Has anyone received information they are willing to share about the relocation assistance being offered? Being told I'm getting it, but won't know details for several more months. Any insight is helpful.
24 replies (most recent on top)
"About 7-10k to move,
Plus $15-$20k in housing expenses aka buying a house.
So about $20-30k.
And I think.it was start at the new office within one year
That was a real offer."
Finally, some real data.
Years ago, I was offered basically paid moving expenses (moving truck), help finding an apartment or house - just help searching. No monetary help. & like a week off paid to do the move not using PTO. It’s been a long time so details blurry but it was something like that
About 7-10k to move,
Plus $15-$20k in housing expenses aka buying a house.
So about $20-30k.
And I think.it was start at the new office within one year
That was a real offer.
They will assist you in walking out the door. Seriously, this is a sinking ship and signals are very clear that they don't want you onboard, consider it a blessing.
I heard the standard offer is a plane ticket, economy class, to Bangalore and three bags of rice. You’re welcome.
@chq+1t5gisvw You aren’t describing a Wells Fargo driven relocation. Your words are a self-directed move. Being open to a relo and being offered a relo are two different beasts.
And few relos have been offered so far. They haven’t cut enough headcount to be concerned with offering relo because it’s taking them too long to backfill unexpected losses yet. When the employee numbers are cattywampus and they are having trouble hiring in the hubs, that’s when you’ll see serious relo offers if there is even anyone left employed that would take the offer.
I knew some folks that were relocated from CA to AZ. they were given $5k and they had to stay on at least a year. That was several years back, though, about 2017.
I heard that most contracts say they will pay to move you back if laid off in first year. Not very reassuring. I’d tell them to replace the one with a five. Everything is negotiable.
“ I get the feeling we will see a few new lawsuits filed over this.” why? Don’t take it if you don’t want it. Can’t sue for that.
Offers to fund relo are very well calculated and intentionally designed to minimize the number of people that accept to as close to zero as possible.
Will they turn around and fire you? Oh, I don't know, what would maximize voluntary attrition and tank morale the most? You have your answer.
Why would anyone take the risk? Unless you’re looking to move to a hub state, I wouldn’t take the risk they’ll just displace you down the road.
In CSBB. Co worker was in April round and said relo benefits were moving expenses, realtor to sell your home, car transportation, and a lump sum allowance. Co worker is pretty salty about things and seemed surprisingly happy about what was offered. They still didn’t take it though
I was open to a relocation to a hub since I was considering a move anyway. My manager said no relocation pay, utilize your personal PTO for the move, if you need more time, it will be unpaid and to top it off, you could still be displaced. So yeah, Wells made my choice easy. I will be resigning by the end of Q1 2025. Fingers crossed for severance before that time! Do what's best for you and good luck!
Curious at how few replies there are here disclosing actual numbers. That tells me relocation isn't all that common.
I hear the amount barely covers a moving truck 🤣
At the time you get your choice to commute/relocate/severonara you should have the relo $ stipulated.
$10,000 for one of my employees. It was like pulling teeth to get that. And yes, nothing to prevent someone from being displaced.
No assistance for internal audit. Employment until end of the year. The chief auditor said there are some coupon sites we can use internal to Wells Fargo.
I was offered only moving expenses (literally nothing else pay wise) to relocate in early 2020 to a more expensive location. Every single cost for me would have gone way up (food, housing, fuel costs, commute time, insurance, etc).
If I would have accepted and the pandemic never happened, that new location is now dropped as a hub on the go-forward plan (saying it is a plan is kind of insulting).
So where would I be today? Laid off and living in a place that WF dictated for me.
No thank you.
If $7,000 is truly the range we're talking about (and honestly I wouldn't be surprised if that's a real number), I would love to see how Wells Fargo explains that one to the media.
"We are better to together! And to prove it, we're giving the employees we want to keep $7,000 to return to the office!"
So what they're saying is, they want me to sell my house, lose my great interest rate, and uproot my kids so that I can sit in an office on Teams calls with my co-workers in Hudson Yards?
I get the feeling we will see a few new lawsuits filed over this.
I heard someone was offered just a few thousand dollars (7K?) -- not even enough to cover the move itself.
Splendid responses so far. Just curious if anyone has any actual numbers to offer? You know......facts.
Barely a tank of gas to relocate to a higher COL area.
Those offers are designed not to be accepted. It’s to check a box.
They will tell you relocation assistance is for Chennai or Bangalore. Good luck.
If (and that’s a huge if) they actually follow through and grant that to you (spoiler: they won’t), they’ll probably just lay you off a few months later. Don’t fall for it.