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

[jking0821]

Reps to @JohnnyRedStorm  and @Fontaine  for their posts.

The thinking just needs to all around change.  If a company makes a lot of money...then IT SHOULD give its employees a raise or a bonus at least.  In some way shape or form that is lost because employees are viewed by upper management are replaceable puppets not humans.  "Oh you want a raise, no way, we will just replace you, its not like your job is hard"  Is a terrible way to think.  But oh it keeps profits high and that's how you make money.  You can make money and your employees can get raises.  They will be happier, they will want to work for you their quality of life will be better they will contribute more to society.  People should be treated like people. 

 

[johnnyredstorm]

Problem is the shareholder greed. End of the day, the CEO works for the shareholders and he has to do what they want. It's an ugly cycle.

 

[durden7]

^ I would prefer you not make generalizations about an entire generation based on your limited sample of individuals.

You can't go anywhere without hearing about the "entitlement" of millennials (the generation Im assuming you're referencing) . About how lazy, spoiled, and unmotivated this generation is. Which is just flat out untrue.

If there's a generation that has "become one of entitlement rather than self improvement and hard work", look at your parents and grandparents generations. Old people suck this countries resources dry. But they (old people) have a better, more unified lobby (AARP) and vote at rates higher than young people.




No disrespect to you crcballer55, I see you post often and most everything you say is reasonable and intelligent. I just happen to wholeheartedly disagree with your position on this one thing.

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The fact that people were strolling out of bed copping jobs 2+ generations ago... Should let you know we aren't lazy.

I'm not going to break out the Old Economy Steve meme...

But I do have a story.

My mom is looking for a job... And she has NO tenacity. Why? Because coming up, you didn't have to search that hard.

Jobs were lined up for graduates..

cold calling? Networking? Internships? Crap pay?

Not happening back then.

I was listening to in the Herd with Colin cowherd the other day.

He spoke on when he came out of college, he was making $303 a week.

Sounds low right?he made it seem like it was such a struggle for him, and that money was hard and times were tough.

I plugged it into the inflation calculator...

That translated to a $50k salary.

Arent you using a generalization based on a small sample size too?

I feel like there were MORE cold calls and networking back then

 

[slighted]

Problem is the shareholder greed. End of the day, the CEO works for the shareholders and he has to do what they want. It's an ugly cycle.

I wouldn't call it shareholder greed. That's the downside of going public, but if I were a shareholder, I'd be greedy too (even if I only owned 100 shares).

 

[yeah]

I wouldn't call it shareholder greed. That's the downside of going public, but if I were a shareholder, I'd be greedy too (even if I only owned 100 shares).

You wouldn't call it shareholder greed, yet you admit that if you were a shareholder you'd be greedy...





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[slighted]

You wouldn't call it shareholder greed, yet you admit that if you were a shareholder you'd be greedy...

Good point. If you owned shares in any company (e.g. 100 shares of Apple), wouldn't you be looking out for the company's (and by that line, your) interests?

That's why this employee should've asked for shares instead of a raise.

 

[fontaine]

Arent you using a generalization based on a small sample size too?

I feel like there were MORE cold calls and networking back then

lolwut?

Bruh...

Go ask an older person who won't try to make you feel like **** how you could look in the classifieds and get your career started.

Or how you could work for a summer and pay off your entire year's tuition.

Or work for a summer and cop a corvette.

 

[yeah]

Good point. If you owned shares in any company (e.g. 100 shares of Apple), wouldn't you be looking out for the company's (and by that line, your) interests?

That's why this employee should've asked for shares instead of a raise.

Of course, there are a number of companies that I wouldn't mind seeing fail to make my portfolio stronger. But if its a spade, lets call it a spade.

 

[johnnyredstorm]

I think it says a lot about the ability to find jobs back then when almost all of my friends parents never went to college and have pretty good paying jobs.

 

[crcballer55]

 

I will wholeheartedly agree on the Boomer comment (less so with their parents since they lived and worked through the Great Depression & WWII). But entitlement seeps down through generations and communities.

There will always be exceptions to the rule, so I am not casting a net over EVERYONE in our generation. However, there has been a mentality for many years that we are somehow owed a profitable existence. Just because we went to college and graduated with tens or hundreds of thousands in student loan debt, we should some how be bailed out. If someone worked a 40 hour workweek and still couldn't make it, then I may be more simpathetic, but the truth is that most college students don't work at all while in school.  The guy who wrote the email is getting lots of praise because he had the "balls" to CC the whole company for his PR stunt knowing nothing would happen. That should give a good hint into the mentality thinking that just because a company makes lots of money, it should give their employees a raise. While I like the profit sharing model that some companies have, if you want that type of compensation, there's nothing stopping someone from applying at a company with those types of benefits. I'm pretty sure WF even helps pay for their employees education too, so if someone wanted to take advantage of that, they could help better themselves so they could be more marketable to another employer.

The bottom line here, he worked at one company for 7 years and didn't make it up a single rung of the corporate ladder. There's something to be said for that in a massive organization like that with so many different routes to take.

bailed out w/ a job?

where do you think that idea came from?

the previous generation kept telling the next gen to "go to school, make good grades, and everything will be fine"

also, the ONLY reason why there's so much student loan debt is b/c tuition rates have outpaced EVERY OTHER GROWTH rate in the country exponentially.






to your second point, why is that such a bad thing? why is it SO taboo that someone could think that? you pretend like it's so illogical to think that way.


to your third point, tuition reimbursement doesnt work like that. you have to stick around for a minimum amount of time before they charge back for for the fees.

also, no internships b/c your working. and it's tough as hell to network while working and schol.

add to the fact that anything outside of a top tier or regional power school isnt going to help much...

and it aint as easy as you're making it out to be.

Yes, I'm well aware that the price of college has been increasing at a ridiculous pace. I could get on a soapbox about that, but I'll refrain in this post. There are many options for higher education including working (as stated) which probably won't pay for the whole thing anymore. Working somewhere that will help pay for school (like a bank or Starbucks), scholarships (there are literally thousands that go unclaimed every year), and Junior College for lower level classes.

Regarding the second point, is it right that they don't have an equity option for all employees? That's between the employer and employee. The employees of that company go in knowing they're going to make a flat salary with some bonus options. It would be one thing if they started working there believing they were going to be earning equity options in the company only to have them pulled back. It's another to email the entire company with the intention of putting the CEO on blast for him working there for 7 years and only getting a $2 raise. Can I ask what he did to EARN more? Just because you show up for work, doesn't mean you're entitled to a raise.

 

[villansfinest]

i think we're missing a smaller point...

why has wells fargo had the success that it's had as referenced in the employee's letter?

i can understand if the behind the scenes investment folk have been doing their thing and getting good returns, but i have a personal impression of wells fargo that they're one of the least publicly complained about when it comes to their customer service. i have had nothing but good positive experiences with them. i haven't quite used physical branch locations or tellers (like the letter writer) much in the past several years, but from friends that work in the banking industry, it seems that there are "sales" goals for the tellers like opening so many accounts or upgrading to certain features. it's hard for me to believe that the bank as a whole has so much success without hard effective and continuous work from their front line employees.

if the employee had not written the letter, and wells had not given a raise... i wouldn't bat an eyelash. but he did write it and it's out there, and i'm trying to think of a way that wells could publicly respond without seeming like a stuck up selfish unappreciative employer. giving the raise, or meeting him halfway, would be such a positive public showing... i think it would likely garner more free publicity (less advertising) and more customers/retention than it would cost.

but that's just me, i have no clue what the actual numbers would be.