Thread regarding Wells Fargo & Co. layoffs

Older employees do not cost you less. WF funds their own health costs. While they're not supposed to know how much an individual employees heath care costs are, they've hired a LOT of lawyers to fight against any older employee who has realized they got let go because someone in their family has high health costs.

Regardless of age, there’s productive and unproductive people. Older workers, one could argue, are less willing to change or to look for new ways of doing things. Not all of course. Also, if you’re over 55, you literally had to try to not be rich, working in banking over the last 30 years, buying a house 25 years ago. Sheesh, throw a small amount in an index fund every month and there’s literally no valid excuse to still be working past 62. Go enjoy your life. It’s truly sad to see. If you either hate your job after 5 yrs or you love your job after 30, it’s time to examine how you’re spending your limited time on this earth.

@1hny If you want to make a serious argument, learn to write legible sentences that make a point.

We pretty much have a hiring freeze-- although it's never totally frozen. We're hiring people from the outside b/c new leaders are bringing in their buddies from old companies.
In a rational world, yes, you want to limit turnover and retain company knowledge. They don't care. They're just looking at numbers-- newer more junior people cost less. They've also did a bunch of hiring pre and during COVID of senior people in Tech (principal engineers etc.)
We were also management heavy with span of control issues. It was ridiculous how many managers we had with 1 or 2 direct reports.

H1B policies are the source of ageism, H1B workers are young and plenty.
Labor shortage is the story we run.

@OP+1uexroiJ

What you said is true. If this was the 1980s, you would have a very valid point. Unfortunately, that institutional knowledge is readily accessible and even embedded into policies and procedures. Another pattern noticed before displacement was the hesitancy to transfer any institutional knowledge to the younger employees. When it comes down to ink g-n paper and you’re cutting costs, it doesn’t matter how much institutional knowledge you brought are currently possess. The lack of experienced employees unwillingness to up skill or expand their knowledge to make them more. Efficient would rather complete their 10 year on cruise control. So instead of doing what many younger generations are doing in the workplace like up skiing or taking advantages of opportunities to broaden your knowledge and make you more efficient, there are many older employees that are on cruise control waiting for that retirement parachute.

If all generations would work together, the entire company would be executing more efficiently. This would especially be prevalent. Should the c-suite actually care about the company instead of defaulting to the 1980s Jack Welsh playbook.

Riddle me this, what happens if India gets sanctioned? The geopolitical risks are extremely prevalent. Our senior leadership knows this, but continues to ignore these preventable risks to save a buck up until they take their golden parachute. Sorry if you can’t handle the truth, but this is what is going on. I only speak the truth, even when I lie!

Next day off is September 17 don’t let anyone tell you different. This company has been pushing propaganda since the 1880s! Facts!

There's no logic in HYs approach. They hate and want to eliminate anyone that's been here longer than Shart. It's irrational nonsense, but we're stuck with him until he takes his golden parachute.

You're talking about a lot of subjective items, but not untrue. The C-suite sees total comp and that's it. A 30 year bet makes almost 2x what a 3 year employee makes.

I am an older employee and saddened to say that many of my peers haven’t aged well. They are rapidly becoming slower at their tasks. Many spend too much time jabbering away at anyone that seems to be listening. Unfortunately, it is time for many to go and make room for the younger generations.

They are "junior-ing". The aim of Fake Agile was to make engineers interchangeable, no "guru" engineers that get $200k salaries, instead pay like 3 grads $75 and on paper get 2x the work all working in a cog Agile Factory. Google Taylorism.

Not saying it's accurate. It's as d-mb as any other limp-di-k management initiative here, but senior engineers are expensive and raise exceptions. Grads keeps their heads down and mouths shut.

Also ageism. Keep your resume short, keep the graduation date off or your pants will be down for the spanking as the kids say.