Just recently Wm banking has gone through a realignment. All of the "top performing bankers" who already covered 35 advisors were rewarded again to cover only the top producing advisors, while the bankers who werent allowed to cover any advisors, this produced less, are now "rewarded" with covering ALOT MORE, of the non producing advisors. So basically instead of having only 5 advisors who were productive, you will now have 40 of them wasting your time. All to thin the herd without needing layoffs. Not to mention the SALES PRESSURE they apply to the line of business to open banking products. It would be a shame if cnbc, sec, wsj, heard about the dynamics of this forced goal strategy.
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This will just create advisors to do fraud and other unethical behavior to hit goals. Nobody wins, when you do this shlit.
This is called managing out—a brilliant corporate strategy where layoffs are just too mainstream. Why go through the hassle of severance packages and bad press when you can simply make people’s jobs unbearable and let them “choose” to leave? Genius.
Of course, let’s not forget the masterstroke of “rewarding” top performers by giving them fewer advisors while the underperformers get buried under a mountain of non-producing ones. Because nothing says career development like doubling someone’s workload with clients who contribute absolutely nothing. A real morale booster.
And the sales pressure? Oh, that’s just the cherry on top. Nothing like relentless quotas and forced product pushes to keep things ethical and customer-focused. But hey, if someone from CNBC, the SEC, or the WSJ happens to take an interest, I’m sure it’ll all be just a big misunderstanding.
"It would be a shame if cnbc, sec, wsj, heard about the dynamics of this forced goal strategy"
They literally don't care. The bank is going to go realign stuff all the time just because it makes your job harder doesn't mean news stations are going to care and run a full article on it. JP Morgan has their CEO swearing at them and people still don't give enough of a sh-t.