I am still 100% remote because I do not live near an office option. I received no merit increase. I know of another who also doesn't fit the R.T.O model and received no merit. I can't help seeing this as a sign I will be getting walking papers. My thought is they don't want to pay severance on a higher wage. I am interested to learn if others who don't have an office option have had a similar experience of zero raise?
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Location and pay are not correlated. Nor were considerations about future layoffs part of the equation. Comp numbers were submitted back in November. Unless individuals received completely different guidance than what was posted on the HR sites, managers did not take into consideration whether an employee is remote or whether they are likely to be terminated due to where they sit.
Side note - if you are unhappy with WF try checking in with your friends over at BofA. Exceeds rated employees were treated worse than Meets employees here. Not saying that WF did anyone great favors this year in compensation but it could be worse. BofA was far more profitable ($26.5B vs $18B for WF), took a much harder stance on annual comp, and they are really stingy with severance.
No correlation whatsoever. Been here forever!
someone in tech displaced today. remote and far from hub location.
I'm in tech and remote no where near a hub. Received meets with a 1.3% pay raise which comes out to about $1,355 a year.
No merit, half bonus, laid off today. Someone posted this "formula" here last week and they were right.
Oh the options for any random WF employee:
#1 Stay and be miserable, set no expectations
#2 Stay and be miserable, have severance dreams
#3 Quit, embrace uncertainty, forgo severance (this is the best option, deep down you know it, I know it)
A few reasons we don't choose #3:
- Nearing retirement
- Complacency (path of least resistance)
- Lack of skills (subjectively and objectively)
- Undecided on next job, maybe a career change
- Financial uncertainty
- Medical reasons
As humans we are really d-mb, we each hold ourselves back. So let's discuss what we can control now w/ no risk:
- Review finances, control spending
- Hire a career coach
- Hire a freelancer to revise your LinkedIn profile or resume
- Find a therapist to work through issues (motivation? unhappiness? etc)
- Self care (nutrition, exercise, quality sleep, social)
- Get a mentor (this is a challenge and requires thoughtfulness, readiness)
- Set a date to leave
I believe in you!
This is what WF grossly fails to appreciate: You!
I am fully remote and 100s of miles from the nearest office and did receive normal merit increase and bonus payout, so YMMW.
For additional context I am currently on a medical exemption.
Classified as "remote," but I occupy office space in another type of Wells building.
I was advised last year from my leadership they had little confidence that I'd be retained in my Org because of location; however my building isn't closing, and that team/org isn't trying to push me out of my office.
I received a meets, my bonus (35% ish), and a merit increase of around 4.5%. I know the writing is on the wall and our situations are all different, but figured I'd offer that up.
100% remote tech here, raise was 5% lower than last year's, bonus was 3% lower. No clue where the nearest LOB hub is but I imagine it's close to 100 miles away. I still don't understand why I haven't been laid off but suspect it's because both domestic and India refuse to cover the hours I grudgingly work.
I'm sending resumes out like political mailers in the hopes that I can get some double-dipping in before the chainsaw finally cuts my tree.
I’m in a core location and had a good review. Received my full bonus but only $1500 merit increase to my salary. (.01%) Was told it’s because I joined Wells mid year. I hope I get the boot. I knew immediately this isn’t the place for me but don’t want to job hop so I feel stuck without a layoff.
Is it possible you make too much to get a raise? There's a threshold
Interestingly enough, my peer received a significant merit increase even though we're both being laid off in a week. So the theory about not wanting to pay more for severance doesn't seem to be accurate, OP. Thought I'd mention it. Good luck to you!
I'm remote in an area where the office was closed a number of years ago. Technology. Received exceeds, title upgrade 5%+ salary increase, but bonus was basically flat.
I still expect to displaced whenever though. Who knows. Enjoying the situation while it lasts.
Got a 15% merit increase, a 120% bonus and a boatload of RSU’s . The secret? I don’t work for Wells
I'm remote and not near a hub and got meets with a $0.59 raise. Whoo hoo, 🥳
I'm in the office in a core location, had a good review, and got no merit. What was the reasoning your manager gave you?
Yep, they are hoping you bail so they don't have to pay your severance. Hold out. These NYC clowns don't deserve to get what they want.