Why is nobody worried about this? I'm not referring to cuts but all the people who are tired of the state of Wells Fargo and are leaving for greener pastures. We are losing too many valuable people while the so-called leadership continues to keep their heads firmly stuck in the sand. This is a real problem for the future and it's not going to disappear just because it's ignored.
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@2tvp+1sQyVwX0 100% !!!!!!!!!!!
5% laid off and 5% attrition for 10% a year, see how much breaks and adjust where needed
12,000 to be laid off in 2024
Keeping the flow is spot on. The ironic thing is the company is not a company without people. These people have valid and varying feelings, opinions, wants, needs, etc.
It is incredibly short-sighted by WF to treat their people poorly, as if the company is a holy gift onto mankind that everyone should bow down too.
I see the fear every day in how my manager (and some employees) approach daily work, fiendishly duct taping and satisfying every request, replying without filtering/prioritizing within nanoseconds to avoid any friction.
There are numerous ways to operate a large business that can satisfy both profitability and better human resource management. The problem lies at the top through and through. A myopic view of a spreadsheet with made up numbers where the only thing that matters is fattening the salaries of execs and the illustrious maximizing of shareholder value.
There can be a balanced approach yet any notion of this creates an unnecessary fear that we are promoting socialism over capitalism. These bo-m/bust swings, the treating of people poorly can be avoided. Responsible capitalism is not a fantasy, it would be a win-win for everyone.
Director here and am going through backfilling 1-2 roles due to the usual reasons, including a displacement (Thank RCSA for that approval). The hiring fact is that all LoBs have aggressive targets for cost-cutting and the hiring emphasis is on "good-enough" rather than identifying a rock-star for every role.
Translation: The HY-holes don't give a flip about brain drain or talent retention, just $$ in the hyper-short term. As others have mentioned, they all plan to be gone before that chicken comes home to roost and it'll be someone else' problem.
Wells just wants operations to flow. Tech for sure here is bloated with fiefdoms and people who act however because they think they have too much institutional knowledge to be touched.
Guess what, no one cares. There is always someone willing to step in and fill the gap. End of story. Even if it takes some time it will get done. I know of folks who’ve left voluntarily and while not clamoring to get back in some have tried and all the others speak to the grass not being greener.
As with all past change this too soon will pass. Everyone who is difficult to work with will eventually be purged and life will go on. That’s right boys and girls, it doesn’t matter how good you are, if you are difficult to work with that is the same as being bad at your position.
Who's leaving? I personally know of no one who left for greener pastures in the past year, though I know of many who have retired.
As long as they keep making $100B per year, they won't care and might not even notice. The machine keeps running even if it's limping.
I had an old manager that would say jokingly that we're all replaceable. Too an extent he's right.
@kqi+1sQyVwX0
One downvote? It appears Chuckles didn’t like you calling him out! 😂
WF doesn’t want innovators or disruptors. They want lemmings who will tow the company line and ask as few questions as possible. If you seek out the “why”, it’s viewed as pushing back, and you’re labeled as dissenting, insubordinate, and challenging. Things like employee appreciation week while they are slashing and burning entire departments and teams feels like a let-them-eat-cake moment. But that’s ok, we all know how that ends.
Agreed. There's nothing more liberating, encouraging, and motivating than a manager that gives you some loose guidelines to operate within and just let's you do your thing. I had that until Shart came along and centralized everything like a dictatorship and su-ked the soul out of this place.
At least in tech, over my 20+ years here, talented individuals were those allowed some free reign to operate as they saw best fit. More importance was placed on their skill, to design and build out thougtfully or selfishly (while still benefitting the company).
Today, the focus of work has shifted from individual contributor to a general team effort. Tasks win out over the old school methods of research, planning, development, strategy, etc. Process improvements matter not, work is simply about reacting to something and doing something (over and over and over, ad nauseum).
Talented individuals simply don't have a place in the current WF workplace, unless they behave like everyone else and turn their homework in on time.
Remember it’s always cheaper to hired someone overseas . They can pay 3 people to do the job of one . It may take 50 times to get it right but its cheaper
Value is in the mind of the beholder. They see everyone as dispensable except their BFF and their BFFs and so on. Forget about anything other than that. If you are younger and you stay at WF or any one company you need to get a grip and move on. WF will not ever get you to the same market value you can get somewhere else. If you expect something from a company - it is an artificial being with no feelings. If you are older say a prayer and hope you don’t get plucked.
For anyone that wants to get their value get another job. You can jump jobs every 4 years and not only improve your knowledge and skill set but your pay also. Stay in any one company and become dispensable.
Nobody cares because there is no desk job done at this bank that cannot be filled by a warm body from another bank - or any other type of business where people put their pants on one leg at a time.
You don’t have to be talented or smart to work here. Just breathing.
It blow my mind the hard working talent I've seen "displaced" in the last year, many based on location. WF is cutting off their nose to spite their face, and I predict it will bite them sooner than later.
Personally, I'm waiting for the axe to fall on me, hoping it will happen sooner than later to end this toxic, depressing, soulless existence that was once an incredible job.
It depends which LOB, I'm sure. I think we are losing people that know anything, and these new decision makers seem to understand very little about operations in our LOB.
Maybe in your group, not in mine.
I've yet to talk to a single ex-WF employee who wishes they were back at the company. The sample size is around 25 (a few retired and most laid off) in the past 3-4 years.
The amazing thing is the age of these former employees is 50+.
Imagine that. Here you have what is supposed to be a stereotypical older employee who should be sweating about losing their job and starting over somewhere else.
Absolutely it is harder as you get older, yet we are batting 1.000 for older ex-employees who are better off.
This proves that WF needs seat fillers more than the we need WF.
Always a valid question, OP. Sadly, I've gotten used to YEARS of seeing the best people get shunned by the company based on faulty and poorly executed strategies.
Aside from layoffs, I have never seen the company put up a fight to retain talent from those leaving on their own accord.
The company is rotten up and down. It believes so little in employees, it turns the best into average. And the incentives? Decent PTO.
So the best part about being at WF is being given the time to be away from WF.
The boots on the ground are worried about losing the talent and institutional knowledge but the c-suite doesn't care.
Charlie wants to burn it all down while lining his and his buddies pockets. It’s all going according to plan
that institutional knowledge had negative value anyways. just accumulated processes and procedures that were put in place for various teams to hide behind and act as a moat for job security. it was political debt born out of a toxic culture.
what institutional knowledge? We've had so much turnover and so many keh changes the last few years that whatever institutional knowledge still exists is completely watered down.
🙋♀️
Two friends of mine have quit over the last several weeks. No jobs lined up. Just fed up with the state of the company and their teams. Hopefully it works out for them.
Talent is one thing... institutional knowledge is another. They always underestimate that.
Voluntary separation is a save- no severance or unemployment. To an earlier post, the market is flooded with talent at the moment pressuring salaries downward while bringing in new talent with experience &/or different ideas. Double win.
The market is bad now and it’s tough to find a job at higher pay rates now. There are many unhappy people not leaving so they are not seeing the effect right now.
If they continue to cut and the market comes back next year, watch out! That is when the impact will sting. Leadership can pretend not to care but at some point it may catch up with them.
Yes we are, but Hudson Yards doesn't consider anyone in the US, that isn't an executive, as "valuable" beyond being a placeholder for eventual outsourcing. This is why they don't care.