Thread regarding Wells Fargo & Co. layoffs

There has been a long trend and push from the top to “junior-ize” US teams

A manager who manages a team where people on the team have been at WF for longer and keep working on that team will get a worse rating in some metric than another manager who has constant turnover.

WF measures managers and orgs by tenure and seniority. Targets are set lower to drive behavior. It’s been this way for years.

There has been a long trend and push from the top to “junior-ize” US teams. TK pushed it by doing things like putting in a “hiring freeze” but then having exceptions for DEI talent and early careers.

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| 972 views | | 7 replies (last August 5, 2024) | Reply
Post ID: @OP+1tPDzms9

7 replies (most recent on top)

The US hasn't really been capitalist for over a century. Some people think that's a good thing, and some bad, but it's the reality of the situation. A massive % of our economy is run through the gov. We have progressive income taxes, public education and a largely public healthcare system. 50k+ new regs go on the books every year, regardless of who is in the white house or legislature, and countless more at the state level. We literally have more regs than any communist dictatorship. Many of these regs are specifically designed by huge corporations who bribe politicians to "keep the little guys down", protecting the big boys market share. There's a reason most industries have just a few huge players, it's incredibly difficult to break into many industries by design. Hundreds of billions are spent every year subsidizing allegedly 'good' economic behavior or bailing out poor economic choices. Thanks to doing this for decades we have $35T in debt, which we pay a massive amount of interest on. Almost $900B will be spent on "debt servicing" this year alone, that's about the same amount as the entire budget of Italy. Soon 25 cents of every dollar of taxes the feds take in will be wasted on paying debt interest. So yeah, not much capitalism going on. There's plenty of greedy people doing greedy things, but the system has been manipulated to suppress and distort the free market for a very long time. That's not capitalism.

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Post ID: @2iku+1tPDzms9

“Modern American capitalism is a horrible system.”. Then why does half the working force of the world want to work here? Go somewhere else and practiced your communism.

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Post ID: @1mpg+1tPDzms9

Typical fallacious MBA thinking: Fire everyone with a senior title so that they're all willing to be hired back under a junior title with the same requirements.

Then whine to the government that there are no qualified candidates because everyone wants more money than businesses are willing to pay. Modern American capitalism is a horrible system.

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Post ID: @gsg+1tPDzms9

Good. Good there is this push. Full disclosure I have Senior in my title but I have been here less than 10 years and wouldn’t care if I was affected.

Right now I see so many Seniors all over and so few Associates it’s a joke. I’m in a team of over 30, all “Seniors” but more than should be admitted can barely make minimums. It’s all Title By Attrition vs Merit.

Unfortunately this purge has to happen. Those with titles that display experience but who don’t actually perform to that level won’t accept a voluntary demotion and reduction in salary so what is an org supposed to do? It also provides career path progression to come in as a junior vs now where we are too heavy with “experience”.

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Post ID: @fiw+1tPDzms9

Probably a coincidence. What's not a coincidence is that shart wants everyone that's been here longer than him gone. Even that S stain knows the issues involved with having people around that 'know how good it used to be'. That's intolerable to failed leaders like shart.

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Post ID: @pdq+1tPDzms9

Let me guess, and you were always an exceeds. While still on the same team doing the same things year after year?

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Post ID: @jll+1tPDzms9

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