Wells Fargo & Co. said it has reconsidered holding an event in Las Vegas after reports earlier that the company had planned functions for its mortgage and insurance units.
Spokesman Kevin Waetke said in an e-mail the company has reconsidered holding the event. A follow up statement is “forthcoming,” he wrote.
Background here.
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Dr. Bernard Carroll, known as the "conscience of psychiatry," contributed to various blogs, including Margaret Soltan's University Diaries, for which he sometimes wrote limericks under the name Adam.
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Notes of a Neophyte
February 4th, 2009 at 8:46AM
My understanding is that this was a sales recognition event…typically, sales reps are given the expectation that if they achieve a certain level of performance, they will get to go on the trip. It is in effect part of a compensation package. I’m disappointed that the company has apparently chickened out and cancelled it. I’m a WFC shareholder and have some experience in the management of sales forces, and I think recognition events (especially when they include spouses / signficant others) are a valuable tool for retention of good employees, which is even more important in bad times than in good.
If some of the "stimlus package" finds its way to universities, will the media begin to challenge sabbaticals, vacations, conference attendance, etc etc?
February 4th, 2009 at 9:07AM
I think what’s crucial is the degree of luxury. You’re absolutely right that these events are in principle justifiable, good for morale, etc. But my understanding is that the price of the events was way over the top, and obviously context matters. The economy’s a mess, and the bank was just bailed out bigtime.
As for the worry about retention — I don’t think WFC has much to worry about. On the contrary, I’d guess that employees are doing all the worrying along those lines.
As to those goodies tenured faculty get — Seems to me the American university is doing an excellent job getting rid of that all by itself. Tenured faculty who teach offline, have time for research, get sabbaticals, etc., are becoming more obsolete by the minute.