HR did this the first year of Bora Bora and did it again. I'm not sure if this is for all departments but its definitely for mine. My manager showed the direct email from HR because of fear of the teams reactions and blaming him. all year ends were already submitted and HR required each person to be Brought down by one score level so not a single person got a 1 score. Assumingly like last time the yearly raise will be almost nothing.
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Got a 4 Rating in Tech EDO. NO cost of living increase, NO Bonus.
Previous years I got Rated 1 and 2. Now suddenly 4 ???
$HITTY Bank is managing employees out and encouraging voluntary quits!
Someone here said don't let them win, don't let them do it! If $HITTY Bank lays you off or fires you, either way increases their Unemployment Insurance premiums in USA, in addition to the severance you'll get.
Also, if you're over 40 years old, the OWBPA Law applies and $HITTY Bank must pay you an additional 4 weeks of salary.
YoY change in bonus even though one’s rating has improved is not pay for performance…..
I’m in tech. Ranked a mix of 2’s and 3’s.
On the 4 ratings that are passed out like candy, it’s not a matter of right or wrong, good or bad, fair or unfair. It’s about saving face, recouping losses and altering perception of the shareholders and board….and of course saving JF bonus\raise.
You can be let go without getting a 4 and without being on a PIP.
A 4, manufactured or not, is bad, no doubt about it but its all done to not pay out bonus’s and raises and to run you off so that they don’t have to pay out severance.
This is not a job…its a game and we are the pawns.
The bell curve in technology is cut off at 3s, zero 1s or 2s available I was told.
There are informal distinctions within 3s.
OP's Manager's email wasn't enterprise-wide. The only new development is that year-end conversations may only happen in January, not December. All ratings were in the system as of one month ago and the write-ups were due this Sunday.
Hello, MD or Citi HR ! It is absolutely a mandate and policy since at least the Year 2023 that "Managers" were ordered to be very stringent and selective as to who gets Ratings 1s and 2s. Citi mandated Forced downgrade ratings since at least the year 2023 if not earlier.
Citi also ordered the "Managers" to downgrade employees by 1 Rating level. So if you should in fact be Rated 1 because you're a star employee, you will be Rated 2 instead. Similarly, if you should in fact be Rated a 2, your Managers will Rate you a 3 instead, etc..
There are supposedly 4 "pillars" or categories that are Rated. Maybe not all employees are forced into downgraded Ratings, but most employees are.
And so you will rarely see Ratings 1/1/1/1 or 1/1/2/2 or 1/2/1/2 or 2/2/2/2. You will most often see 2/3/3/3 or 3/3/3/3 or 2/3/2/3 or 3/2/3/3 etc. or even 4s in there.
How do I know about the above ? I was literally in meetings and a witness where MDs and other People "Managers" stated HR and Executive "Leadership" ordered them to do this. The MDs, Ds and other People "Managers" stated it came from the horses' mouths.
Hence, Employees do Quiet Quitting and the Bare Minimum work because we will NOT be rewarded for bending over backwards, working more hours or working harder than "the next guy who's Rated 1 but will get Rated 2 anyway because of Forced Rating Downgrades".
The Juice is NOT worth the Squeeze ! If you can buy the same car for 75% or 50% of the regular price, why would anyone in their right mind pay full price ??!!
Similarly, if employees will get the same salary increase or bonus (Or None at all !) by working less, doing the bare minimum, there's NO incentive for employees to work more or harder!
Nice try though, MD or Citi HR. LMFAO !
This is nonsense. Not a global requirement at all. There are curve recommendations but they are fairly manageable in totality. Your group may have some challenging targets or whatnot but that doesn’t mean every single group is treated the same way. Some groups grow, some groups shrink, same as every year
THE BELL CURVE IS A GUIDE AND NOT RIGID. IT WAS CREATED TO SET EXPECTATIONS FOR MANAGERS NOT TO RATE SUBPAR PERFORMANCE 1S & 2S TO KEEP PEOPLE HAPPY OR PLAY FAVOURITES.
