The financial analyst program people (hired interns basically) make $77k per year their first year out of college! In my group they have zero value add, and truly make us zero money. This is a two year program where they get paid to learn, so the employees that make the company money get to train them and then they rotate to a new group. In most cases after their two years are up they leave WF or they get hired into one of those roles and get another big bump!
Before anyone freaks out and says I’m jealous, yes I am jealous they make that right out of college because it’s insane, yes I earn more than that, and yes it’s great for them, but good lord there are people who actually make the company money and assist customers that make significantly less! So much for trying to cut costs!
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Generally, we do pay more for outside hires than internal, for the same role. If a role is paid less than these kids, regardless of if it’s inside or outside, then I guess that role is valued less by the bank than whatever degrees this kids fresh from college have.
Ok, but why is it that only former JPM B teamers and these kids need to be "enticed"? There's a zillion other roles where we hire experienced people and don't pay this them much to do actual work. Why aren't they enticed?
Here’s the thing with any kind of new hire, regardless of early talent or otherwise: you have to entice them to pick you over other people. That number for any given job usually keeps going up over the long run.
Then why is the $ number not going up as fast for people who are already here? Well, because they don’t need to try and get you to come here over somewhere else, you’re here already. They have little incentive to just give you a bunch more money for the heck of it, because they know that if you ever do come to them with an offer to leave in hand, at that point they can offer to match or beat it if they think you’re really worth keeping at that higher price point.
Agree with all of this. They are nice kids, but I’ve trained so many of them knowing that they were my replacements… and it’s happened. However, my job duties are actually going to India, so these kids need to head’s up as their work IS NOT GOOD. No current onshore WF analyst is safe right now.
OP here, definitely not in NYC. Single apartments in a nice area down town are about $1,700 and we are a hub location. If you move to the suburbs they’re even less. In addition a lot of the kids are from the area and they still live with their parents. The problem I have is they are not earning the company ANY money. We are literally just teaching them how to do different jobs in Wells Fargo for two years. I understand we need to stay competitive for the younger generation but $77k a year is a lot. It would be nice if Wells Fargo invested as much time and resources into their current employees as they do for these kids in the program.
Honestly depending on where you’re located, in a lot of these “hub” cities 77k is like the minimum you need to make just to rent a small apartment in the city without roommates. Heck in NYC or San Fran you’d still need multiple roommates with only 77k gross. If we don’t pay these kids enough to be self-sufficient where we’re requiring them to live, what incentive do they have to come work for us over simply staying in their college or home towns and taking whatever job they can get? If they’re just going to be living paycheck to paycheck and scraping by with roommates or in their parents’ house either way, what’s the point?
77K is not a lot nowadays. I made 70 out of college, which was considered pretty good but now it's not enough to live off of. -NYC.
So they are hiring young on-shore college grads...You mad!, They hire people from I&P...You Mad!....you are having a bad day, huh?
@nzr+1tU2jdCh What kind of government tax incentives are related to this?
Meanwhile, hardworking employees that earn a promotion? Zero raise. 😐
Again, company receives government tax incentives that offsets part of the cost.
Damn! Do they take people who’ve been out of college for a 10 years?