Wells Fargo

This review and comments are for people working in the Technology division (not for the Operations division).

• Good work-life balance.
• Free transportation.
• Internet reimbursement (over and above your CTC).
• Good environment.
• Only for female employees with up to 2 children (up to 5 years old): up to Rs 8,000 is given for daycare.
• Almost 100% variable payout (if your CTC consists of variable payout).
• Additional 4 annual leaves on completion of 4 years.
• Excellent infrastructure.
• Salary on every 26th day of the month.
• Gym facility (with a full-time trainer).
• Very transparent organization in terms of policies.
• As of 2015, low attrition rate.
• One more good thing is family insurance of Rs 5,00,000 is free of cost (even parents are covered up to Rs 2,00,000 with 20% co-payment).

These are not necessarily the negative things (I didn't like them).

1. Work From Home is not completely at employees' discretion. It mostly (95%) depends on the situation and the manager's decision.

2. Though they have two appraisals in a year, for an average performer, the annualized hike is (4%-7%), and for above track, it is anything between (9-13%).

3. Role change (promotion) from level 2 to 3 is easy, 3-4 is challenging, but role changes after band 4 are very difficult.

4. There is an 18-month (mandatory) wait period for any role change (up to level 4); above that, it goes to 24 months (or more).

5. On a role change, the hike is dependent on the benchmark. You will get around (15-20%) from your current package.

6. For 80% of people, work is monotonous. It is difficult to survive if you don't get an above-track rating in any of your appraisals (4-6% increment in a year).

7. The 1st appraisal cycle is from Jan to Jun (increments are effective from Oct – paid in Oct salary onwards). Similarly, the 2nd appraisal cycle is from Jul-Dec (increments are effective from Apr – paid in Apr salary onwards). Variable payout is in Apr salary (April 26th).

8. 90 days notice period.

9. Very few people got functional business knowledge.

1. Sooner or later, you have to change the increment policy. Attrition will increase because of stagnant increments and a lethargic role change attitude.

2. The work is really mediocre – that is another area of concern.

3. HR's involvement with junior-level employees (below Band 5 or manager) is very minimal. They will meet once a year and/or during joining or separation.

4. Some of the managers with MBA degrees from Western universities are really bad. They do not communicate with junior-level staff (because of hierarchy), which I didn't like.

In the future, there will be a clash of work cultures (for US Wells Fargo vs. India Wells Fargo) because of high attrition in India. US folks want somebody who stays for the long term. If the India office fails to provide this, then the symbiotic relationship will collapse.

Management needs to think: even though all things are good, why are people leaving (within 2-3 years)? Maybe this is a perennial problem for Indian IT outsourcing companies.