Labor is short across all markets and hiring is hard and any role posted always managers find it hard to fill from core hub. Location strategy will force attritions and reduce headcount drastically..it makes sense to use this for lines of businesses identified for cuts and not applied across the board.
7 replies (most recent on top)
"Labor is short across all markets"
I am not sure this is accurate.
Can't agree with @1lrf+1rW7RWIN post enough (and no, I'm not him/her) since I'm doing just that now.
Seen a disgusting amount of discrimination in my current EF and finally had enough, sought legal counsel, and am standing up for myself. For everyone else, DO NOT WAIT! Get counsel, submit an ER complaint to start the legal paper trail, document everything and make those selfish, corporate ba----ds pay through the nose for destroying lives so their stock price can go up $0.01.
Current employees with tenure are being pushed out in the hopes of not having to cough up severance. They will find petty reasons to let people go.
Newer employees are brought in - let's say at above six figures.
The manager is tasked to either throw the new employee under the bus or use them as a scapegoat for the departments failures. If all else fails, manager may produce a hostile working environment and get his or her "yesmen" to sabotage.
Ultimately, the management in this org only cares about the bonus pool and it goes to show how toxic teams are.
Thought my career was over after being with WF. Nope, grass is much greener elsewhere and pay is better. Roles are remote. No office politics, no gaslighting, no being strung along, no bs. agenda and no attempts at criminalizing employees.
Tips: Don't talk to HR. Document everything. Get an employment attorney. The only times you need to follow up with HR or your manager is when you've clearly proved they are not there to help or are setting you up to fail.
Anything they do on their end once your complaint and side is presented can be seen as retaliation (which could result in severance or unemployment).
Take a look at all the posts on here, not just the fluff, not the troll posts, and not the posts coming from corporate as a distraction to what is really going on.
Whoever is reading, good luck and keep fighting. The best thing you can do is stand up for yourself.
Exactly, it's the Great WF Replacement. Our total number of employees has gone down roughly 30-40k since the Wachovia merger, but there was hardly anyone overseas and now there's 60k+. There has been a massive reduction in domestic headcount, and it's going to get a worse. If you don't know a bunch of people that have been downsized you will...and you probably don't know many employees.
This board has covered this topic a lot over the last couple of years. Wells Fargo has stated at the higher levels that they want a 50/50 workforce between state side and India/Philippines. "Attrition" is assuming we're not back-filling the empty roles, but they are, just overseas. That's why our numbers go down, but not at the speed we all expect.
When 10 jobs are posted state side, you can guarantee that half or less are actually being filled state side. It looks good to investors too. They'll interview the heck out of us, but never "Fill the role". They do, just not state side.
To save $100k per head in severance. It all adds up.
If you think you are safe because you are not impacted by location strategy, guess again.