There is no law that makes any company pay severance. I keep hearing they don't want bad PR...that ship sailed a long time ago.
11 replies (most recent on top)
If severance goes, we will lose a lot of tenured folks right away. That’s literally the main thing that keeps me here.
@1pdi+1mUKKTJ7 - Can you provide details?... just curious what law this falls under since it is not required to provide severance.
Actually, it is the law.
CS would like nothing more to scr€w over every person he displaces with that gem of a move.
However it would be very unwise. That type of change would need to be updated and published in the handbook. And if that happened, I’d be the first one shouting from the rooftop all the dirty laundry about every single person and process. My days would consist of contacting every news outlet, BOD, Regulators and anyone who’ll listen.
At some point, c-suite has to realize you can only push your employees so far. That is an enormous risk - to continually pi$$ on your employees. And when your mess with work shifts (RTO) AND pay (severance), you will bring out the absolute worst in employees. And that’s when some id--ts will start making bad decisions that impact customers and the bank. Not me on that one, but others will want to get one over on the company.
The severance practice probably goes back decades.
Speaking of several decades ago...
Back in the 1960s in small towns, people would hump each other on couches in the backyard. Broad daylight, no privacy fence.
Nowadays it's tuck-friendly apparel at Target.
Wells Fargo owes every employee that is laid off severance pay for the pain and suffering endured after being employed in this sh$thole. It is like combat battle pay for the mental abuse received.
Given my history of asking and not receiving from WF (applicable skills training, career advancement, more money based on actual merit, etc), severance will also not be awarded.
I'm going to get screwed over while my whole team who didn't want to get laid off already got theirs.
Why don't you learn how to proof-read. It's not that hard, yaknow?
Paying 100 employees who make $150k/year for one year of severance is still millions of dollars per year cheaper than paying a CEO $20+ Million per year for a declining share price.
Don't put this out in the ether. WF would love to get rid of it, but the backlash would.be intense (would likely reach media, too). Reduction in severance would be awful, but is more likely.
This is surely discussed in the budget meetings and will likely quietly experience changes.
However, there maybe some law in place where if benefits are promised during a layoff period, modifications may be regulated during such time until after such period of ends…