Wells Fargo’s Layoff Algorithm struck again at WFA’s Bond Dept where 8-10 traders and support staff were laid off. The algorithm looks at an individuals age plus their salary and bonus relative to their salary range. As you approach the 61- 63 age range you are on the radar scope. When your salary hits a certain percentage of your salary range relative to your age, gender and probability of rising healthcare costs, your number gets punched.
The algorithm has absolutely no respect for tenure or expertise. It’s all about future costs.
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There is an algorithm based on salary, age, years to Medicare relative to team members salary, age, remaining years until Medicare eligibilty etc. with no value for tenure, loyalty, work ethic or expertise. Yes, there are basic layoffs due to regional closings and for poor performance. But do not fool yourself that there is not an Algorithm in place.
HR here! It should go without saying that we don't want anyone to leave WF. At least, not until we're ready to displace you.
If they are no longer worried about the cost of severance, they should ask for volunteers. They'd get all the headcount they needed without any of the negative press of massive layoffs.
First off, the severance costs were booked to expense back in 2020 when they dumped the kitchen sink into the costs since they knew everyone was doing it. It's a contingent liability now so any severance costs now have no impact on profits now. Lastly, remember that the document WF makes you sign saying you will not sue them or else you lose your severance is not enforceable. They don't tell you that but many, many courts have said those documents are signed under duress so are not enforceable. Any attorney will tell you that.
Prior layoffs on this floor have been fairly balanced so as to not have a disproportionate effect on certain groups. This time, they clearly came after the older workers, which means that Wells Fargo is getting co--y. Take them to court.
For the people who invariably will say “WFC makes sure their bases are covered legally……yakkity yakkity……..” : apparently not. Wells Fargo F’s up all day every day, gets sued regularly for F’ing up and loses those lawsuits more often then not.
Our leaders are too greedy, too self-serving, too pompous, too out-of-touch, too narcissistic, too short-term oriented - they always think they are untouchable. And the courts always prove them wrong.
Take them to court.
I want to sit in a cubicle forever hehe it’s so fun and healthy for you! Where’s my ubereats app? BRB need to tear the bathroom upppppp
Definitely not the formula being used in my area. We have a guy who is 68 on our team. He’s a bit slower than others but his work is right the first time, every time.
They laid off a woman who was in her 40s and a guy who I’d guess was in his 30s? Both had less than 10 years tenure. I think those saying they are going for lower tenure to save severance have at least one angle on it.
Post ID: @qwt+1j2cdrD9
Yeah you’re “too valuable to lose” right up until the minute you’re not.
If they are trying to save money on severance it makes no sense to fire the olds. They'll leave in their own soon enough.
Seems we have quite a few theories on how people get laid off. I’ve been with the company now for multiple decades. I get paid more now than I ever have and I do a fraction of the work I used to do. I received the largest bonus of my career justice last February. I’ve been shuffled around to so many supervisors that I’ve lost track of them all. The company has had ample opportunity to lay me off, but I’m still here. My own team doesn’t give me any work, but most of all my work comes from another team.
I have a theory, but I could be wrong.
I busted my rear end for years for this company. I was virtually 24/7 working, Because I found something really fun to do in this company that made a big difference. The company rewarded me with tropical vacations and enough award tokens to fill an office wall. Could there be a notation in my file that says something to the effect, this person is too valuable to lose?
Bah humbug!
Ha, they did not get me, wish they had! They had a bargain at my comp level and workload after others were displaced!
Can’t help but wonder how much larger Craig Not-So-Noble’s bonus will be this year for shafting his most experienced employees.
There isn't an algorithm, the manager effectively picks the people being displaced by stack ranking them against their role.
Post ID: @fim+1j2cdrD9
How old are you? And at what age do you think people should no longer have the right to work?
You really have no idea what you're talking about. To me its simply amazing how long they allow people to work here. like i've seen some people here that looked like they were in their mid 70's, almost dead. I've worked for a dozen companies and I typically never see people other than the like the CEO over 60. Its shocking they keep people on this long, place is running basically a human capital charity.
If an auditor were to look at age relative to team average, they would find older workers are being fired, laid off, or pushed out. The top quintile of age is on the cutting block. Just saying.