some of these are better factors than other companies, some are market. These aren't the reason I am looking at other companies. RTO, bureaucracy, reputation are the reasons.
You posted this before. It was bu-----t before and it is still bu-----t. Move on.
"Better benefits" - Wrong! The benefits here are merely average.
"Up to 6% 401k match" - big whoop. Name a major back or employer that doesn't offer that. It's very average.
I could keep going but they're is truly nothing special about working for Wells Fargo. It's average at best, and many times, below average.
I will officially disagree:
Wells might have better benefits than service workers, but our benefits are average at best and get worse every year. I pay much more for my medical insurance than most family and friends (with higher deductibles), the 401k company match in stock vs cash is self-serving to the company, the investment choices in the 401k are self-serving to the company (read about how dramatically the high fee investment choices cut in to your long-term growth), the “profit-sharing” is minuscule, zero retirement benefits, zero sick pay, the severance you mentioned caps out for long-term employees.
For anyone who joins in the 4th quarter no prorated bonus for year 1. For all others late 2021 change to bonus is you must be employed on bonus accrual (end of year) AND at payout (end of Feb). This is ridiculous as bonuses are deferred compensation.
So, sure, OP list looks good on paper and then the reality of how each is engineered to stagnate once you’re here is something you only learn through the bad experience of being employed here.
I hope that "good starting pay" is enough to get you through the next decade. Because with cost of living rising 3.3% each year and inflation continuing, you'll essentially be going backwards every year with the pitiful raises.
Also, 401k match only hits at the end if the year. Most decent companies match with each paycheck.
You'll probably also end up working 60 hours per week because your teams are all over and you're expected to be "on" all the time.
Competitor banks offer the same or better benefits than WF. Do your research before jumping on this wagon.
+ 2 Personal Holidays to use at your discretion
@OP I haven’t seen many comments/posts regarding benefits, or lack of benefits, at WF. The majority of the posts are regarding indecisiveness on RTO/locations/wfh agreements. Who’s suggesting the benefits aren’t on par with other companies? Am I missing something?
All true. But the company culture is soul-destroying …does not matter how nice your manager or direct team. It seeps in from above ….
Why are people DOWNVOTING this????
It's all true, check the facts.
You forgot psychopathic executive leadership team
Horrible treatment of employees
Poor business decisions that lead to losses in productivity