Has anyone heard about changes to annual bonus/ICP that will be effective for this upcoming performance review period? Rumors are that things are changing and not for the better? If this was talked about before, just let me know and I'll go review that thread.
41 replies (most recent on top)
Ask Charlie
Nothing “happened” yet it just hasn’t been broadly announced yet. Managers have been informed if you have roles that would be impacted on your team.
"Look at the millions choosing to accept government pay to stay at home."
This assertion has been demonstrated to be BS.
What happened with this? Things got quiet.
I agree… the entitlement culture is scary, so few are willing to work to better themselves. Look at the millions choosing to accept government pay to stay at home. I don’t see how people who are so comfortable getting paid to sleep all afternoon can ever turn a work ethic back on or even ever had it to begin with.
Envy is ugly. I worked full time all through 5 years through college, took out loans and paid them back. You probably had a much better time at that age. My choices weren’t easy at all, but your choices were. I’m going to take my vacation when I retire. Didn’t take it when you were taking it through your entire twenties apparently.
There’s still time to change things bub.
You are aware that the reason the vast majority are rated "meets" now is because your manager has less discretion right? So which would you prefer? All that nasty "favoritism" that made good ratings possible, or the rating Charles wants you to have?
@1nny+1d4onnVv last year I got a hair over $50k. You know what that took? 14+ hour days year round, many weekends, unused PTO and an ulcer.
Was it worth it? He-l, no. Am I glad I pulled back this year so I don't get screwed w/ 20% RSU over 4 years? He'll, yes.
Be careful what you wish for.
@2xqv+1d4onnVv Likewise , now ask yourself ! Wha side of the justification will get you farther in life? Sulking and whining? Or grinding and doing. Go perform and earn some candy. Have a wonderful and productive weekend
@2xni That you have to justify it proves my point.
: @2zsv+1d4onnVv Salary is not part of it. Bonus and other incentive programs like LTI
So is this 50k and over in total compensation (salary plus bonus) or just if a bonus compensation is over 50k?
I’m hearing both. Which is it?
Did someone call for a whaaaaaambulance?
@1fka+1d4onnVv All I read is someone not motivated enough to make the candy we are. Change your outlook. Grind. Go get it. Plenty have. And plenty have done it without the fancy degrees mentioned. Experience. Maybe a certification or two. Critical thinking. Strategic skills. Develop relationships. Build a brand. Stop whining.
@1tsc It's nice that you have made sacrifices that peons like us are still making.
I still think you're overcompensated when your incentive income is above most people's average annual income.
@1fka+
Actually yes. I literally missed family funerals because my work was tied to consent order deliverables and the dates cannot be moved or missed.
No one handed me anything, nor did I have a network to rely on. I literally went to school at night, while working full time for this bank.
So go fish with your entitled cr-p.
If you and 4 coworkers randomly missed 2-3 days of work at the same time, would it be an existential crisis for the bank? Would activity grind to a halt? Would money stop moving?
No?
I bet if certain operations teams had that happen the answer would be yes.
Yet you're worth so much more? Simply because you could afford to go to college, so sit in class and write papers to prove you're smarter, then probably had dad's good old-boy network get you into the industry?
Sorry, not sorry for your enwhitelement insecurity.
you manger now has complete control of your bonus.. gone are the days of 20-30% bonus based on your role.. it is now 100% based on performance and comparing you to the team your on.. in other words if your on a awesome team but other employees do more then you .. then youll get less bonus.. or if your boss doesnt like you.. well you get nothing ..
@ 1zhe and others
- don’t get mad about others total compensation.. we’re not the bad guys.
Jobs at these bonus levels require at least 10-15 years experience, advanced degrees and quite frankly a ton of stressful work that requires deep expertise in their area. These are market wages for the jobs; meaning our competitors will pay the same for similar roles.
So if you’re not happy with your comp I would suggest looking at a job field change and education. Don’t make us the bad guys because you’re unhappy.
This isn’t soviet Russia.
Post ID: @1jbd+1d4onnVv
If you have to ask, then you don’t have to in order to survive.
So more of a “first world problems” comment. Got it!
"Works for a living" would be someone unprivileged enough to worry about keeping the lights on from one paycheck to the next. The person who wonders if they'll have enough food until payday. The person who missed last month's electricity bill because their kid needed a filling/shoes/dinner.
The people that have to work in order to keep themselves, and sometimes others, living.
Whereas someone whose INCENTIVE/BONUS compensation, which is given mostly in cash if it happens to be close to the average annual income in the country is, by definition, not having to work in order to live. They choose to, since they get to buy all this extra cool stuff on top of having all their necessities covered.
