Scharf just rolled out the Below Expectations rating system at Wells Fargo that you all have. How does this work? Are these people let go at performance time if they get a BE or are they targeted in the next lay-off round? What can us Wells Fargo employees expect from this guy?? Morale is already in the toilet.
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It’s forced tanking. If you have 10 great workers on a team, they have to rank 1 of you with below expectations. It’s likely the person who the manager is less friendly with with. It becomes about politics.
The first rounds, the BEs are likely to be let go...
You don't have to be rated BE to be layed off. I'm living proof. I was an exceeds or meets employee on all past reviews. I am 55+ and was a 20 year employee. Guess you can't have us old folk who know how bad it was mixing in with those new campus recruits.
Below expectations means just that. BELOW expectations, less than avg, you provide no value, youre just there for 8 hours doing repetitive work.
Morale won't be coming back from the toilet any time soon.
Below Expectation employees will be there as long as HR allow, but Charlie will be pushing and pushing your Management to get rid of them. 10% will be expected to be BE each year. So your good employees have to get better and better...but with less support, less colleagues, watching new colleagues come in on higher salaries, otherwise they are sliding towards BE.
@1ypw+13TFvzYK all the beef jerky and real handsome ladies are gone now! Way to go Todd!
BE, coupled with age (50+), and higher salaries are a huge red flag. Also, they'll start asking people to work 7 to 7, and eliminate work from home. This gets rid of those pesky employees who have a life outside the firm. Good luck.
You should be ok until he says "we need to challenge each other, everyone is too nice and courteous.." etc.
Don’t s— at your job and you’ll be fine
Charles Scharf? He was the best thing to happen at Bank of New York Mellon Corporation. His clear vision and sterling leadership inspired waves of greatness that ripple through the organization even today.
I hear he's also the most beloved and popular Chief Executive and President that Wells Fargo & Company has ever had. And he's very popular with all of the single young women and men.
Your time with Charles will be beautiful like a dove flying over a bed of roses.
Sorry to hear. Buckle up.
How does it work?
You run, not walk, to the nearest exit.
The BE rating creates the pool of people to lay off. This means a BE rating doesn’t mean being laid off is imminent until the powers that be are ready to pick your number. Amazing that Scharff is paid millions for zero business acumen and creativity for addressing issues. His skill is limited to being just a corporate raider. If you want paid time off to figure out a next step, it’s worth waiting out the process. If you know what you want, then look elsewhere because Scharff is not the savior for any company who’s dumb enough to hire him.
What @gzy+13TFvzYK said. Plus it keeps morale low and fear high. At BNYM the primary motivational technique is fear of losing your job. You will never hear praise from management, only thinly veiled threats of layoffs.
Instead of implementing something new and innovative to add value to the products you offer, it's much easier to lay off 20% of your workforce to cut expenses.
From what I've read on the Wells Fargo board, Charlie Shaart is putting the exact same strategy into play there.
BE does not guarantee a lay off. Rather, think of it as a way of guaranteeing you have a pool of people you could lay off if you needed to suddenly cut millions of dollars of expenses before the next quarterly earnings report. Also keeps bonus expenses down.