If getting a 1 or 2 for absolutely no reason, other than guided distribution, should these folks be prepared for the 60-day tap this October, in order to be out by end of year? Is that why the created the "Accelerated year-end timeline" for performance evaluations to take place Oct-Nov???
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They will miss me for a while if I am gone and the former co-workers will "suffer" taking over my former technical responsibilities. That's what I think the outcome would be. c'est la vie. French.
that's life; such is life.
What job families are being looked at? I work remotely and I am concerned that my role will be removed.
Why would WF not offer early retirement like Delta airlines? I bet ally would sign up? Including me!
Point of the often no money available in the Wells Fargo ATMs, after driving all the way over there to get some real cash, is that it is very bad service and will lead to further loss of customers and thus further job layoffs. Let's be very clear about the message here.
We are talking about job loss and you’re worried that the local Wells Fargo bank ATM was 'empty" of money to withdraw from your account today.... and the near by drive through Wells Fargo ATM was also "empty" of money to withdrawn from your account today.?
I guess that you could submit it as a question in a town hall.
The message is becoming more clear every day. The customers, stock holders and employees of Wells Fargo cannot count on the company doing the "right thing" in their interests or contributing to their financial well being anymore.
As a matter of fact there are 3 local Wells Fargo ATMs within my 10 minute driving distance. Of the 3 only 1 of the Wells Fargo ATM branches reliably has money available to withdraw from their ATM. It is VERY inconvenient, as a Wells Fargo customer/employee, to drive to a Wells Fargo ATM with the intent of withdrawing cash from the ATM only to be flashed a message that the ATM has no money available to withdraw. This makes a very bad impression on customers when the Wells Fargo ATM has NO MONEY available to withdraw when the customer drove all the way over there to that ATM to get cash from their account. If I am fired from Wells Fargo, or laid off from Wells Fargo, my daughter and I will, the very next day, be changing our banking relations over from Wells Fargo to some other, more reliable bank. Will also alert all family members, friends, neighbors and new co-workers of that fact.
The local Wells Fargo bank ATM was 'empty" of money to withdraw from your account today. The near by drive through Wells Fargo ATM was also "empty" of money to withdrawn from your account today.
Counting on being able to get some cash from the Wells Fargo ATMs today and there was NO SERVICE.
That local Wells Fargo branch is not one that you can count on for service as needed anymore. I guess it is now closed, or what? Bad public relations when this is happening on a Saturday. One of the first things that I will do if laid off, or fired, from Wells Fargo is switch over all of my account activities to a different, reliable, bank.
I’d rather see those who don’t give 150% each day at work laid off than someone like me who works very hard but in a position that could get outsourced. Good employees should be moved to a new comparable role. Lose the dead weight if we’re cutting jobs.
If WFC management had a heart, they would offer voluntary severance package to reduced desired headcount. But I think this management team has no heart so 1 and 2 rated associates should be ready as they would want to get this done and baked into 2020 restructuring cost.
Where do we find our number rating? I received a meets, but I’m not sure about the number rating.
Do not even bother contesting your review with ER unless there is something unethical or retaliatory in the review. If that is the case, GO TO ETHICSLINE and file complaint there.
There are thousands of employees that were given their 60 days right before covid. WF decided to defer these until after covid settled down. So much for that. So from what I gather the first to go will be these employees and that starts at the end of the week. If not already based on the fact that the amount of employees under Chuck has been decreasing daily. Next will be the 1's, then the 2's.
To clarify, layoff NOTICES will be done by then, but that's when 60-day period begins (i.e., working/non-working period).
Then, severance starts AFTER 60-day period ends. WF pays out severance in two-week payroll periods (not in a lump sum, unless you find new role outside of WF during severance period).
And in most (if not all) states, you must wait until severance ends (is 100% paid out) before unemployment benefit payments kick in. Therefore, no "concurrent-dipping" possible.
Would be nice if WF paid severance in lump sum for everyone, like many other companies do, so displaced employees could start collecting unemployment benefits immediately after unemployment insurance waiting period.
I’m also in the same boat as OP as a forced 2 as a recent hire. There aren’t even examples of this supposed 2 rating in my review. It’s subjective and literally a funny read with nothing concrete. Assumptions and bias presented in vague format.
@iyl: Meaning, notices given by then or everyone is out the door by end of Oct?
My boss, a director, told me today that by end of Oct. all of this is done. Assume he meant the layoffs.
If I were in the 1 or 2 rating bucket, I’d be deeply concerned. I don’t think you’d get a 60 day WARN notice or any severance. I’d be concerned mgt was building a case to let me go and not pay me. Absolutely talk to your manager and ask for specific items you can do to move your rating to a 3. I’d ask for those items in writing so there’s no misunderstanding. Plus, it will help you in case they make stuff up later.
Secondly, I’d work very quickly on plan B in case they let you go. Get your resume and LinkedIn profile in tip top shape. Start (or continue) networking with everyone just in case. If you manager asks about this, just let them know you are concerned with the rumors of the pending layoffs.
I’d also let everyone I know, personally and professionally, that you are looking for your next career opportunity.
I, too, am in the same situation as the OP. 1s and 2s are low hanging fruit and I suspect will be the first to go no matter what LOB. If there’s any truth to what I’ve heard, it will start in August and 2020 layoffs will wrap up by no later than mid-October.
Agree there will be other factors than your rating. If your department or LOB is considered understaffed, or even appropriately staffed, than I would imagine you will be safe.
Having said that, I would do anything I reasonably could to attempt to stack the cards in my favor if I were rated a 1or 2. I would do this even if there were no pending layoffs. Talk to your manager if you’re not satisfied with your rating, keepIng an open mind regarding constructive criticism, and ask for specific actionable items to improve your performance. Everyone is somewhat beaten down, it seems, but please don’t be passive and let someone else determine your fate. Especially those who might have an agenda that isn’t pro-you. Be smart about it, but don’t let someone define you as “below meets”. We all have positive talents, abilities and skills. If I end up getting chainsawed, at least I will know that I recognized my worth and gave it my all.
I'm actually in the same situation as the OP. It's obvious they are building an "under-performing" case, without any merit other than guided distribution and subjectivity. What is the typical duration if they can't get rid of all of the 1s and 2s by end of year? Is Charlie's playbook to revisit every quarter? What has he done in the past? Does anyone know?
I don’t think that will be the only criteria or even the primary one. My guess is location, business unit / profitability will come first
I'm guessing 1s and 2s are only one criteria of many that will drive the layoffs and doubtful the entire planned layoff occurs by year end. Likely more of the phasing out of business lines that are deemed unprofitable and culling of non performers and overpaid management. Guessing however by October WFC will communicate the total number targeted.
Great question and I think that we all will just need to play the "wait and see" game.
Since the rankings/ratings are forced there will be ~50,000 workers rated a– and 2's. I doubt the company could whack that much on the first shot. But I've heard this regime uses chainsaws and not axes...so we will see.
Referring back to an earlier post here, I would agree that all 1’s and 2’s should respectfully attempt to make a case for a higher rating based on the subjective nature of the evaluation process at Wells Fargo. Especially if you think you are unfairly on the wrong end of some forced distribution of ratings. Probably nothing to lose. It’s just the nature of what is happening right now, unfortunately.