Wells Fargo Employee asks for the entire company to get a 10K raise vol: Dude made a good argument

[fontaine]

My dude penned a letter to the CEO asking to give everyone a raise since the company was doing so well.



I think they'll go back and say "we cant because if the economy tanks, we wont be able to afford our multi million dollar bonuses"

I'm all for CEO getting paid when they bring value. There is a such thing as corporate welfare, but some CEOs bring dat work.

But my man made some great points in his letter.

CLICK HERE FOR LINK

Here's the letter he wrote

Mr. Stumpf,

With the increasing focus on income inequality in the United States. Wells Fargo has an opportunity to be at the forefront of helping to reduce this by setting the bar, leading by example, and showing the other large corporations that it is very possible to maintain a profitable company that not only looks out for its consumers and shareholders, but its employees as well.

This year Wells Fargo in its second quarter alone had a net income of $US5.7 billion, and total revenue of $US21.1 billion. These are very impressive numbers, and is obvious evidence that Wells Fargo is one of, if not the most profitable company in the nation right now. So, why not take some of this and distribute it to the rest of the employees.

Sure, the company provides while not great, some pretty good benefits, as well as discretionary profit sharing for those who partake in our 401k program. While the benefits are nice, the profit sharing through the 401k only goes to make the company itself and its shareholders more profitable, and not really boost the income of the thousands of us here every day making this company the prestigious power house that it is.

Last year, you had pulled in over $US19 million, more than most of the employees will see in our lifetimes. It is understood that your position carries a lot of weight and responsibility; however, with a base salary of $US2.8 million and bonuses equating to $US4 million, is alone one of the main arguments of income inequality. Where the vast majority, the undeniable profit drivers, with the exception of upper management positions barely make enough to live comfortably on their own, the distribution of income in this company is no better than that of the other big players in the corporate world.

My estimate is that Wells Fargo has roughly around 300,000 employees. My proposal is take $US3 billion dollars, just a small fraction of what Wells Fargo pulls in annually, and raise every employees annual salary by $US10,000 dollars. This equates to an hourly raise about $US4.71 per hour. Think, as well, of the positive publicity in a time of extreme consumer scepticism towards banks. By doing this, Wells Fargo will not only help to make its people, its family, more happy, productive, and financially stable, it will also show the rest of the United States, if not the world that, yes big corporations can have a heart other than philanthropic endeavours.

P.S. -- To all of my fellow team members who receive a copy of this email. Though Wells Fargo does not allow the formation of unions, this does not mean we cannot stand united. Each and every one of us plays an integral part in the success of this company. It is time that we ask, no, it is time that we demand to be rightfully compensated for the hard work that we accomplish, and for the great part we all have played in the success of this company. There are many of us out there who come to work every day and give it our all, yet, we struggle to make ends meet while our peers in upper management and company executives reap the majority of the rewards. One of our lowest scored TMCS questions is that our opinions matter. Well they do! This email has been sent to hundreds of thousands Wells Fargo employees, (as many as I could cc from the outlook global address book). And while the voice of one person in a world as large as ours may seem only like a whisper, the combined voices of each and all of us can move mountains!

With the warmest of regards

CLIFFS

dude been w/ the company for 7 years and got a $2 raise
CEO got paid $19M+ last year
dude sent an email to the CEO and entire company asking for a $10k per employee and did the math w/ a solid argument
corporate execs will give some runaround answer and he'll prolly get fired soon.

 

[cashbanks]

He must have another job lined up

 

[Ube]

Good for him for speaking up.
Hopefully it doesn't get his *** canned though.

 

[you go boy]

that dude got some balls but hey i dont blame him 2 bucks raise after 7 years is terrible... but thats how it works in corporate the employees always get played out... i would be lucky if i get a .50 cent raise per year and thats with a good review ... hopefully this works though cuz my mom works for wells fargo

 

[rocman23]

damn, folks out here really getting raises that low?

 

[ooiron manoo]

damn, folks out here really getting raises that low?

People don't know because poor people don't talk about salary or wages. They keep it secret. It's rude to ask. When the 1%ers have their series made public and utilize that information to make more money and get bigger bonuses.

Hard to go to your boss and say you should be getting paid more than x employee who has less duties when you don't know what anyone makes. Seriously ******ed logic. If salaries were out in the open, the market would be more competitive and employees would be more motivated.

 

[al audi]

IS what it is imo. Sucks but if you wanna make more than your job provides you gotta go out an do something. I don't put faith in any corporations. It's all about numbers and profit.


Go to work everyday to make somebody else rich. BOSS stands for built on self success.

 

[dabottom305]

damn, folks out here really getting raises that low?

I worked for CBS Sports as a temp for nearly 3 years and never got a single raise. There was no benefit to being a temp and they refused to bring us as permanent because it would probably cost them more

 

[yeah]

This is why people need to know their value and negotiate when it comes for contract renewals and performance reviews. $2 raise after 7 years of work is downright disrespectful.

