Tyrel Oates' email to the whole company
Wells Fargo employee e-mails pay complaint to CEO, co-workers
Excerpt:
It’s a move that many employees frustrated about their pay probably have dreamed about doing but wouldn’t dare attempt — send a complaint letter to the CEO and copy thousands of co-workers on the e-mail. One brazen Wells Fargo employee in Oregon did exactly that this week. In his letter, 30-year-old Tyrel Oates tells CEO John Stumpf that Wells Fargo can be a leader in reducing income inequality in the U.S. by distributing more profits to employees.Wells Fargo Employee Calls Out CEO's Pay, Requests Company-Wide Raise In Brave Email Excerpt:
When most employees want a raise, they schedule a meeting with their supervisor or reach out to human resources. A Wells Fargo employee took a markedly different approach: He emailed the CEO -- along with 200,000 co-workers -- asking for a $10,000 raise for everyone in the company.The Email
Comments: I don't think it went to the entire company. I didn't get it .. Kathee didn't get it. My understanding (and I work closely enough with the process to have some knowledge of it) is that there is a limit to the number of people that can be on an email. In my job function I have to periodically send an email to 500-600 people: and this has to be in a distribution list that has its access secured and only a group with access to the list can add or delete from the list or send to the list. I emailed the CEO once thanking him for a stock bonus that went out to every employee.
Somewhat related: What Satya Nadella Got Right About Raises
ReplyDelete:
Lyrics of Pink Floyd's Money:
ReplyDeleteBut if you ask for a raise it's no surprise that they're
giving none away.
More
ReplyDeleteEven apart from any retaliation, he just told his managers that he's not the guy to be promoted, because he doesn't understand economics.
ReplyDelete....now if only we could explain these concepts to Democrats.....
I predict that he will not be a Wells Fargo employee a year from now. He committed career suicide in a very public way.
ReplyDeleteLet's pray he doesn't become a community organizer......
ReplyDeleteResponse from WF: Wells Fargo CEO defends bank’s pay model:
ReplyDeleteStumpf said in the internal bank meeting that he wanted to address something that had been in the media recently regarding Wells Fargo’s compensation, though he didn’t specifically speak to the email from Oates. Stumpf described the bank’s pay model as competitive, according to sources.
Stumpf spoke for about an hour during the internally televised online discussion, saying that 40,000 employees received a raise last year. The CEO also said that Wells Fargo tellers start out making 50% more than at other banks.
If an employee has reached the maximum compensation ratio for their position, they are not eligible to receive any more raises, the CEO said. The compensation ratio is the formula the bank uses to determine the pay for a position.
My view: With WF for 20 years. Fairly paid. Ever year a raise.
DeleteWells Fargo employee who emailed CEO about pay resigns:
DeleteTyrel Oates, who worked in Oregon processing Wells Fargo customer requests to stop debt-collection calls, said he emailed Stumpf a letter of resignation on Friday. Oates, 31, told the Observer he is leaving the bank so he can devote more time to studying for a planned career in agriculture.
In his resignation letter, Oates criticizes the company for its “complacent stance” on his request last fall that the San Francisco-based bank give each of its employees a $10,000 raise. According to the resignation letter, about 5,000 people, including Wells Fargo employees and customers, signed a petition supporting his proposed raises.
“The only responses that have been provided thus far is the bank simply defending its compensation philosophy with no attempt to compromise, as well as limiting who we can and cannot email within the organization,” Oates says in his resignation letter. “These are not acceptable responses.”