I haven't felt any job security for the past five years at least. I'm one the top performers in my team but I'm fully aware that means nothing when it comes to layoffs. Before somebody tells me that job security doesn't exist anywhere, that's a blatant lie. The big banks might have conditioned all of us to think that not having job security is normal, but there are plenty of smaller banks and other companies where that's not true. We need to start realizing that job security is not an unreasonable work expectation and expecting better.
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I’m a boomer. Retiring now after 40 years in banking, last decade here in Wells. I’ve been a manager, I’ve been an independent contributor, I’ve been in Technology, Operations and Finance.
I can tell you that in all that time I have never once experienced any feeling of job security whatsoever in the Financial Services industry.
@3mtr, why??? Why can't companies plan longer term instead of being so reactionary? It would make more sense for them and create a much more stable environment.
The bottom line is, if an employee isn't making a company money, they shouldn't have been hired. And if an employee is making them money, it won't change overnight. If an employee is doing something that takes a while to pay off, the company may decide they don't want to invest that money, but that shouldn't be swinging wildly month to month. Modifying it year to year is probably too much too.
Job security doesn’t exist anymore. Every person is responsible for their own career progression, retirement and only hard work, perseverance and ingenuity gets you there. Many employees have side gigs or small businesses outside Wells that doesn’t conflict and if we got fired we’d figure it out but we wouldn’t go to zero. The only job security you have is what you put in yourself and what you get out of your determination.
Pensions were the anchor that ensured employee longevity, and thus loyalty. That all went away when pensions went away.
But I don't mind that because it's a lot easier to dump a bad employer now, and take your retirement savings with you (in the form of 401k's and personal savings).
Also insulates you from fear of a layoff. Getting laid off from a pension paying job was devastating. Get a layoff from a job where you have your own 401k...? An minor setback.
The catch is that you must be self-disciplined enough to invest for your own retirement. Sadly, most people are not. But for those who do, we're doing quite well.
@2hrj, you know what coincides with the phasing out of pension plans? The government forcing companies under threat of imprisonment to contribute 6.2% to the SS Ponzi scheme.
And I know PLENTY of union workers who lost their jobs as they got bumped by people with seniority. Not people with better work ethic or skills, just seniority. Not to mention companies that shut right down because they couldn't compete.
Back when 30% of the jobs were union and employers had actual pension plans, many Americans did have some job security.
Now that union membership as around 6%, working Americans do not have much leverage when it comes to their employment.
An actual pension was a very useful retention device.
American businessmen (because back then it was almost all men) used to feel an obligation to their community.
Shareholder supremacy changed that feeling.
What would be best for America is if a company had this order of priorities:
Customers first.
Employees second.
Shareholders third.
Because an employed America is a prosperous America.
But Wall Street demands to be first in line, so today it's:
Shareholders first.
Customers second.
Employees last.
I'm not complaining about rich people getting richer, but I do have a problem with decades of tax policy and regulations passed by paid off politicians to drain the wealth of Americans from the people doing the actual work to investors who get paid just for having money.
And if you haven't started job searching, all I can say is good luck out there. I just got two rejection emails for jobs I applied for... said I didn't meet the minimum requirements for the job. They were right, I didn't just meet the requirements, I "exceeded", with years of experience. These were SEASONAL jobs, and I was very clear in my cover letter that my reason for needing a job was because of the group layoff I had been part of. Good luck to us all!
Prior to 2005 banking was never hit with layoffs. That has changed. Get with the times. Prince Charles certainly has and will continue to do his thing.
The only people that have job security around here are the ‘buddies of buddies’ and the old guard that throws the newer hard workers under the bus. Brown noser? You’re in. Saved the company lots of time and money, fixed things and excelled at your job? No job security for you.
if you want job security, get a government job or become a tenured teacher/professor. Other than that - there is no such thing.
Nobody has thought they were owed a job in 30 years. But it's pretty simple for a company to have a staffing plan for more than 3 months down the road. A company earning 80 billion dollars a year can easily provide a little stability for their employees.
@OP, thinking that Job Security is anyones responsibility other than your own is your biggest mistake. If you want job security, make yourself indispensable. Don't depend on tenure as justification. Wells Fargo is going to watch out for itself. You have to do the same.
lol job security
It’s your skills and the value that you add you should focus on.
Job security is just another participation trophy
Job security is a myth
You are not entitled to anything.
Sadly, job security is a thing of the past (for most people). This seems to be a generational thing. It seems like in generations past- think the Leave It To Beaver generation - workers would have been able to rely on their employer to provide them with a job. Employers would get, in return, loyal employees. Not anymore. Sadly, this means that everyone - the workers - must look out for themselves. This is why loyalty is gone. This is why younger workers don't hesitate to leave quickly for a new opportunity. Because they know that they must look out for their own interests. It sounds selfish. Unfortunately, the "social contract" between employer and worker has dramatically changed. We all have to look out for ourselves and our own interests.