Change jobs every two years, preferably moving one pay band up each time.
If a department has approval to hire, almost certainly the job is safe for two years, not always though. Almost 100% that it’s safe for a year.
Only way to get more than the usual 2% or so yearly and it expands your skill set to make you more desirable professionally.
Love what you do and don’t want to move on or up? I get it and respect that. Wells Fargo won’t.
OP, your statement might have been true a while ago, but not anymore. You can't reason with the incompetent corrupt WF leadership, they are taking all kinds of illogical rational actions right now. They are no better than the rabid dogs in the streets.
Your mentor likes to make assumptions.
“No one likes a job hopper.” I also heard this in 1992. However, a mentor told me about 20 years ago to be cautious hiring someone who has been in the same job for more than three years. They said those employees are not diversifying their skills with other organizations or subject matter. They’re stale. No organization gets it right, so it’s important for employees to move around to glean best practices that they can utilize at the next job/company. That leader told me that you’re hiring people for what they can teach you, and not the other way around. Otherwise, you are operating in a vacuum. In summary, “job hopping is bad” is an old management style from the 80s and 90s.
Not to be a naysayer but 10 years ago I left dealer services for a job and Home Mortgage and just after my 90 days I was the third wave of layoffs last in first out
I hate to point out the obvious, but you moved to mortgage. Mortgage is one of those areas in banking that is cyclical - meaning it’s prone to layoffs. I’ve been in banking (not WF) for 3 decades, and the pendulum will eventually swing the other way. It’s had a good run for quite sometime, but you always look at external economic indicators before you ever jump into it. And, be ready to jump the minute the industry trends start showing signs of stress. WF’s unwavering commitment to mortgage was atypical.
Not on the chopping block YET. Unless you're in Hudson Yards or Hyderabad, it all goes.
I’m not sure why there is so much negativity in this post. It is absolutely true. You may be unlucky but generally speaking you are not on the chopping block if you are new, I have moved every year or two in last 6 years and have increased my salary by $70k in those years. But now I’m starting to top out and can only make one more move before the lateral salary roadblocks start which really reduces the ability to grow anymore at all.
Not buying it. I've seen people hired into a role that had already received prenotice of a layoff. Hudson Yards doesn't care. Everyone goes.
Not to be a naysayer but 10 years ago I left dealer services for a job and Home Mortgage and just after my 90 days I was the third wave of layoffs last in first out.
Not true at all. Someone on my team started 6 months ago and were impacted in the layoffs a few weeks ago. Last in, first out.
Wrong. I was there over 15 years and one recently in a role for a little over a year and was axed.
D-mb advise. I have 14 months paid from my severance package! Eventually as you get older it doesn’t work. No one like a hob jumper
What if they have a layoff in less than two years?
OP you sound like adolescent.
It is true that this is how warped the leaders of this bank are. It’s unfortunate that Wells does not also value employees who have perfected their current roles, know their job inside and out and are doing excellent work. In other words - one of the reasons the bank keeps fumbling might be the result of many employees needing to job-hop every 2 years in order to be fairly compensated, and then no one has a clue as to how to function correctly in their new positions. A highly functioning company needs both.
Charlie is taking us further away from becoming a trustworthy financial institution rather than moving us towards it.
I'm certainly going to take the advice of an anonymous person on a layoff forum who can't be bothered to spellcheck their headline.
There is some truth to this.
I would refine it to say move up and OUT of Wells Fargo after two years. Then come back, if you see a position you want, and make Wells pay up for you. Wells values outside talent more than those they have trained themselves. Work two years and move up and OUT again.
Also, with respect- no one is safe from layoffs. I’ve seen the Old Boys Club here hire a talented industry professional to backfill a role the execs knew would be eliminated one year later.
*Fool