 

[nawghtyhare]

**** our u union going through a contra t dispute right now
Our contract (county employee) was up on the 12th
We Renegotiating now
We can't strike though that's against our contract
Hmmmmm but if its up can't we strike???
Oh well
Hope they get what they asking for

 

[nikeskywalker]

Dude must be crazy ....make $15-19 /hr. + 2 weeks paid vacation. Crazy 401k contributions... full medical / vision / dental.

My complaint with wells fargo...

I madr it to the 2nd interview this past MAY. BUT A SCHEDULING CONFLICT MADE ME LOOK LIKE I DIDNT SHOW UP TO THE INTERVIEW. So I have to wait 6 months to reapply.

THEIR EMAIL INFORMED ME OF A MORNING APPOINTMENT FOR A GROUP INTERVIEW...
Which I went to

WHILE I HAD RECEIVED A LETTER INFORMING ME OF AN AFTERNOON GROUP INTERVIEW...
I explained this to the HR mgr when I went to the morning interview.
Sure enough I receive a recorded phone call stating I missed the interview.

I never got a call back. When I inquired about this they explained that I applied TWICE!!
ONCE ONLINE... WHICH SET UP THE MORNING INTERVIEW
2ND WAS ACTUALLY A 2ND INTERVIEW... I HAD MY FIRST INTERVIEW VIA A WALK IN LOCATION IN MANHATTAN BEACH

THEY JUST DIDNT WANT TO HIRE ME.

 

[HankHill]

$2 over 7 years as a salaried employee? You must really like your job if there's no additional bonuses or commission with whatever you're doing.

All companies I've work for have mid-year and annual reviews of employees that determine pay increase. Had a 5% increase in salary after my first year.

 

[mr jordan04]

If he's making $15-19 an hour, that $2 an hour is like a 10% raise. I don't know where yall working that you're getting a 10% raise every year

Like dude said above, $19 an hour, 2 weeks paid vacation, matching 401k, quarterly/yearly bonus' likely, full benefits (which are expensive af) isn't bad

I think the bigger problem here (and what I face with my paycheck) is all the **** we get taxed on. You're making all that money but getting taxed 25% after its all said and done, gives you little money to play with after all your bills and ****. Then you see all the dumbass government spending and is just upsetting.

 

[johnnyredstorm]

yeah because shareholders want to see every employee get a 10k raise

 

[mr jordan04]

yeah because shareholders want to see every employee get a 10k raise

right?

All the employee sees is the profit reported and is like wtf why can't they pay me more.

So should Apple pay all their employees at the Apple Store 100k a year since they're making so much money?

 

[trynafeelmink]

Corporate greed at it's finest.. but i'm dying at the thought of an employee thinking that this will matter to any of the higher ups. Some of those guys would literally shoot one of their lower employees in the face if they didn't have to face consequences.

anybody who's in a big corporation and is building billions a year.... while working in the banking system of all things, doesn't give a **** about the general public.

 

[$tacy]

He must have another job lined up

 

[360waves]

Wells Fargo is the west end of an east bound horse

 

[kidkidd]

I work for wells and I definitely feel where this dude is coming from, every morning we have these lil huddles where that's all they talk about. **** I been pressuring my manager for that raise for the longest. Though emailing the CEO with this bs is sure way to get written he won't get fired for it.

 

[Maximus Meridius]

that dude got some balls but hey i dont blame him 2 bucks raise after 7 years is terrible... but thats how it works in corporate the employees always get played out... i would be lucky if i get a .50 cent raise per year and thats with a good review ... hopefully this works though cuz my mom works for wells fargo

Hell yeah. After 7 years and all you get is 2 dollars... I need to talk to somebody. Dude is probably doing too much with this letter though.

 

[keel252]

People don't know because poor people don't talk about salary or wages. They keep it secret. It's rude to ask. When the 1%ers have their series made public and utilize that information to make more money and get bigger bonuses.

Hard to go to your boss and say you should be getting paid more than x employee who has less duties when you don't know what anyone makes. Seriously ******ed logic. If salaries were out in the open, the market would be more competitive and employees would be more motivated.

100% agree


At my job in my area we do 3x as much labor work as other departments. We all get paid within the same range, but hands down my area does more work. We complain to the coaches all the time, but they have their pipe tucked so far between their legs. They won't speak up.


Funny thing about my job is when I first started there it was all about the employees have the right to speak up and be heard and how our voice matters. Now these new big wigs moved in and it's like everybody are now robots.

 

[freeze]

He's definitely going to get let go soon. You never just shoot an email to the top guy. This isn't the movies where renegade actions garner respect lol. Chain of command b. I hope he has some dough saved up.

 

[ill steelo]

damn, folks out here really getting raises that low?

Ridiculous. Even if your company won't give it to u then u can jump to another company and get a raise that way.

I refuse to work at a company with zero growth potential in salary, I don't care how high I start off. Did research on my company before accepting the offer, and even average employees double their salary at the firm in 5-6 years. And then u can jump to another company after that and get another substantial raise.

 

[6 Rings G.O.A.T.]

$2 bucks raise.. DAMN!!

 

[dnero1]

corporate execs will give some runaround answer and he'll prolly get fired soon.

smh.. sad but must likely gonna happen