So I was laid off from mortgage in November. I’ve been with wells for 22 years and I’m 52 years old. I now have an offer for another position with wells with the same base pay. I also have an offer with a much smaller company with a 10% increase in salary. Is it worth staying with wells or leaving for good?
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If you have to even ask you know the answer. Take the new job with the new company that is going to respect yiou!
Don't go back , some of us with over a decade in are praying we get selected for the next round of lay off :) you did your time, take a chance and try something new , after you cash out that severance package lol
If you even have to ask, then you're hopelessly brainwashed and deserve WF (even though WF wanted to kick you to the curb).
I'm in a somewhat similar situation. I was laid off earlier this year; recently accepted an offer outside of the company. I think the odds are good that I could have got another job here that pays more than the offer I accepted and kept my benefits, but I've decided to take a chance and leave as this is my chance to see what its like outside of this place and a chance to escape the up-and-down mortgage world. Trust me its not an easy decision and I question if I'm making the right choice often, but only time will tell. My advice is to trust your gut. Good luck on your decision.
Def leave this hellhole. Only thing good is the pay.
I left after 22 years, my advice, get the F out and don't look back.
I would have left 21 years ago
If you're considering the possibility of losing PTO, you should calculate the time lost by starting over with another company vs your 28 days of WF PTO accrual based on 22 yrs of service. Let's say you're losing 40 hrs of PTO, I'm fairly certain the $10k pay increase will be more than enough to cover the lost PTO.
Plus, does your commitment to WF match WF commitment to you? I think not.
Some people don't understand the mortgage business. They are constantly growing and contracting based on loan apps. I've had friends that were laid off twice at Wells twice because of the industry. He's now out of that biz and we'll on his feet. He kept all his LOS and may even still have pension money.
Not a vote either way, just a newsworthy company when a similar question was asked last year about a specific company. The San Jose footprint and remote work allowance swept up a few Wells colleagues
https://www.thelayoff.com/t/1hVSQUuR
If you choose to stay you have Stockholm Syndrome
If you're fully and broadly able to invest for retirement, and it's a priority to you, another place that matches regularly throughout the year - instead of the ludicrous year end - would be at least as valuable as any reset in pto. For some, not all.
For me, based on where markets should fall this year, the one-time year end match is evil and frustrating
That sweet, sweet PTO is the epitome of golden handcuffs.
Leave; I did at age 63. Went to a much smaller company same 401 at 4% but I was vested immediately and the match is every pay period. Also, the company culture gives everyone the day after Thanksgiving and Christmas as free days off. The thing I found unique was how much faster I work than everyone else. Of course my new employer isn't under constant crisis conditions and has the luxury to be thoughtful and doing things once, right.
PTO is negotiable
Is the new job offer also within mortgage?
Personally, I'd take the small company job. I'd feel Wells Fargo already showed me how much they valued me back in November.
Similar situation here. I valued my large amount of PTO, and the known versus the unknown so I stayed.
There are so many little things that I’ve picked up over the years, how things are done, the culture (even though it stinks at times, it’s still a known), the processes we use, how to get things done, back doors, etc. I finally realized that knowing these things were more valuable than I had anticipated and I would have to re-learn all those things at a new company. Could I have relearned them? Absolutely, but at my age, I didn’t really want to start over.
Take all skills to new bank, don’t look back! You GOT IT!
Will you be a rehire? If yes, there’s a lot to consider. At a new company you won’t be fully vested in the 401k for a few years. You won’t have anywhere near the PTO.
What happens if you are displaced again from WF? Will you get severance based on 22 years or on your new start date?
And most importantly, what about the working conditions? Which office is closer? How important is WFH to you, and which company best meets your needs in that regard? Once you accept a position it’s all about your day to day life. Where are you least likely to dread Mondays?
Of course you can’t know until you start, but you know what WF is. You will be living with the constant threat of layoffs, but no job is really secure.
Do you know anybody at the new company? Can you get a few glasses of wine in them and get them to spill?
Depends on what is important to you. If the new position at WF is going to continue your service time and you'll have all that PTO, that would be hard to give up, to me.
WF did not want you in November....why would you stay? There is a much brighter future coming your way. Run baby and don't look back.
OP here. PTO at new company would be 15 days, 401k match is just 4% other benefits are ok, healthcare is a little cheaper.
Depends. How much does the other company match for 401k? How much PTO and or holidays do they give? Are the benefits any good? A lot more to it than just pay. Those things need figured in because when all said and done is the 10% really more pay?
Do you get all your pro back.or starting over ? 401 k the same ?