Hello- with the potential for relocation packages with location strategy (I know many will just be displaced without offering relo), can anyone comment on what Wells’ relocation packages include?
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Low and 10k and high end 25k for selling house closing costs …
Most of the info provided here is legacy. No one truly knows yet what will be offered. Pre-COVID at peak Location Strategy implementation time the normies in CTO were only being offered RELO assistance guidance and “discounts” on services. Think along the lines of “20% off if you use ReMax realtors and 3 Chumps and a Dump movers.”
We hired an internal candidate from AZ about a year ago and the offer letter said employee had to move to Charlotte within a year. We got $10,000 for relo and that required multiple approvals. This in CIB. Now we can’t even backfill roles. All backfills are India/Philippines.
Know a few today who were laid off due to location strategy and relocation was not an option even if they paid all the expenses themselves.
It’s just an excuse.
Always good to keep resume updated and job skills current!
Relocation consideration is a financial decision like everything else. Your leadership will examine the cost to replace you versus relocating you. It must be a significant financial advantage to relocate you or they won’t.
According to the benefits book, if you accept a relocation offer and then leave within 1 year, you might have to repay the costs.
If you accept a relocation offer and then are laid off within a year, the company pays to move you back.
The signoff and approval for a relocation package is extensive. I know of two people who have been told their names have been put in for a package by their manager but the approvals go three to four levels higher. No additional information provided as far as timing of course. They are both 400+ miles away from their nearest hub.
You relocate yourself.... Then maybe you will have a short term gig. Be careful what you wish for.
Unless you're guaranteed a paycheck for X amount of time, I wouldn't do it. Move to a new city and incur higher expenses then get laid off with no established professional network? Good luck!
For most LOBs no relocation is wanted or allowed - they just want you out. Source: my LOBs guidance to managers.
Standard weasel-words for "special" employees. E.g special skills, country club members, etc.
@dzc+1ratakmf you are correct I had a 2year commitment, If I broke it I would have to pay back the bonus.
I was asked to move from small town of 8k people to a large city in another state. Some moving expenses were offered and that was it. No COLA, no incentives to uproot one's life for the company.
The cost of moving is always more than the moving expenses.
3 years ago when I was offered relocation right before Covid, I was offered $7k to move. It honestly was not anything to write home about.
When you are considering a relocation package, be sure to determine how long you have to remain in that location without having to repay the relo package. This has been asked several times in the location strategy information sessions with no response.
Typically, a small lump sum, moving costs and real estate assistance. They also may help sell your house and pay for realtor fees. Years past, if you weren't able to sell your home, Wells would buy it straight up.
Not a single person in my very large building, that is closing, was offered relocating costs to be covered. The question was directly asked and we were told they would not be offered.
Unless you are an exec, WF makes sure the onus is on the employee. The things we really need are not located in hubs:
- Cost of living adjustments
- Opportunities for promotions
- Healthy work culture
- Managers to look up to/respect
- Incentives in general
Years ago I got 20K from JPM
There are several different versions ranging from a small lump sum to help with moving expenses to broader, more inclusive packages, which includes paying for moving companies and realtor fees.
can't speak to what it is today but relocated many years back for a role and they offered to pay for moving companies or give me a lump sum to move myself.
I've never heard of anyone getting one.