With all of the layoffs/“location strategy” when do you think WF will be hiring again? Seems we are becoming responsible for more and more… will there be an end in sight or is this the new reality? Genuinely asking, bracing for snarky comments.
6 replies (most recent on top)
No time soon. On many teams within my LOB (an Enterprise function), managers are permitted to backfill in India only. Over the next few months as they ramp layoffs up again, I imagine we will also see a ramp up of hiring in India. I also agree about AI being implemented.
@1uad+1rYZ0vb1 That is why they will be soon equipping them with AI robotic form fillers. Just wait and see. AI is the best thing that will happen -- especially to India. Soon the US workforce will be like a team of secretaries armed with typewriters -- the I&P will have auto-correcting word processors. McKinsey knows where everyone is going.
To echo @1rdz the offshore folks are seriously not cutting it. In Home Lending, the offshore teams can input comments into the system that are sent directly to the customer on Online Mortgage Application if they deem a document was insufficient. Even though they are provided templates to use, the level of unprofessionalism/grammatical errors is atrocious. And these loans for very affluent customers applying for $2+ million mortgages. Brilliant strategy to cater to aand expand business with our WIM customers.
Aside from the fact that I feel it’s wrong… These off shore folks are not cutting it. Lots of mistakes and extra management needed. I also truly question the security now. I don’t know where we go from here.
My department went from about 3,000 employees to under 500 over the last 18 or so months. Granted, we got really slow due to interest rates and there still isn't a ton of work. Now their brilliant new business model is to leverage offshore as much as possible but they've said if we get busy again this year they are already talking about what potential hiring might look like. So many of my displaced co-workers were here for 5-10+ years they've basically just finished collecting severance before WF would open their position back up. And I'm sure those executives will be given huge bonuses for basically giving so many people a 1 year paid vacation before we need to hire for that position again.
There is plenty of hiring going on. It's just at the lower levels. Mid level is going overseas if possible.