Has any leader thought "with polls showing RTO is not what majority of employees want, why don't WE keep WFH for those that want it and poach the really great talent FROM our competitors?" I should get $10M for that idea
14 replies (most recent on top)
Full time WFH at WF has been in play over 15 years. If economy related how do explain their previous profits and success overall? Tech didn't create fake accts dmf
Properties and HR have a lot of power at WF and we wouldn't need most of them if we pushed everyone possible to WFH. Doesn't change much in the long term though. A good chunk of the justification for properties being as large as it is is that every year they can say ' look at those cost reductions!', well there's only so many buildings you can close, only so many you can sell, and only so many leases you can not renew.
Thank you for exemplifying it so well. @sdh
A very thoughtful, useful addition to the discussion as always.
This site is filled with the d-mbest employees this bank has to offer.
I don't think you understand how economics works. Just because WFH negatively affects some areas of the economy, you cannot ignore where it benefits the economy.
The less money people spend on expenses related to driving in to work, eating while at work, on clothes just for work, etc it frees up money for them to spend elsewhere.
A bank like Wells Fargo has no control over whether or not other corporations allow WFH. The fiduciary responsibility of Wells Fargo is to reduce its own costs. WFH allows Wells Fargo to reduce its physical footprint. It needs less office space and all the support structure that goes around that. That is a cost savings.
WFH allows them to hire the best candidates anywhere in the country.
But the WF OC is not forward thinking. They want to compete with the fintech, but are not willing to give up on outdated management practices.
If you can't trust your employees to get their work done while they are at home, you really can't trust them to do so in an office either. There are plenty of ways someone can waste time. Chatting at the watercooler is one of them. Evaluate their performance and if they are not performing, get rid of them.
If you don't know what the plan is, it's likely that it doesn't include you. No need to know if you're going to be downsized / outsourced / contracted. For the record, I don't know the plan either.
Nice suggestion. But in all seriousness, and as some have referenced below, your idea exposes a gaping ho-e within this organization: our leaders have no clear business strategy or strategic plan, and thus they communicate buts and pieces of nonsense and excuses and res herrings to us and expect us to drive growth. Until they can clearly articulate a strategic growth plan, we cannot execute one.
lol -- that's pretty funny. Is this serious?
They've been poached from JPM and BofA a bunch the last few years. Multiple leaders are actually pushing people into the offices, not WFH. COVID put the stop to cramming as many people into the office as possible. Once RTO hits most tech people at least will have to go to the office and long term WFH people will also likely have to actually go into the office too.
The other companies beat us to this over a year ago and have been taking our talent. Thats been the focus of a lot of talk here as we lose our intellectuals to other corporate cultures that are healthier.
I am sure you have noticed the de evolution of the dialogue both here and even in our discussions at the company as people become defensive and reactive often taking polarized opinions on both sides in lieu of leadership that is in touch with the base but has enough power to do something.
These reactions of "see you loser" or "dont let the door hit you on the way out" show limited thought about the implications of losing those who can actually think through problems to concensus.
I think that the damage is permanent and is recognized by leadership with their only remedy being to try and out pay to swap in people hoping some of them are able to see thus for what it is and figure out what to do about it.
White hairs in the OC have horribly misunderstood the problem and other capitalists are going to pick the best pieces over like someone at a junk yard would find rare parts they need to keep going.
Wells can no more keep running without those parts than a junkyard car could without its starter that someone else just took out.
Doesn't really matter if any one company embraces it, tech will eliminate the need to stack people on top of each other in ultra-expensive urban cores. Competitors that embrace the new reality will eliminate the biggy whip makers. It'll take time, but not long. It'll be interesting to see if manufacturing re-enters the big cities in the future, that's a group that actually benefits from logistical concentration.
WFH would destroy the urban centers, resulting in massive losses for investors and the economy. You need to think bigger than just direct benefit/cost, that’s why the big decision makers make those millions.
We're stronger when we work more closely together...in the line for unemployment 'cause we're all getting downsized.
What evidence suggests that the company wants any employees from other companies? They don't even want the ones we have. 200k by the end of 2022, and it will slowly decline after that as well. By 2030 we'll probably be down to 100k.
We are poaching great talent. We just need to clean house of more deadweight so we can offer the real talent top dollar