Not sure about the newer hires but for those of us who've been here for a while there's one main reason to stay - the pay. I'm willing to put up with a lot if I have something to show for it at the end of the day. I've looked at my position at other banks and we are still at the top when it comes to compensation. If that changes, I'll be the first one out. Until then, I do my work and they pay me. I can deal with that.
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I almost doubled my base salary when I left WF for another bank (Compliance). When I applied to come back, the HR recruiter nearly hung up on me when I said I wouldn’t come back for anything less than MRP. Never heard another word from him....
Three offers this week that had higher compensation and better benefits. WF is stagnate. Plus, if you are a high earner, they will put you in a position to either quit or get laid off.
Yeah well, we aren't all in tech.
Another OP working for HR.
Wells, and banks in general, do not pay well, especially if you're in tech.
"...but for those of us who've been here for a while there's one main reason to stay - the pay."
Curious what this assumption is based on. I can't speak for others, but it's not the pay that keeps me on the stagecoach.
Also, sweeping statements from others about either "the pay is better elsewhere!" or "the pay at WF is better!" are ridiculous. It varies based on the LOB, the specific role, market demand and worker availability, and many other factors. You can't really make an accurate blanket statement about it one way or another, unless you actually have access to a whole lot of WF employee and competitor pay data, and even then there would be examples outside the norm.
The “you can’t do better anywhere else” story is absolutely not true in any way shape or form. I don’t know why people like to push that, maybe to make themselves feel better about rationalizing staying here? HR trying to keep the troops down? I don’t understand it, and I’m happy that I don’t. It’s easy to get in to that headspace, because the company has done a good job at knocking you off center. But don’t believe it for a second. If you’re happy staying here, that’s fine, but there is a whole world out there that is thriving away from Wells Fargo.
its not the skillset, they are looking for people who know little to nothing and pose no threat of being better then them (the managers)
I make $13K annually. Is it good?
What is a high pay at WF? I think 300k+ might be a high pay but as far as I know very few is making 300k+..
Companies have used the threat of offshoring to push down salaries for years. Nothing new. If you have been here for a while, you will not be able to do better anywhere else. If you are right out of school or from overseas, you might find a better deal.
Similar experience. Screener calls with recruiters are usually pretty short. Their ranges tend to be 20-30% below current base here. It's a velvet coffin.
Your skill set must be the reason for your bad pay.
WF does pay up for talent so if you are not highly paid then...
the bad pay is why I am leaving! You must live in the south!!
Don't sell yourself short. I thought the same thing, but am now making 25% more than I was at WF with a stronger company with a much healthier culture.
Not sure why you feel the need to justify staying. As noted previously, it's an individual choice based on personal priorities. Congrats for knowing what you want, I guess.
WFC is not at the top for pay or benefits. You stay somewhere long enough, it can be difficult to start somewhere else at your current salary (golden handcuffs). But you might find that your raises and bonuses advance more quickly at another company. I know plenty of people who have been able to negotiate higher pay elsewhere, depending on their position and experience.
Nevertheless, as long as you’re satisfied - that’s all that matters. It’s an individual choice for everyone depending on their own needs and priorities in life.