I'm still not even close to retirement, but I'm wondering when BofA starts asking employees about their plans for retirement? What age do they start "encouraging" people to retire?
10 replies (most recent on top)
Management cuts payroll expenses by targeting older workers in favor of younger. "We're paying 55 year-old Bob $100k a year, when we can hire 35 year-old Sally Sue for $50k. Get rid of Bob." It's done quietly, under the radar, and under the cover of a lot of organizational chaos and change. They isolate and alienate the older worker, micro-manage, insult, berate, harass them so they quit. It's horrible how they treat older workers.
We got at least 20% of our workforce over 60 in our group. A few actually are snowbirds and live in Florida a few months a year. We got one over 70 and no one will tell them to retire without a package or they may scream age discrimintation....
Over 35 years with the Bank. Forced retirement usually started for those in their mid 50s, who were average performers. If you made it to 60, it's probably because you were a rock-star. I didn't see many last beyond 60 years old. Like clockwork, I saw many of these folks shown the door (usually on Monday morning or Friday afternoon), even when they were the top performer in their teams.
@1sdk+1fZKVkR8 sounds like we have the same manager. Its amazing what one's person's personal agenda can do to a reputation that was earned through hard work and dedication over a 25+ year career. Disgusting
So when you turn 50, and have had a highly successful banking career winning accolades and recognition for many years, don't worry. You'll soon get a new manager half your age that does everything within his power to demonize you, start rumors about you, ostracize, taint your reputation, make false allegations, micro-manage your time, take away your clients, throw you to the curb. Don't take it personally. You're dealing with super incompetent demons trying to cut payroll expenses on orders from above.
@1rbw+1fZKVkR8. Totally agree. 27years here for me. I was soooo hoping for a package and had even told my mgr that so he knew that when the time comes he could keep others and use me to meet his contribution to the next layoff. But then times changed. There is no hope for any package anytime soon so, I've started my retriment process. The bank has actually been a good career for me on the whole, but the atmosphere and attitude has changed so drastically, I can't wait for a package anymore.
By age 50, you have a target on your back. Do the math. Our team: 20 long-term, highly productive employees, each B5 salaries of $70-80K + $40-50K in YE Bonus, total comp $100K+:
20 employees x ~$100K/yearly salary = $2MM+ payroll expense.
Get older employees to retire, resign, or just eliminate their positions altogether, then replace w/ younger, cheaper employees:
$45-50K base x 20 younger employees = $900-1MM payroll expense.
Make new incentives/bonuses rare or near impossible to reach. An organized, deliberate management plan w/ short-term payroll expense reduction of $1-1.1MM. Cascaded same philosophy-strategy division-wide. This is how it's done.
In many states it is illegal for them to ask or even "encourage".
Also, offers of "voluntary retirement or voluntary severance" not happening as long as employee levels are down. Been here 35 years (I know, I know). The only times they offered voluntary severance is when they needed to get expenses down - quickly!
In current environment -- with so many people already left or retired of their own volition -- leadership has absolutely NO reason to offer any package or "encourage" any retirement. Maybe if you were underperforming...., they might ask in some roundabout way. But not offer any package. (they don't need to. cheap enough to let you coast)
My peers are just retiring and leaving. No package, no pay out. No one even stays on bank's retiree insurance plan anymore, because you can get just as good a plan (for less $$$) on the ACA exchange thru your state.
Many of my colleagues (and me!) has wished for packages, but in the past few months, we've pretty much agreed that no package will be forthcoming. If we want to exit, we know where the door is.
I have coworkers just waiting to be offered a package to leave.
Generally no. Focus remains on ability to contribute to the bank and the goals of the organization.