So here is my situation.. I was a P5 (Senior Lead..) and then laid off early May...I am currently on Notice period and I kept applying within Wells (for both P5 and P4 positions) and then got an interview for the P4... and about to get an offer for the P4 now...
OR
If you are in Technology,I would suggest seeking a job elsewhere. Not only do you have to deal with reputational damage from the enterprise, but you have to deal with incompetence from WFC IT.
If you aren’t IT, weigh your role and it’s benefits with the negative of having to work at WFC.
"Wells Fargo looks horrible on a resume."
So are you magically removing it from yours? What a stupid take.
Wells Fargo looks horrible on a resume. It's hot garbage. Hugely dishonest company. Don't fall for any of their bogus PR. You'll end up over promising and under delivering in terms of skills learned because most of the staff is toxic.
Thanks, will use my Executive Director corporate title instead.
I would rather be a senior vice president at Bank of America than being a senior lead consultant at Wells Fa-t. It doesn't look good on a resume.
Wells Fargo employees' market values are much much lower than employees values at other companies because of the bad reputation of Wells Fargo. That's one of the reasons you can't get a better job at other companies. Besides, nobody cares to hire someone with such a strange title like a senior lead consultant (only at Wells Fargo). In other words, either you are stuck at Wells Fargo as a slave, or find a lower level job at other company.
Wells fargo is interesting in that I see so many extremely accomplished people come into the company at the P4 level (vice president) when it is abundantly clear they were above that at their previous firms. Am I correct to assume they came in with a salary at or even above the high end of the pay range (and hence they don't care about title)?
The title "Senior Lead..." sounds impressive at WF, but if the title "... Consultant" follows after that, it means nothing to other companies outside WF. Other companies respect only the titles like "Manager", "Director", "Vice President", etc.
Take the offer and keep looking.
Nobody even knows what senior lead means outside of this d-mb place - consider that
attention Do not refuse offer before talking to displacement HR.
I think if you are offered a job back with WF and refuse the offer you forfeit the severance agreement. You may need to take the job to not be unemployed without severance.
It took me over 6 months to find a similar upper level job. In 6 months most posting were instant rejections or no responses. It's a tough market. I say go for the job and keep hunting to find the next opportunity at your convenience.
I did this exact thing last year- laid off as P4 and rejoined as P3. The job market is horrifically bad right now and WF pays better than a lot of companies, so I certainly think you should at least consider it. You will keep your tenure if re-hired within 180 days.
Anecdotally, it seems that high-level titles can be off-putting to potential employers. Those titles demand higher wages, and companies aren't looking to spend right now. To combat this, many people are stripping levels, like Lead, Senior Lead, Principal, etc., from their job titles. So if you're worried about the job appearing to be a step down from your prior role to a potential employer, there are ways around that problem.
I can't believe the stupid responses here. Tech and Finance jobs are extremely difficult to get right now. People commonly report looking for jobs for six months or longer, only to frequently take 40%+ pay cuts when they do find work. Unless your principles weigh more than your wallet, swallow your pride, take the darned job, and keep looking.
3
Don’t willingly climb back onto the sinking ship
Any money is better than no money, unless unemployment exceeds your salary -- and even then, unemployment will run out.
This. Take the offer and keep looking. It is a tough market and better to be employed when looking (not sure how long your severance is). You only have to put your most recent title on your resume. It can take a while to find an external job and even if you leave in 2-3 months who cares? This company laid you off once, always do what's best for you.
The firm is poorly run and clearly doesn't have any regard for you. If they did you wouldn't be displaced and then rehired at a lower salary. Spend some time looking for quality work. Wells Fargo has no value.
Negotiate paid relocation to India. Cost of living is an order of magnitude less there. You will live like a king! You will even be able to afford a domestic housekeeper and daily massages.
OP I understand the psychological aspect of what you're trying to figure out. If you take the job it may toy with your mind that your pay is less. (But wouldn't the duties also be less demanding?)
At the end of the day it's emotionless money.
If you take the job, even at a lower rate than you're used to, you just need to decide if you can do better in both the short and long term somewhere else. If you're pretty sure you can't do better, take the job and find peace with the situation.
Also, you can take the job and still hit the market later on.
Personally, I'd hate to be unemployed. I would take the role (in the absence of other offers) and worry about the +/- on the comp later on.
Don’t get forced into a lower level position. It will feel secure and good at first, then the resentment will set in. You may work years and never make it back to your current level.
This move would also be a red flag for external recruiters no matter how you spin it.
Hate to tell you this, but if you’re on notice or severance and get an internal offer, regardless of level or salary, you either take it or forfeit your severance. Don’t believe it? Call your displacement number.
go elsewhere if you can
Try to negotiate your salary higher and take the job. If you don't like it, just keep looking for alternative employment.
I had to take a reduction in salary several times over my career as I have grown fond of three square meals a day and a roof over my head. Things seem to have a way of working out eventually. Good luck.
A job is better than no job in this current market. Lots of people have not been able to find jobs in more than 6 months.
I would lean towards 3. WF is becoming a cesspool. Increasingly all new initiatives will be done in/with India.