The employee handbook states if one is employed 26 plus years, the severance is 52 weeks pay. Is there a possibility WF would not offer a tenured employee severance stated in the handbook?! (Other than they suddenly "find" a reason from the higher ups to fire an individual). Sincere question here. I've heard people I work with say "IF" we are even offered a severance.
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It seems like employees with that amount of tenure are less likely to get the 15 minute meeting for the very reason WF does not want to pay that many weeks of severance. Instead, keep making people miserable with all the uncertainty and try to get them to retire; displace those who love their job, good at what they do but have only been with the company ~ 6 years. Sad. Then again - my vantage point is limited to my area.
(P.S. I'm never going to retire. There is about 0 benefit to doing so)
Wherever that is stated, print out the ENTIRE document, manual, agreement, etc. and put it in a safe location outside of the bank. Your house, your bff’s house, a storage locker - just somewhere you can get your hands on it in case they try something.
"What seems to be glossed over in the replies is that Severance is Implied, not Guaranteed, end of story."
If every single person is offered severance, then severance is, for all intents and purposes, guaranteed.
What seems to be glossed over in the replies is that Severance is Implied, not Guaranteed, end of story. Those who present it as “if we are offered severance” are technically correct. Most of us are At-Will employees so, while it would take effort to amend the severance called out in the employee handbook, we could be simply laid off with nothing.
Severance is WFs way of saving face to the public and preventing litigation even if they would win.
The few people I know who’ve said “if we’re offered severance” are those who worry the company and BOD will change the severance plan at some point. But there’s a process for that, employees would be notified and the handbook would be updated.
If WF were to do that now, with the public info of putting additional severance $ aside - it would be beyond reprehensible.
I wonder if there are / have been situations where the package EXCEEDS that stipulated in the handbook?
They'd need cause. Not offering you severance would send a shock wave throughout the bank, and Wells couldn't manage the exodus.
As of now yes, in the future-who knows. It used to be 24 months for someone with 25 years. You also get a 60 day working or non-working per the WARN act. Most seem to have been non-working notices so an extra 2 months.
“ Is there a possibility WF would not offer a tenured employee severance stated in the handbook?!” Yes, if they can find a reason to terminate you with cause.
@gmk+1s3dYSG4
Thank you.
Everyone is offered severance. If you've worked 25 years plus you will def get a year severance, no doubt about it.