https://www.mckinsey.com/business-functions/people-and-organizational-performance/our-insights/the-great-attrition-is-making-hiring-harder-are-you-searching-the-right-talent-pools
Upvote if you’re looking to leave, down if going to stick it out.
My last day is next week and all the top line results fully resonated with me. Might sound strange but it made me feel better knowing it wasn’t “on me” for not being able to stand the place any longer.
Your pension was replaced by social security and a 401(k) contribution.
@2btu. Why should they make it easy for them to avoid the stigma of layoffs to drive jobs offshore? Anyone with any intelligence knows that’s what these tactics to drive attrition is all about.
Greedy American capitalism at work.
Not surprised to see WF running at about half what the rest of corporate America sees.
84 reactions (+68/-16) = 19%
This is why execs are not happy with attrition and continue to cut. They WANT the 40% turnover but too many are holding out for a package.
Ah - very good point. I never thought of it that way before.
No, we should stop stereotyping people and shoving them in convenient little boxes for no reason. As with all such things, the negative impact far outweighs any possible benefit.
"Ok no one is a bigger fan of boomers and gen X than me, but I would advise you stop taking about a pension not growing anymore like we should feel bad for you."
I get your point, but pensions used to be part of total compensation. When they were eliminated, were they replaced with something else?
@1wuw, your pension plan wasn't canceled, they were forced to convert it to the SS Ponzi scheme.
Painting everyone with a broad brush is not real smart. I know lazy Boomers and Millennials and Gen X Y And Z who work like he-l.
And you wonder why we have all this sensitivity training….
Ok no one is a bigger fan of boomers and gen X than me, but I would advise you stop taking about a pension not growing anymore like we should feel bad for you.
I’ve never spent one day of my working life expecting my company to save a dime for me. I’m gonna do it all myself.
Personal responsibility.
We should stop using these generation categories like Baby Boomers and Gen X. There is nothing consistent about them like number of years covered. Boomers include 18 years. Gen X is either covers 20 years or 15 years. We should be comparing 5 year periods and be consistent.
As a late boomer year person I once had an HR executive tell me in 1993 that my services will be most in demand at the end of my career due to exactly what is described here with the boomers retiring and Gex X being so small. Unfortunately WF isn't floating my boat anymore, so I just put in my retirement notice. I will get a pension lump sum that is not small but not what it would have been if the pension program wasn't cancelled years ago. We long timers at least enjoyed part of our career with a pension and it wasn't eliminated when the program stopped just hasn't grown.
I am out shortly as well...just gave my two week notice and super excited about my future, especially since I landed a job making twice my current pay! I made sure to enter my own resignation into Workday to be able to pick the two correct reasons for leaving. Those are dissatisfaction with management and dissatisfaction with pay. No way I let someone enter some b.s. like 'career opportunity'. This might be what I gained, but it sure the heck isn't why I started looking. By the way - I am gen X and could have stayed to retire next year but there is literally no benefit to retire from Wells Fargo.
The attrition rate can be tied to 2 things: poor leadership and JP managers
Why doesn’t WF offer a retirement package?
Can’t emphasize enough how much I want to see Charlie and the BOD go down for being too co--y and unwavering in their efforts to force employees out (among countless other reasons they should go down). I’ve heard they may be trying to turn it around, but are a day late and a dollar short as usual.
What I’m observing at WFC right now is that far too many experienced employees have left or been cut, and many areas have mostly new employees with no one to train them. And, of course, the managers don’t know how to do the jobs either because leadership thinks “managers don’t have to know the work in order to lead a team.”
Burn, Charlie, Burn.
Gen Y and Z are so lazy
@slc+1hSzlYzw You’re not wrong but did you bother to read the article?
Top 5 reasons for the attrition found in the study:
5 - Unsustainable work expectations
4 - Lack of meaningful work
3 - Uncaring and uninspiring leaders
2 - Inadequate total compensation
1 - Lack of career development and advancement
I have to agree with the OP this place certainly does tick all of those boxes and it has very little, if anything, to do with Boomers retiring, GenX being small or the younger generations just coming out of college.
Demographics. The largest pool of employees, boomers are retiring. The next group of people, gen x is much smaller than the boomer population. When the boomers retire, they don't stop consuming. They do stop producing. You have 74 million retirees and 49 million (gen x) coming after them.
As the boomers retire, the labor market is going to be tight, until Millennials start filling those positions. The youngest Milennials just about finished college. As a group they are bigger than the boomers (82 million), with Gen Z bigger still (86 million). So, for a while, labor will be tight. Companies haven't figured this out quite yet.