I was offered relo this week. I don't see the upside as I could be immediately laid off right after we move. Like many, I was considering accepting relo and spending the next year to find a job. As I'm not planning to relo in a year, I will not incur any moving expenses. Anyone using this strategy? Anyone actually done a WF relo?
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thanks for sharing @xk. can you share a range of lumpsum ($20ks, 30ks 40ks?) if you dont wish to write actual $. Also, did the relo company offer to move home goods and cars and bill the bank directly? thanks
I was offered relo and accepted it. I used my time at WF looking for a new job so I didn’t have to move. I knew if I did relocate that there was no guarantee they would keep me. I did find a new job and I cannot believe how well I sleep at night now. Leaving such a toxic workplace was the best thing for me.
@en they gross it up on your paystubs (you'll get $5,000 net but on paystub shows closer to $8k gross). they still say you should talk to accountant for tax implications.
I relocated, worked out great for me
thank you @g8
yes , plenty outside tech get relo offers. The money through the relo company is to cover all your moving expenses. they pay for it on your behalf, covers moving house, cars, etc.
Curious, does anyone outside of tech get offered this S? Doesn't seem like it.
@ec, while I respect lump sum to be discreet and based on job family, can you confirm if allotment through relo company means the bank paying for it directly to relo company for home goods move? are cars covered? some costs for home sale? Anything you can share?
Are you liable for claiming the relo allotment as income?
from my understanding the relocation packages don't take into account your life circumstances, it is more title/level based. You'll get a fixed amount in cash to use as you want and a much larger allotment that is administered through a relocation company that you can use up to, however you are going through this company for everything in order to get access to it.
@az I am a single person who rents and and the offer is more than enough for me. I'm sure if you're a family of four with a large house full of belongings, and you have to sell that house, it's going to leave alot to be desired.
@az+1jvt6gjqv Relocation assistance is paltry absolutely. I hate a lot of things about WF but maybe I could say something token-nice that any is offered. 😂
If you take repo and actually move to the new location, then get displaced, you do get severance.
My signed agreement from last year states that I would need to remain on station for 1-yr minimum.
If you relocate and are subsequently laid off, you are eligible for severance.
you have to stay in current location for 2 years. if you leave before the. you have to pay back a prorated amount. If theyvlay you off again you don't have to pay back.
If you relocate and then they displace you, are you eligible for severance pay? Also, if you relocate and you find another job in the near term do you need to pay back the relocation payout?
I’ve heard the relocation “assistance”WF provides doesn’t even scratch the surface! Can anybody confirm?
I was offered relo (tech) and am going to take it. If i find a new job in my current area, I'll take that and leave. Otherwise I'll just relocate on their dime. If they lay me off in the new location, so be it. I'll be in a slightly lower lower COL area with different job opportunities, and I can always move back.
My former office was closed so I was not remote by 'choice'. I feel to some extent they are actually doing right by me, if this is the way has to be...
what is the ballpark relo sum if you don't mind sharing and which state to which state. I am particularly P5, M3, M4
I predict that most sw tech will be relocated to Columbus soon. They made a good indent in IA. CA,MN and even NC will shift to Columbus.
If you actually trust these ba----ds with a relocation package, please see me for some land opportunities.
you have to look at the cost benefit and what you give up on both situations. if you take severance now you get your severance and benefits while on severance, you also will keep your RSRs (if you have them) and they will continue to vest each year until all have vested. Downside is you will be unemployed and it may take a while to find new employmemt and prospective employers may look down upon you for being unemployed, but upside is you can devote 100% of your day to looking for work and you don't have to put up with all the WF BS anymore. if you stay a year and don't relocate you're still employed, getting paid, benefits and all that, you'll get another 401k reimbursement in December, and another bonus next March, but at the time you are supposed to show up at the new office and don't you will be fired and will get no severance, and give up all unvested RSRs. If you aren't getting much severance and have little to no unvested RSRs then maybe staying the extra year is worth it.
there are also plenty of folks that choose relocation and pick the closest location them. They will then fly out early Tuesday morning, fly home after work Wednesday, then go to their old office close to home for day 3. This works ok if don't mind the flying and they don't change rto requirements.
I know two people who relocated for this bank and got laid off six months later. Do it only if you want to move to that particular place anyways and make the bank pay for your relo. Otherwise, don't bother.
That angle where on the face of it you try to relocate (never mind how you see it likely playing out) can pay off better than severance.
Something something about loyalty being a two-way street.
Few are the occasions where relocating for this particular company seems sensible.