You would think they would be an easy target to be managed out with a performance review. It would be absolutely ridiculous for the company to pay you a severance when you are going retire anyways. I know a few people in Risk that worked out a deal with deal with their manager and swindled money out of Wells Fargo. IMHO that’s fraud and those managers should be fired.
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@bc for those posting on if inconsistently meets can receive severance, they cannot. I’ve been in the side of having to manage a truly low performer. Not the new focus. Was told they couldn’t be part of recent layoffs due to the rating.
OP - why would anyone want to voluntarily retire right now? These people have worked their butts off for the company and deserve to choose how and when they go out. They’ve worked for more PTO and pay and stock, etc. no one wants to leave any of that on the table. I’m 25 years from retirement and I don’t want to leave for that very same reason. The grass isn’t always greener at another company. First in is usually first out when it comes to layoffs. The economy is absolute cr-p right now, we’re in a war with the Middle East (again), stock is way down, healthcare is expensive and su-ks so again I say - why would they leave voluntarily. Also - if these folks have been with the company longer than say 20 years - they’ve SEEN some stuff so weathering the current situation isn’t so bad. Plus, with all of the current changes the company is making including offshoring every person who actually cares about risk management - it’s only a matter of time before stuff hits the fan again and they come begging for people with real life experience instead of AI slop.
If you agree with OP the you clearly weren’t here when the company was actually a decent place to work.
Why is that so hard to believe. A person works their tail off for years, 10+ hours a day and to be targeted for age. I certainly waited, and got laid off last year. I am reaping the benefit of waiting it out and getting a year of severance. Keep in mind, it's impossible at this age to get another job that is remotely equivalent in pay. The company lost my experience and knowledge, years of Excellent reviews, years of putting in OT, no complaints. in my latter years the workplace became toxic, not from my team mates but from Charlie's regime. Company mandates became troublesome. I'm still boiling about the fact that we were told we must be vaccinated. If there ever is a class action suite for that, I will be happy to join. WF used to be one of the top places to work, it was enjoyable, and I was proud to work there. The last 8 years were horrible, constant change in both management and policy. Charlie made a MESS of things and I for one am happy I stuck it out to benefit from the Severance. I hope all the old timers get one, they deserve it! The younger generation will never know what it's like to be loyal to a company for so long. Just my opinion!
@hv sadly it is not. Is it widely used , no, not yet.
OP you are an a** plain and simple.
How is it you think you know that someone should retire or "be retired"?
Your type is what is wrong with the culture here. Toxic.
Expectations in AMLFI are absolutely insane. Led by a person, not leader, who leads by fear and unrealistic metrics, having never worked a case load. Morale can't get any lower. The writing is all over the walls. They are changing MBOs since they've been not holding to them for 5 years. I wish banking had unions to protect the employee.
This group does 3xs the workload due to displacement and a ton leaving because of the BS. Very common to work evenings, weekends, holidays, and during PTO. It's a definite sh-tshow. I've been a top performer for many many years. The evals are BS as they rotate exceeds so everyone gets it every couple of years cause they are only allowed to give so many per team. Playing the game until I leave. WF completely abuses salaried employees.
I retired last summer and that is exactly what i did. i had asked for a sev package the year before but was denied so i then set up my 7 weeks of pto to minimize my effort on projects and that worked out quite well. in my last year i implemented one package and left lots of work behind and still got a $500 award for work associated with a sharp .
@hj and @hp, both layoffs and terminations for cause are happening now. Huge increase in the latter. No PIP required and two consecutive IMs will make HR and senior leaders start pressuring managers to fire for cause. We've had one firing recently on my team and are about to have several more. It's a team of about 50 people.
@hj , termination without a PIP is a rumor.
You sound like a huge cu-t. If they don't want to retire and want to wait it out, power to 'em. Fu-k you and fu-k Schart.
@hj, still in layoff mode. I keep hearing about "termination based on performance" is from a single person. There is some stack ranking going on but that sets the course for layoff at a future cycle -- NOT termination.
@a8 are we still in layoff mode? I keep hearing about termination based on performance. … is one or the other a rumor?
@ef, Please let someone know where you work so if you die at your desk they will know where to pick you up.
Good thing about those of us close to retirement, we know exactly how to play the game--sometimes called performing well--such that fake ratings are extremely unlikely. Especially 2 rounds in a row. I'm getting my severance and I'm not leaving without it. I don't care if I have to work until I'm 120.
Show me your package!!
You don't have to ask for a package. Just stari ripping management in every employee survey. You will find that you will magically be selected for severance.
60% of the time it works every time.
Op, they are not a target because they have all the knowledge. Play around with the old technology + short sighted bandaid fixes for 20+ years if you want.
U sound jelz.
The man in the mirror
Every time the boomer victim brigade gets triggered they wind up proving why they get low ratings
Channel your inner Machiavelli. What you should do is a great job getting your responsibilities taken on by other groups, even if it you yourself know it’s a bad idea for shareholders. You have the experience and organizational savvy to do it. Make yourself obsolete by cajoling the system in your favor!
I believe its highly illegal for a company to base its layoff decisions on age but otherwise great suggestion. Now if the company wanted to offer voluntary severance to everyone and that was accepted disproportionately by older employees that would be AOK
Keep in mind that there are fewer severance dollars and your organization has to foot the bill for that severance in most cases. I'm not too far from retirement, why would I work my a$$ off I'm not to far away. I'd love a package-- but it's not likely I'll get one. Remember the term "quietly quitting" -- yeah. IDGAF if I get forced out. I'll do my job, and not one bit more.
@OP don't hate the player, hate the game. Don't like the incentive structure, change the policy.
The one writing this post will rue the day they are retirement age and getting pushed out of their job with trumped up bad performance reviews . . . Time fixes everything!
Get back to your desk GenZ. 🤦♀️
It’s ridiculous but true that if you perform well and retire, it’s hard to get package. But if you don’t perform well, you have a chance to get severance package.
Its not "severance" its "release and severance" and they still give it to you if youve worked a long time, because the agreement stipulates you cant say anything bad about the company or sue them.
99% of people posting about this dont know what they are talkimg about. The IM rating is more like a "mutally assured legal destruction" to cover their a-s IF you decide to sue. In other words: sue and we'll say you did a bad job; or sign the release and severance agreement, dont sue, and we go our separate ways.
As for people near retirement gaming the system... yeah i believe it. I dont understand why they dont just do buyouts and encourage all these elderly managing directors to move on.
The problem here is people thinking they “earned” a severance. That’s not how it works terds. But it’s ok, this year you’re about to find out what Wells is all about.
Let's be clear, the OP is not suggesting that people close to retirement choose to depart the company. What was clearly stated is that people close to retirement should be targeted and forced out of the company through manipulated performance reviews.
I’m one of those. I will continue to perform till I get my severance that I earned, why should I retire? It’s a waiting game and fair sport.
@a7 I think OP is saying they should just retire as planned versus waiting around longer than they originally expected to work because they think they might get laid off soon.
What are you saying? That people close to retirement age should be fired via a bad review to avoid having to pay severance that these people earned through their hard work over the years? If so, that is ridiculous.