Seriously, your "incentive" compensation is more than some people earn in a whole year.
If you could survive a couple of years without working, you don't really "have" to work in order to stay alive, do you?
Sure you may eventually have to give up some luxuries, sell the yacht, switch the kids' private school, gasp downgrade to a McMansion.
Poor you.
Waiting for the definition of “works for a living”
@1ibi
The bucket answer gives your answer. The amounts are total of what you would have normally received from cash and rsr..
But what if you previously received an RSU grant on top of the cash bonus? Are they looking purely at bonus comp, or at total incentive comp? If the old grants go away and the total incentive comp is capped at the previously-targeted bonus amount, lots of people could be seriously hurt.
500-999 65/33
Other 2% to Charlies bonus
Buckets:
<50 all cash
50-99 80/20
100-249 75/25
250-499 70/30
500-999 65/33
Not posting the rest as I’m sure it’s not relevant to this board
Oh, to be fortunate enough to receive a 50K bonus. I can't even get a proper raise.
@1yqb+1d4onnVv Good info. How accurate are those buckets? I know you mentioned you don’t recall exactly but are they pretty close? Trying to get a sense of how much of my candy will be RSU. Did they post a matrix or anything with this spelled out?
If the new policy is anything other than only Charlie and his cronies get bonuses but no one else, I’ll be surprised.
After all, that’s how it worked at Chase. Your LOB gets a pool and guess who decides how it is allocated?
Corporate nepotism has arrived with the Chase rejects.
@1oor is simply incorrect. The bonus targets have not increased. What this individual is referring to is the "buckets" of bonus compensation that is split between cash and RSR. There's 4 buckets I believe. Under 50 IC (will continue as all cash); next is something like under 150 or 200 (80% cash); then another bucket of up to 500 (75% cash) and anything over 500 IC is split 50/50. I think the poster is confused that this meant your total bonus range would be up to those ranges which is incorrect.
It's basically based off of your prior "bonus target", if you don't know what yours was, you didn't have one. It would have been in your offer letter when you took your job. And before anyone freaks out that the buckets above are wrong, I don't recall the buckets exactly but that's the gist of what changed. Basically less cash as the $$ goes up (supposedly to align the employee to the interest of the company but lets face it, it's just to save the company $$ as the RSR vests over 4 years); and the bonus target itself has been taken away as previously discussed.
The dollar figures are higher, but they're hiding them behind options that don't vest for several years.
The appearance is that your bonus amount has increased, however at the end of the day you won't see a dime unless you wait for vesting to ocurr.
"Here's a Big Bonus! We're so generous! You just have to still be working here 4 years from now before you can collect it. Oh, by the way, your job is being eliminated".
The Portion of what used to be cash bonus now going to RSU and being paid over 4 year vesting really sucks. I know this is for over 50k bonus folks….mo money mo problems
@1gjc
Thanks for the intel. This is the sort of thing that helps us lowly pleebs plan for our exit strategies.
Yeah @1gjc, a former WF coworker just left to go to another financial institution and he said they don't have percentage bonus targets but rather an actual dollar value target. I could see WF trying to get in line with how other companies recruit and pay compensation.
Whether it's better for us, I'm skeptical, too, until I see the actual results. Not much of what leadership has decided these days has been good for us.
"More manager discretion."
Great, more favoritism.
Yippee 😒
Yes, it’s for the 2021 performance year and the bonuses that will pay out in Feb 2022. They are literally changing the rules of the game in the 4th quarter. I attended a manager readiness session on Tuesday - a bit more detail than the emails managers got last week, but not much. Managers are supposed to receive more info on Friday and the general workforce will be notified on 10/12. One thing that was emphasized was that the new plan is supposed to help Wells attract and retain talent. That means that most people should perceive the new plan is being better or no worse for them, full stop. I’m still skeptical.
Yea it was discussed previously a few weeks back. They are taking away bonus targets; changing comp vs rsu splits depending on typical bonus payout and stick portion vests over 4 years.
Between “ no RSUs (stock) below $50K incentive (they will be all cash bonuses)” and “ Supposedly your total compensation cash plus stock shouldn’t be lower than the pervious year”.
I’m not a pe-v, just a lowly tech employee, so my bonus is well under 50k - typically around 20k. Doesn’t seem like this will affect me at all.
Supposedly your total compensation cash plus stock shouldn’t be lower than the pervious year.
Year over year your compensation should show an upward trajectory.