I really don't get the impression that BofA cares at all why people are leaving en masse. Leadership is rather short-sighted and now it seems that people leaving even suits them. The consequences of replacing great employees with new hires, some of whom do not even know what their responsibilities are, will become more apparent in a few years.
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20 long-term, highly productive employees, each B5 salaries of $70-80K + up to $40-50K in YE Bonus, total comp $100K+. 20 employees x ~$100K = $2MM+. Get older employees to retire, resign, or just eliminate their positions altogether, then replace w/ younger employees: $45-50K base x 20 younger employees = $900-1MM. Make incentives/bonuses rare/near impossible to reach. An organized, deliberate management plan w/ short-term payroll expense reduction of $1-1.1MM. Cascade same philosophy/strategy division/company-wide. This is how it's done.
This seem a to be the trend in the past few months. The quality of people being hired cannot compare to the talent they are losing. It will definitely show in time to come when the work isn’t getting done as it should and things slowly start to fall apart. It wouldn’t happen right away but it will eventually.
I keep hearing people say, “if you’re unhappy why don’t you just leave?” I wanted to leave, but these were my reasons for staying (before I finally found a new job YAYAYAY!). Wondering what reasons other people have for staying when they are unhappy.
- I had a role that is typically only offered at larger companies, and there are no large companies near where I live. It was really hard for me to find something else.
- I had been at my job for a long time and others who had left told me to try and hold out for the excellent severance package because it’s that good.
- My skills were somewhat outdated. I had the experience, but it was with older methods that are rarely in use anymore given the advancements in technology, social media, online marketing, etc. I did take some online courses to brush up which was helpful.
- I had been applying for jobs, especially remote ones, but wasn't getting much luck with responses. I know there is a lot of competition out there, but everyone on these boards make it sound like it’s really easy to find a new job and to just leave - but it’s not that easy. At least, it wasn’t for me.
- I didn’t have the means to “just quit” without having another job lined up.
Since everyone keeps giving others the advice to just quit, I’m curious to know how they suggest doing that. Based on conversations I’ve had with others and things I’ve read online (in this forum and others), I don’t know if people are exaggerating when they say they left and doubled or tripled their salaries or have gone from working 16-hour days to 6-hour days. Either way, leaving is much easier said than done.
I know a lot people post advice to quit, but I think more people would appreciate knowing how to do that. And if you say that only losers stay (and you’re still at the bank), then you are a loser too. So please give constructive feedback and not negative ones. Thank you.
Replacing highly skilled, experienced older workers en masse with neophytes to save on salary expense is a form of age discrimination and short-sighted business decision-making. Takes several years to learn ins and outs of the bank. Not great for shareholders to lose top talent.
Replacing an experienced hand with a neophyte happens all the time. That neophyte might have been you.
They don't care that you are better than your replacement will be, as long as the replacement is good enough to get the job done at minimal standards. It's a company that sees a person who can give them a 70 test score as passing and acceptable. If you are the type who always gets 95+, great, but they're happy to let you walk and let 70 take over. It's been the operating model for decades.
I am also leaving this shlithole bank of america. I am tired of the cr---y raises and the incompetent leadership.
The answer to top performers leaving is to cancel and delay projects and offerings. Impact and metrics are massaged and will have limited visibility as to root cause (attrition) to senior management. Innovation will fall to executive groupthink as there will be few high quality and impactful employees left to drive them. The solution is to measure and monitor attrition cause and treat employees well as an individual with unique needs, especially those who are high performers and producers. Make managers more accountable for attrition and most importantly provide them the allowance with flexibility (including full-remote) and comp for their directs.
Decade long top producer here. Top 10% consistently YOY, 6 figures. Top brass couldn't care less when I left. Not a phone call or exit interview. Shafted by YE bonus by $20k w/o batting an eye. Rather pay a young newbie for half salary than keep top producers. Jumped ship for double the salary as well. Instead of treating you fairly, they treat you like garbage. Never a promotion. Should never have stayed a decade.
I have been a top performer for 4 years. Leading my market in every key aspect, out performing and mentoring all my coworkers.
One embarrassing tiny raise over the 4 years and no promotion in sight, I put in my 2 weeks after landing a role with another bank where I’ll be making double my salary.
My boss didn’t seem to care at all I was leaving, didn’t ask me to stay or try to keep me. This bank is a joke. Get out now.