BELL CURVES CHALLENGE MANAGERS TO SET PROPER EXPECTATIONS WITH THEIR TEAM TO ACHIEVE GOALS. NOT EVERYONE IN A TEAM IS 1 OR 2 AND THAT IS OK BECAUSE NATURALLY SOMEONE WILL, HAS, OR DOES DO BETTER THAN YOU... AND THAT IS OK.
IF YOU WANT A HIGHER RATING... THEN DO BETTER THAN THE BEST PERSON IN YOUR ORG.
@ng OMG where do you guys get this stuff? No way 10% of staff is required to be a 4. Lies and made up BS.
4 ratings % was roughly 5% of team
now new guidance this ye mimimum 10% and 1 rating only for promotions.
Also high cost location factor impact .
All locked and agreed by thanksgiving.
Such BS and and C stock rises off of misery..but the talk is Head Count
It took us 200% accomplishment to get into 2, but 1000% or impossible to 1 in back office. Never happened to me although I m the one solve all problem, and no promotion either. So it should happened in Tech that most got over rated and overpaid. The bosses are nice and want to keep you but no one is important enough to change Citi in back or middle office! You should be happy for 3. Any 2 means you are a-s kisser to your boss but still generate no value
Assuming the OP never came back to this post but obviously a lot of details missing. My guess is their direct manager tried to submit everyone 1 or 2 and HR came back and said you have to move someone to another bucket to meet the % thresholds across all buckets or ranking in an org requires someone to be moved. This is not happening bank wide. So many people on this forum seem to have no idea how things actually work. I would say surprising but I'm not. Y'all talk about the low talent pool. It's clearly evident by some of these posts.
Doesn’t make much sense if every 3 is suddenly a 4?
So once I get 4 only step left is putting paper,right
@j5 Salary reduction? Yep, in the form of getting let go. Getting rated a 4 gets you on a PIP and managed out. And if you are on a PIP you don't get incentive or raises, can't post for other jobs and you won't get laid off or a severance package. You get fired.
Will there be a salary reduction for 4 rating?
@a6 Also part of why Wells Fargo, Barclays,etc have easily poached most of Citi's infrastructure and technology super stars (~100 people from C13 to global executive leadership level)
Believe me, JP/GS/MS remove gently all their dinosaurs - unlike Citi. I have seen many rounds of ED/MD removals during my work at these banks. Nobody wants to retire if they do almost nothing and get 1mil. comp + pa - you have to trim. Regarding quality - that is true, Citi's employees are of lower calibre , not sure when that happened, but probably after 2008, when Citi was bailed-out and could not attract top talent anymore. Or maybe it has been like this all the way, I do not know... I know some former Citi employees from before 2008 and they are quite capable...
The pproblem is Not because Citi has old dinosaurs staying, hanging on until De@th do they part.
The problem is Citi's caliber and quality of employees is low or lower than Citi's envied Competitors, GS, JPMC, BofA. Morgan, Barclay etc..
GS, JPMC etc. have dinosaurs too, who've been there for 20, 25, 30 even 35 years. But their employees are generally competent, of high caliber and unlike Citi, do NOT accidentally wire US$81 Trillion, US$1 Billion etc. TO Random companies and people! 💸💵
I wish Citi would do that to my Direct Deposit Salary ! LOL!
Either this is BS or a LOT of details missing. Since 70% of employees are rated at a 3, this would mean the majority of employees would now be rated 4 and have to be put on a PIP or fired. That's not going to happen. Sure they want to cut people but not 70%. And there has always been a % requirement in each bucket - including 4. And does anyone really think that HR would put out an email to all managers advising on how to rate their staff and in addition cut one point from the actual rating? BS.
Trim started posting on other Sites because this Site's moderators delete his posts.
Fake. News.
Where’s Trim?
In addition to this, the bell-curve now includes a mandatory 5% of ratings as a 4. This was never the case in the almost 20 years that I've been with this company. I no longer recognize Citi as the place that I used to be proud to work at. I'm part of Tim Ryans organization. That guy is destroying this company.