Look at the thread at Capital One Bank regarding performance management via stacked rankings or forced rankings to fire people or get them to quit. It sounds very similar to WF.
https://www.thelayoff.com/t/1m5aaTlF
8 replies (most recent on top)
All banks are nasty and dirty places.
This has been in place across many large peers for over 10 years now. WF is late to the game.
Here is the thread about performance management at Capital One to fire people.
TheLayoff.com
Thread regarding Capital One layoffs
Performance Management
Beware of Cap1's Performance management system. The company states that they want to be a great place to work, but then they have an outdated performance management system that is highly subjective and where your rating is based on your relationship with your manager as well as how popular you are. At the end of the day the SLT is out for their own best interest. Each leader is different when it comes to what is strong or above strong and some have extremely high standards while others do not. The current performance management system, when there is no quantitative data to back it up, is prone to s-xism, gender bias, ageism, se-ual orientation, or racism. Quantitative data is the best way to evaluate an individual's contribution.
This poor performance management system is easily abused and can be leveraged to remove associates when there is a personality conflict or a manager has another agenda to move someone else into a new role.
My advice to anyone looking to join Capital One...Don't do it. There are much better companies out there. The forced distribution requires that at least 8-15% associates are rated as inconsistent... This will end up to those employees going to a coaching plan then to a performance improvement plan and eventually out of the business...As they state frequently...The bar is always raising...
2d ago by Anonymous
4 replies (last 1d ago)
604 views | 14 reactions (+14/-0)
Post ID: @OP+1m5aaTlF
+14
4 replies (most recent on top)
The absurdity is with forced or stack rankings is that it can only be done for major layoffs and not yearly as a philosophy. Because then you're cutting into the bone and there is no one left to recruit.
1d ago by Anonymous
5 reactions (+5/-0)
Post ID: @1fop+1m5aaTlF
+5
Refer to this thread
https://www.thelayoff.com/t/1lvq9NTe
TheLayoff.com
Thread regarding Capital One layoffs
Feb 2014 - This person's Glassdoor review summarizes their performance management
https://www.glassdoor.com/Reviews/Employee-Review-Capital-One-RVW3658774.htm
0
★★★★★
Former Employee, more than 1 year
Be Warned - If You Don't Play the Game, You Will Get Booted Out!
Feb 7, 2014 - Senior Process Manager in Richmond, VA
Recommend
CEO Approval
Business Outlook
Pros
Good benefits and nice perks at West Creek - that's about all I can say...
Cons
(1) Raises, bonuses, and promotions are based on how others view you instead of the quality of the work that you do - if you are a good "politician", then you will excel here. This leads to people being promoted into people management positions that have no idea what it takes to really manage people. Rewarding people who do nothing but socialize with higher ups is not the way to run an organization.
(2) Very stressful environment where backstabbing and politics are common - I was placed on a PIP because I asked to change managers and the PIP contained untrue information about my work performance. After my PIP was completed and I did everything I was told to do, I was told that I didn't meet expectations and let go - with a huge severance and the option for re-hire. This is due to the fact that they knew I could sue them for gender discrimination and disability discrimination (I ended up having to go on stress medication due to the bullying I endured at Capital One). Severance letter released me from being able to file legal action. In my entire career, I have had better than satisfactory performance reviews and have been promoted over and over again - I have never been written up for performance in my entire life until now. They have trashed my reputation and my career.
(3) This company has a known reputation for being a horrible place to work. When I mentioned my experience to people who don't work at Capital One (such as my doctor), their reply is always that they have heard this happening several times with other people.
Advice to Management
Wake up! You can't run an organization based on popularity versus actual work performance. I had a manager actually tell me "I can make sure you end up in the bottom 20% in calibrations (performance reviews) and ruin your brand in the organization." Another manager told me that calibrations were based on "20% work performance and 80% of how others perceive you." And you wonder why people are running away in droves? These are your managers talking here...Get some managers in there with actual management experience that know how to lead a team effectively!
33 people found this review helpful
2d ago by Anonymous
14 reactions (+14/-0)
Post ID: @1kkc+1m5aaTlF
+14
Simple arithmetic. 15% of approximately 50k employees means that Al Capone aka the Richmond Mafia plan to ki-l off 7,500 people.
there is nobody left when done twice a year. Dont overhire !!!
2d ago by Anonymous
12 reactions (+12/-0)
Post ID: @fwv+1m5aaTlF
+12
THAN YOU FOR ELOQUENTLY SUMMARIZING ALL THE ISSUES!!!
I realized after 2 years. It is exactly as stated by the poster. It took me 2 years to become "woke" about the absurdity of their performance ranking system. And I'm not extremely liberal either pushing anti-christian or anti-conservative agendas. Nothing more needs to be said. Bravo.
2d ago by Anonymous
13 reactions (+13/-0)
Post ID: @tfo+1m5aaTlF
+13
It's understandable for wf to force non tech to rto. If they push tech they will be in really bad shape and they know it. We simply refuse
COVID is over folks. Stop whining about RTO. Everyone is going back to the office except the lazy managers at this company. They seem to think they can stay at home and do nothing which they have done the past three years. If Charlie wants to make a good decision dump 99 percent of the management team including himself.
So true, and WF people will do ANYTHING to ensure their internal employee competition is seen as "unpopular"- lying, you name it. It has nothing to do with work & results, but popularity.
Dear executive management non-team, sh-t or get off the RTO pot already.
Did you think it was only WF? Its every major corporation requiring RTO, which is most of them right now.