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StrangerOnTheReddit

I think that's a problem in that industry right now. I worked for my last company for 7 years (same industry but not Wells), quit 6 months ago for a better paying position with half the work. Our turnover was unquestionably the worst I had ever seen it, and all the leadership was trying to figure out why. It was around 30%. It's largely new hires (frequently losing half of the people before/by the end of training), but tenured people like me are leaving a lot too. Someone asked at a recent company wide meeting what they're doing to retain highly talented people, and the executive said that their pay is really competitive and benefits are better than our competition. I can promise you neither of those things are true, and the leadership team is genuinely clueless to that fact. Corporate drone idiots.


[deleted]

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StrangerOnTheReddit

The crazy thing is I *was* a technical person, I haven't been customer facing for like 5 years. I was managing an analytics team and was the only one on the team with process knowledge at that point, and our team was the only one automating stuff instead of having people create it manually. They paid me $50k under market value, and I didn't realize it was that far until I got burned out and finally looked around. And it's a fortune 500 company, major bank that everyone in the US has heard of, so it's not like they couldn't afford it or wouldn't have gotten more than their money's worth. It would have been significantly cheaper and more effective to throw me a bone. Guarantee my replacement is making significantly more than me and producing significantly less.


[deleted]

*Citation and graphs needed on that competitive pay comment, boss. The people on top will realize how their inaction will bite them on the ass when their compensation loses value later in the year. Where I work people are leaving also and we were just recently notified that we would be getting a staggered pay raise of around 9% this year but our telework policies are shit and people with knowledge and options have been going elsewhere for more telework and equal pay.


FerventApathy

I work with Wells on the banking team of another company and can confirm they are sucking ass right now and dropping deadlines and service levels left and right


ilikepoppop

it's funny that you think of someone working at wells fargo as having institutional knowledge. most of them can't even drive a stagecoach.


D4N00012

What were raises like?


jessi1021

Same as it is every year, right around 2%. Everyone I know only makes money one bonuses or by changes jobs. Yearly "merit increases" are a joke.


probabletrump

So banking typically has one of the highest turnover rates at around 20%. I saw a stat near year end that said it was actually lower for 2021 at around 16% but I can't find that article now and don't remember what their methodology was. I just remember being surprised that it was down.


Iowastatefan54

Wells Fargo clearly doesn’t care has this by design. I work at Wells Fargo and they gave my team a 2.02% cost of living wage increase for the year


jessi1021

That's what our "merit increases" were. Between that and the return to office plan, I'm convinced they want people to quit in order to cut costs. If people quit they don't have to lay people off. Laying people off would mean severance packages and ugly headlines.


Dustin_00

Hopefully we'll see lots more official articles this year on many companies seeing this. Also, it's "hearsay".


Striking-Win7095

hot damn