Does anyone have more info on how this will work year end?
In particular, my platform in Manchester put an employee off track at mid year and she has just resigned. Does this mean that another team member must now get below or is it ok that we lost a low performer before year end with the distribution?
So from what I am being told in meetings it’s a total of 25% between 2 categories, doesn’t meet and partially meets. Supposedly a minimum of 10% has to be doesn’t meets which leaves 15% as partially meets. My guess is the 10% will be shown the door and then the 15% will be the next wave later to be shown the door.
Terminated for Cause (Fired):
Due to employee’s actions/behavior.
Examples: RTO non-adherence, policy violations, misconduct.
Terminated without Cause (Laid Off):
Due to business reasons, not individual fault.
Examples: role eliminated, restructuring, budget cuts
Gray Areas:
Underperformance (below expectations/partially met) usually not a cause for firing. May lead to a PIP instead or a severance
Being on a PIP ≠ cause, but failing it can become cause (firing) ?
Note: Even if retained, low ratings often mean no raise/bonus, so pay stagnates while inflation, taxes, and premiums erode take-home.
There are clear definitions for firing (No severance) but to be laid off the area is not defined. PIP sometimes leads to firing. Below-expectations may lead to severance of no-merit increase scenario. Does it lead to firing ?
Yes, I was in a department with peers that had "partial meets" on year-end review and they were separated from the firm after the New Year.
@v3 speaking from direct experience, partial meets even in one category results in going on a PIP; with the goal being termination with cause.
It’s 10% below and an additional 15% partially below. No knowledge if all get a PIP, but guessing the 10% will get let go and the 15% will get a PIP and can hopefully recover.
To clarify for those unsure of the 25% below target, it is true and it’s 25% have to be below a meets target so either Partially Meets or Below. I don’t know the % they are requiring for each of those categories. Neither are eligible for merit, promotion, internal transfer or severance. Both are automatic PIP. I wonder how our shareholders and clients would feel if they knew that 25% of the employees are supposedly not meeting expectations? As a client I’d be worried about who’s managing my assets if it were actually true.
For those employees marked below expectations, yes, it does save the firm money. Those 25% are not eligible for bonuses or merit pay. From what I understand it also freezes the employee to their current BNY position. No internal movement.
As for people complaining about RV, does anyone think he will be around BNY in 12-24 months? I expect him to leave before the re-org is complete.
BNY stock is high. This is all that matters.
@cb I don't believe it'll be 25% but I have been told that anyone below at YE will be out in the New Year
@OP You'll still need to give the 25% at year end, that person's gone so irrelevant to the magical bell curve at YE.
Not sure it's actually 25% but basically anyone who's below at EOY will be managed out in the New Year
@c2 I agree. Robin is an evil bas-tu-d who only knows how to make the bank appear successful by reducing headcount and expenses by forced ratings leasing to PIPs to fire decent long tenured folks robbing them of separation packages and unemployment where he can. He fails to realize in his infinite wickedness and greed the folks being targeted are the same ones who know the ins and outs of the numerous legacy Mellon and BoNY antiquated systems. He is also blind to how much manual and bespoke processes are done for his bread and butter clients. In time, his machinations will hit him where it hurts. Whether intentional or not, he is methodically running this company into oblivion. AI is not the be all and end all he wants it to be. The joke is on him.
@c2 im curious to know what happened to fulling open reqs with staff internally who could be facing roles being moved to india of course. Thats not happening. Robin is worth millions and yet all us peons are broke and worried about layoffs while he loves lovely worrying about nothing. Look up his pay as CEO. Its disgusting
@cb 2500 are to be laid off by end of 2025 so yeah they are cutting a decent number of heads and have been
What are the implications on getting below? Presume pay freeze and no bonus. But can't see them cutting 25%. My team already understaffed with lots of leavers.
@bc
They should use the open reqs but they wont.
The days of using those to hold true head count are over. Robin wants €€€€€ and $$$$ saved by wiping out salary and benefits.
That is where this game is now. So indeed some unfortunated person will be cashiered.
I worked in Global Payments in PGH. I can believe 25% of staffing meeting below expectations.
During my time there:
We recruited four associates with substance abuse problems. These addictions directly impacted their job performance and attendance.
40% of my department had learning disabilities. ADHD, Bi-Polar, Autism, or general re--rdation. Some were medicated, all were in therapy.
50% of the department did not know what they were doing any given day. This includes both VP Managers.
Department employing leadership with a lacking functional ability to communicate. One suffered from Autism the other suffered from being grossly under-qualified.
If my department was a core sample of BNY. Yes, this firm cannot recruit and 25% of the staff can be shown the door.
The problem is, if these under-performers are connected or have favors... they will still exist at the firm while "better employees" are shown the door.
With my previous department, the train-wreck staff members are still there while the disastrous leadership were moved to other positions within the bank.
I second one of the posters here.
During 2024, I was in a department of 40. We heard about BNY cutting ops staff by 10%.
We had 8-9 resignations during 2024 and believed our department would not experience these forced rankings (since our staff were leaving on their own). Incorrect, our department still placed four staffers on performance write-ups which converted to layoffs for those four.
My thoughts are... someone else in your department will be tagged for layoff.
@OP no cause they should use her req and position toward the headcount they are looking for to reduce staff. This company is disgusting and management needs to speak out in what they are doing with these forced rankings
Completely outrageous!!
Inside information:
It means that someone else will be picked.
The person who left voluntarily is now going to be replaced with the next low performer to meet the quota.
And….
Low performer is done injustly, unfairly and unethically. But there it is.