Real people are losing their jobs due to senseless hub strategy. Be kind. The company will make exceptions when and where they please. Those affected — hold out for your severance. Those of you who are left will have a LOT of work to do. Some truly great talent is leaving.
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Looking forward to 3 hr round trip 3 times a week to go to office, not find a seat and then drive back home.
@1rge+1nP9pklf Especially true considering WF has large offices in many cities. Now if they were actually going to close the office and exit the city that’s one thing, but most of them are more like “we’re going to keep this office but only as a hub for these LOB and our local employees in other LOBs are screwed”.
It's funny that you think the strategy can't have holes punched in it all day. Want a reason it's a failure? Simple math, really. No hubs means you have access to a quarter billion potential employees in the US alone. Deepest possible talent pool. How many do you think live in the 3-4 cities any given group is allowed to hired in? 10, maybe 15 million tops. It's a statistical certainty that the hub limited results will be inferior. You're not getting top talent, you're getting whatever you can get in a couple specific locations. Hubs also pigeonhole you into specific locations that could become a disadvantage over time. Imagine you put a big hub in Detroit 40 years ago, for example. Good idea at the time, horrible idea in the end. Same could be said for San Fran. Regardless, eliminating hubs and most in person work results in maximum flexibility, minimal cost and minimal risk. There's no possible benefit of the hubs / RTO combination other than driving attrition. If they are doing it for any other reason they are mo--ns, if they're doing it for that reason then they are the most despicable kind of "leader". If you want to lay people off, just lay them off. No need to be an evil cu-t about it.
We lost all of our professional experienced mortgage processors with years of talent and ended up with the true garbage in Charlotte. That is why all the top mortgage loan officers left. Charlie is so stupid!
What is meant by HUB strategy? I am new to this site,
The guy defending the archaic hub strategy is really outing himself as boomer-brained with the dated "new math" zinger
Name one valid reason the HUB strategy is completely flawed. I’ll save you time, you can’t.
“You’re putting all your eggs in one basket!!!” I guess I didn’t realize having a minimum of 2 locations = one basket. Must be that new math.
“Nobody needs to be collocated to work together!!!” Yea and you’ll just keep beatching about all the scattered Dead Wood in the company not pulling their weight.
Shall I go on? I think not. Ride it out. They’ll cut those who don’t RTO then things will go back to normal
If they were worried about people being "scattered" they wouldn't be hiring thousands of people outside the country.
a lot of legacy WF/Wachovia scattered across the country. no brainer strategy.
lol, for those hoping to sic the displacement team on one group or another, recognize that "you're next". AI, automation, contracting and outsourcing will get rid of the majority of remaining employees. Hudson Yards wants us all gone. It doesn't really matter if what you do is critical or what your skills are. HY doesn't really care if there's a negative impact on the company in the short term. They are getting rid of domestic workers no matter what the cost/impact.
Agree that there are some Employees/Managers (often REMOTE) who have been in their roles for a really long time, not doing much of value and out of touch with actual work being done. They should go. Some even tell their teams they are just waiting to be told to go. How these people get by with a Meets rating every year, I don’t know. Those days are over. On the other hand, there are longtime Employees/Managers who do a wonderful job. Hub strategy is not about performance it seems.
They need to clean up this place. We have a hoard of employees from decades of mis-management.
At least in IT/ICS, we have a hoard of institutional employees who are not getting with the times and adopting the new way of doing things. These people, many of whom who are here over 20 years, still operation in the "look busy to be perceived to be busy" mindset. They invent work, hold information to themselves, attend as many meetings as possible, and provide little to no value in terms of moving the bank forward.
We have people here from 20 - 40 YEARS who have been in the same roles and have not advanced or been promoted. They are retired in place. They need to fire all of them.
There is an EA here who has been here over 30 YEARS. The person was supposed to retire but changed their mind. All they do is provide people with reminders about STAMP and training, and attend as many meetings as they can to look busy.
"Why are most companies getting away from remote work? Why are most doing RTO? Why was there a push to get people to work remotely and now they are reversing course? This isn’t just a WF phenomenon. I want to know the real reasons."
Tax breaks and to prevent the collapse of the corporate real estate. Mind you, Wells is screaming "return to office" and simultaneously terminating leases left and right, so there's a bit of hypocrisy in this.
Why are most companies getting away from remote work? Why are most doing RTO? Why was there a push to get people to work remotely and now they are reversing course? This isn’t just a WF phenomenon. I want to know the real reasons.
Ha Ha, top performer here. Nice to know the team I left is going to be buried in work due to this as my discriminatory manager never accommodated my request for accommodation as I wasn't one of her favorites.
They are drastically cutting head count and don’t care who they retain as long as they are low cost. There will be casualties of exceptional employees and they are OK with that. Also noticing a ramping up of internal investigations and coaching. Some great employees will likely be terminated for “cause”.
No one needs a compassionate strategy, just a good one run by competent people. That's not Wells.
For those questioning if this is real, it is. First wave of non-customer facing positions that are not in the selected hubs begins in August. The way it was communicated to the employees was a joke. The Leader was being coached on how to express empathy while an open mic/phone line could be heard by anyone who happened to dial in early. So unprofessional! A written, formal communication would have been less cold. Being one that can stay, I’m now questioning whether I want to. The job hunt begins.
The whole HUB strategy is faulty from a corporate risk perspective. Why put all of your eggs in one basket? I get it’s a cost cutting measure, but long term? We’re shooting ourselves in the foot. Where’s Charlie going to be when that happens? Oh, that’s right. He’ll be gone. Sailing away on a golden parachute while those “fortunate” enough to have survived the purge, will be choking on the smoke from the flaming dumpster fire he leaves behind. I know it may not seem like it, but if you get severed, it’s a blessing. It won’t be fun for anyone who is spared.
Finally some compassion.
Well said!