WF needs to come up with an incentive for those who qualify for retirement but are not at retirement age. That would clear out so many people and the company would unload cost of long tenured employees who probably hate their job anyway.
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@1mmj+1vy4Lo2X lulz, stop doing your job if you want to be laid off.
No one can convince me that HY cares about expenses. At all. Sure, they use it as an excuse to fire some people, but they lie about the reason for layoffs on a daily basis.
As others have said, don't waste your time fantasizing about an early or voluntary retirement offering. It's not a cost save and it will never happen.
Omg this would be amazing- I hate this place and tried to volunteer for severance but was told it wasn’t possible. I anxiously await each Tuesday after payday hoping to get cut but hasn’t happened yet…for some reason I am being kept around…meanwhile I do my job and try to keep my sanity.
OP must be new to this board. Early Retirement packages costs Wells more money than a layoff or waiting until the disgruntled employee quits. Early retirement would have occurred in year one under Charlie, if they were interested in offering it.
If you're FT for 10 years you can retire. Basically all you get is a small discount on health insurance. That's what I was hoping for but missed it since I got laid off earlier this year.
The sadists in HY enjoy tormenting us way to much to ever approve of such a plan.
As a former federal employee, we used to have VERA/VSIP - voluntary early retirement authority whereby the feds would target certain job series that were overfilled. They would offer early retirement and sometimes VSIP ($25,000) to take it. Great deal. It was never offered to me. I put this in Loud speaker like a year or so ago and never heard a peep!
About the only way that you might be able to do it is informally with your manager -- e.g. tell them you'd take a package if they're looking at additional layoffs in your group.
I'd take a package at this point -- or soon (gotta get that 401k match and bonus).
Retirement from wells doesn't get you much of anything really.
Well, if some offered the person who was forced back into office in her 60s if she would leave with bonus and 401K march I am sure it would have been a good deal for the bank and her to part ways. Now she sits around for 3 months
We need to start with the CEO who, after 5 years of continued asset cap suffocation, has only managed to clear like 2 regulatory hurdles while creating a culture of fear and anxiety. What a transformation! At what point do our executives get held accountable?
Meanwhile, Chase is up over 300k employees and Bank of America gives their employees sabatticals after 15 years of service.
I think informally that already exists and so is more case by case / varies by LOB. Not sure if ever there’s any sweetener in the severance payout above and beyond policy. There can be a win-win if somebody who is fairly soon to retire anyway gets it nudged forward but with severance.
I asked HR that same question in one of their sessions regarding location strategy months ago. They said voluntary displacement/retirement were not being considered based on age/years of service. I asked since I’m one that would jump at it if they offered.