Anyone have experience with Wells Fargo "accelerator" initiatives? Is this the first step leading to layoffs? They have implemented these "accelerators" in the IT area of WF Insurance (WTS) and people are nervous. The company seems to be keeping it's intentions very quiet, line employees hear almost nothing about these "accelerators" and what the outcome will be. Anyone who has had experience with Wells Fargo and these "accelerator" programs, your input would be appreciated.
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Not necessarily, I think you should ask yourself a question if your job can be done in India with the same level of quality and responsiveness. If the answer is yes or maybe, you may be in danger. However, many jobs, especially in financial services, simply cannot be sent offshore as the quality would tank and they respond slower. That's my two cents - keep in mind, they will 'accelerate' nothing by sending it to India, on the contrary, while they do cut costs they slow down things by outsourcing or shipping offshore. I'd have a frank discussion with my manager, he or she will not be straightforward, you'll have to read between the lines and decide on your own.
Most likely will not be good for me then. I am as far down on the chain as you can get and only doing programming and database work. I am thinking most of this work will be given to EGS in India. Looks like time to get the resume updated and ready.
Accelerators are BPI (business process improvement) tools, Accenture and Deloitte came up with different flavors probably a decade ago. We use them to streamline processes, remove obstacles, speed things up and cut costs. Your question focuses on the ‘cost cutting’ part, so, the answer is ‘yes’ – if we implement an accelerator and if there is a way to cut fat and reduce cost, there will be layoffs. So, it really all depends on what process we are looking at. You being on the insurance side, I’d say there is a 80% likelihood that there will be cost cutting as processes on that side of the business are often convoluted and are somewhat easier to automate and streamline. With this being said, I hope you have a good and meaningful position and that all this hoopla will affect you only in a good way.
Accelerator is a process supposedly to achieve efficiencies and streamline business processes. That is all that was said, so far no word on what they plan to do to achieve this.
Not sure if this is helpful, both WF Insurance and WF IT have been through multiple rounds of Reduction in Force. Not sure if this has any relationship with the accelerators you are referring to but wanted to let you know that both groups were affected by layoffs.
Do you know what an Accelerator is? I have no idea? Is it a process? A tool? Both? External team?