Noticed a lot of people leaving internal audit for Truist or BofA. They pay more for jobs at the same level. Seems Wells is okay with this and isn’t really responding to retain talent. Anyone else experiencing this in their LoB?
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No need to poach talent from Technology Audit. The leader is so toxic that everyone continues to leave on their own. Soon nobody will be left and doubt the CAE would even notice since he hasn't so far.
They don’t pay better… their ranges are the same or lower - this is from managers who have come from B of A to WF. B of A specifically very hard to get promoted to a director or higher equivalent, since when someone at that level leaves they generally reshuffle/reorg so they don’t have to hire a replacement. Word from people who have gone to truist is that their tech is more of a nightmare than WF across the board.
by definition when someone leaves to go to another company they get more $$. They could have been salary compressed at WF, or the hiring company just paid top of their salary range to get someone in the door.
As to the other part of OP’s question about doing something to keep ppl from leaving - WF doesn’t care if you leave and they don’t do counteroffers. Everyone is replaceable.
WF is by far the worst company I’ve ever had the displeasure of working for. Ruthless management in technology who get rid of others that demonstrate any kind of empathy for fellow workers. Should have listened to other developers in the area who said NEVER go to work for either bank as horrible culture. Now I know why first hand! People need to save themselves and get out before it ruins both your mental and physical health!
People move around different companies every few years so that you can move up in your professional career (Jr. associate to AVP, AVP to VP, VP to SVP) and make a lot more money each time. At Wells, promotion is very difficult in this downsizing mode, you can only make a lateral move with the same pay level.
A fellow employee and I were just discussing this topic this week. I think there are a few things to consider. For as terrible as WF is, if you’ve been in your role for a few years, chances are work life balance is pretty good. Could things be better? Absolutely. But my current manager understands that I also want to be involved in my kids’ extracurricular activities, and they are OK with that as long as I’m generally available and producing.
All of that resets if I hop to BofA for more money. I lose PTO, lose seniority, lose those understood arrangements my manager and I have. And what’s the price on that? Not to mention that for all of our problems, the culture at BofA is downright awful.
It's fine, they'll come back to Wells during the 2025 merger
They want you to leave because you will be replaced by cheap Indian labor.
Talent? What does this mean in internal audit? That you can follow rules super well?
They are poaching USAA audit even more.
Audit at WF pays lower than EBCE and ITV, to basically do the same job. I find it hard to believe that the pay at BOA is on par, their salaries and bonus is lower for most roles.
Other competitor banks seem to pay a lot more than Wells Fargo and promote employees more often. They seem better than Wells in many categories except that their RTO policies are about the same.
Wells doesn't take it personally if you leave; they get hundreds of applications for every posted position.
WF doesn’t care if you leave. It makes their job easier. I know because I worked there. Worst company I’ve ever seen.