I've been with the company a few years now and I've received conflicting information throughout the years. Figured I'd try here. The annual bonus is paid out in early March usually. Does anybody know when the bonus amounts for each employee are finalized? I was told once that managers submit their ratings by 12/31 and HR has until 1/31 to make changes, but 1/31 is when all the numbers are officially in. Is there any truth to that?
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Last year, my manager told me at the end of January that she had submitted me for the "max" she could, but upper mgmt had the final say. Then, we had to sweat it out until a week before bonus payout to find out what we were getting. This year, my manager keeps playing down bonuses and is using a lot of "fine print" talk. "If" there are bonuses .... "Bonuses aren't guaranteed ..." "We did not meet goals this year ..." I never plan on absolutely getting them, but this year my hopes are very low.
Whats the MRP scale?
OP, I think what you were told about 1/31 being the absolute latest changes can be made is correct. I heard something similar last year when a teammate handed in her resignation. They wanted to entice her to stay, but our manager said she couldn't get her more bonus money because it was past the deadline to submit for adjustments and this occured in early February. Teammate left and is happy from what I hear.
Your evaluation rating is submitted before your AIP calculation. The AIP calculation is made in the third week of January. The AIP recommendations are made by HR based on performance rating and where you are on the MRP scale but the manager can adjust those.
To @zhh+1qoex1lv - you are 100% wrong on not getting a lump sum. Educate yourself.
I would not hold my breath for a bonus this year. The company itself has to meet certain metrics to pay out. The employees have to meet certain metrics separately too. Based on meetings employees did meet goals on our part but the company has not met their goals. I would imagine maybe a bonus/rewards points may be given per employee based on performance but not the lump sum we usually get.