Unless you are ready to retire or have other financial means, calling BS on a golden ticket. It take an average of two weeks for every year of experience to find a new job. The severance here for most people will be just enough to find another role. If your skills were that valuable you would have found a new higher paying job instead of waiting for a “golden ticket”
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@ch another one that can’t read, but can write a lot of words that mean nothing
@OP Maybe you do not have many years invested in WF (smaller severance would be expected) or you cannot retire any time soon. It ain't all about you. Plenty of employees have worked for decades and have an idea when they can retire because they have been financially planning to get out of the work rat race. I know someone who retired 5 years after joining WF. For whatever d-mb reasons this company did not/has not/will not ask for volunteers to take a severance package. So, yes, there are employees willing to leave instead of relocating and there are employees who are hoping they get the call so they can bank that severance. It is a shame that those people are not all being picked so the ones who want to stay have a much better chance of not getting severed.
@c7 Same! Got laid off 10 years ago with a half paid off mortgage and promised myself I would do everything to not be in that fearful spot ever again.
The American way of working at a job, slowly climbing up that employment ladder to one day retire is a shattered dream. If you last long enough to make decent pay, you are low-hanging fruit for the financial head choppers.
@ah
I already got out front and told them to package me out if they are gonna do it. They know where I stand. If they try to perf me out, one whiff and I am gone. I can do that as I have that flexability.
@af
Wise words for sure.
Been laid off before in my career. Taught me to prep for the downtimes. Now can relax if it happens to me with no worries about incomes.
I am in the driver seat.
@ag I have tons of recruiter activity, but almost none of it is leading to interviews. It's the worst job market since 2008. The pandemic flash crash was rough too, but it was short lived. This has been ongoing for 2 years now.
Wells pays 20-30% more than comparable employers (probably varies a bit depending on specific position and location). If you aren't laying that extra money up into an emergency fund preparing for a layoff, that's on you. I've got enough set aside in post-tax accounts to weather a couple years without employment. I root for a golden ticket because it will finally get me to get off my a-s and take a proper sabbatical. But it feels like it would be unwise to quit while I'm still able to still keep shoveling money into savings and brokerage. Even with the changes the c-suite have made to try to immiserate employees, this is still a low stress place to work as long as you don't give a sh-t if your job is gone tomorrow or not.
If the powers that be ever decided to offer buyouts I suspect they would see stampedes of people trying to take advantage.
Anyone who thinks 'oh, it will just take a couple months' to find a new job has no clue what it is like right now. There are people with fair experience and people with much experience, even ones still towards the younger side who are unable to find a new position. Some of these are people that others cannot believe were dumped by Wells.
Right now some of the biggest noise in job searching is companies posting positions but then not actually pulling-in people for interviews. Even Wells has admitted to posting fake job openings.
Visit LinkedIn and read-up on what is taking place in the job market right now. If you are not truly at the top for your POSITION -not just firing at every opening- you are not even getting a return on your resume.
This is why you have multiple income streams. Having just one isn't a great idea. I'm hoping to be laid off, this place has gone down hill in the years I've been here. I'm glad I've built passive income over the years so that when the day does come, I can walk out feeling excited for what's next.
I just hope it's sooner than later!
And if you havent already, start making some passive income because your corp job isn't always going to be there for you. It's time to put some of the control back in your hands.
Those that want a layoff, like me, are in a position where they have many years with the company. They’re wine close to retirement or can handle looking for work for several months.
If you’re younger and need the money then yeah it’s a problem.
@a9 another one that can’t read. Seems to be a trend at Wells Fargo.
@a7 can’t read either - you’d fall into the category of someone who could find a better job for more money. There’s no way you can reasonably time when you’re getting laid off till when you have a new opportunity that would be absurd.
@a2 and are illiterate - ironically
@a5 best time to find a job is when you have a job. Employers have a negative bias towards the unemployed..
Not all of us are living paycheck-to-paycheck like you I guess. You keep slaving away.
@OP has definitely not read the room.
Anyone who has worked here long enough to justify waiting for a severance package has a lot more options than they realize. We can stay employed here until WF gets rid of us, while working the job market, which at senior level roles takes longer to land in addition to being budget cycle-driven, and be perfectly aligned to both goals.
Take me, for instance. I've been putting applications out for a few months because I know for a fact the existing job role I've been doing is going away at some point this year. Since I've already been effectively operating at director level, I'm targeting director roles for my next position. It's going to take longer than the average low-mid level tech grunt, so I'm expecting a 6-9 month time frame before a significant, and aligned, offer shows up. So why shouldn't I stay here, soak up the income I have, do just enough work to avoid getting fired, and hope that the timing works out so that I can accept a new role shortly after my notice period expires?
Acting like nobody is looking for a new job until they're actually given notice is just preaching ignorance.
Of course it's BS just like all those 60hr week liars. The exception proves the rule, which is that for the vast majority of people, getting this glorious layoff ticket is a net negative financially. If youre over 60 or your spouse pays all your bills then good for you but that doesnt apply to most people who get canned.
plus COBRA is really expensive and the job market su-ks.
On the plus side, its easier to find a job when you are unemployed. Companies dont like bidding against your current job.
In my case, I am thinking about retiring m, and a severance package would be so much better but no one can time it and waiting with uncertainty might not worth a few months pay.
Speak for yourself. Plenty of people have comfortable financial cushions, spousal support, or other reasons why they aren’t worried.