I have talked to 3 people in last week who told me they are relocating to a hub, at their expense. They must be real Company men/women. It is a risky bet $.
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Keep thinking you're safe Charlotte. For now maybe, but all that means is that you're last to go. Eventually there will be 1 hub, NYC. Everyone else will be gone / contracted / outsourced.
@hzy+1c5Wgc6b
Close but not quite right.
Phoenix, Salt Lake City, Des Moines and St. Louis are all shrinking areas. 2 of those 4 will be down to nearly nothing in 5 yrs or so. The two that remain will be absolutely stagnant for hiring/job growth. Maintenance jobs and employees feeding the machine, basically. Of the two closing - one is closing due to crime in the area and the fact that nearly everyone working there complains about the building, and the other is due to the fact that none of the executives like having to travel there at all, outside of the ones that live there.
Dallas (the new Phoenix) and Charlotte are growing and yes Dallas is the greater of the two. Minneapolis, San Antonio will see some cuts but then hold at a marginally above stagnant position, meaning some growth in lower and middle level positions. NYC will continue to be the executive hub and will share with Charlotte. The rest will be drastically reduced or closed like the two I mentioned above. You’re right in that those changes will come down quickly to those smaller places: 6-12 months (18 months if it involves relocating equipment to another location). San Francisco will continue to push onward as the execs siphon off to NYC.
Yes Manager approval. Just because WF has said a certain location is a hub, doesn’t mean your LOB has chosen it as a hub. Read the RTO faq and you will see that Manager approval is required in advance of any moves.
Depends. I had one of my directs move at their own expense, but it moved them from a very rural area to good-sized city. The argument was to deal with re-location and also give more options if they wanted to leave WF. I tried to get this person a relo package, but could not get one during COVID.
what is the process to move from one hub to other hub. Just manager permission and address change?
I guess you could say I'm "specialty departments" then. There's no way to create a hub in my group because it has to be distributed for business needs. Could just downsize everyone, but hubbing isn't physically possible.
Your group might not have an identified hub, YET. This is a company-wide effort that's been in the works with HR, CPG, and department heads for months.
The only US market locations that will grow headcount are Phoenix and Dallas. The ones where headcount a will be maintained are: Charlotte, Minneapolis, Des Moines, St. Louis, San Antonio, NYC, and Salt Lake City. Aside from a few other locations being held for specialty departments, all other locations are planned to shrink and/or exit. Final timing for this is TBD, but if you're not in a "grow" or "maintain" market area, expect this information to come down relatively soon. My guess is it will be announced more widely within 6-12 mo. I wouldn't be surprised if they hit us with it around the time they roll out all the job title changes in January.
Most groups don't even have an identified hub. Nearest building, sure, but I don't know how that forces relocation. Have your MAC mail delivered to the branch nearest your house and call it good.
- WFC changes their structure and plans (and CEOs) with the wind.
- Our current CEO changes jobs with the wind. Charlie is going to be gone in a year, and who knows what kind of structure the next CEO will want?
- Who wants to pick up and move for a company who has committed to laying off 1 out of every 4 employees?
- Would I move to a new city for a serious promotion at a growing modern company with a bright future? Yes. Would I move to a new city for the exact same job at a shrinking unstable company who’s in trouble with the Feds? I would hope that I wouldn’t need to make that choice.
not really. there are a ton of companies at each of the hub locations so, they may be increasing their prospects to other jobs and companies.
I would never move for this company. Take the severance and run. Much like the housing market being a seller’s market right now, it’s also a job seeker’s market too. If you move, there’s no guarantee that you won’t end up on the chopping block later.
The only reason I could see doing that is if you just really want to move to that area and to go in having a job when you get there. Then after getting settled, start interviewing at other places.
One thing you can always count on is for people to be stupid.
Sweet
Ok