Is the bonus amount as a % of target based on both mid-year and year-end ratings or just year-end? When do they make the decision on whether to fund and what % for the year? I am trying to figure out if it’s even worth it to stick around for the 401(k) match + bonus until next year
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Is it really worth sticking around? If you've got a good offer in hand, I wouldn't turn it down over this...
Is this a serious question? GTFO ASAP. Get a job you enjoy that pays more than your view t one.
Is half your annual match worth 5 more months of this place?
If you have offer in hand you can always negotiate with your future employers who might consider either increasing the pay and/or offering a sign on bonus to match the money you are leaving on the table if you decide to join them.
If I were in your spot, I would try to negotiate and more salary with future employers and call it a day!
I pondered receiving my 401k match, but this bank's leadership is so broken and shaky. I think I have better chances of playing the lottery like someone else mentioned below..
In addition to other comments a total X factor is what Charlie will do for “lower paid employees”. For example, last year he proclaimed “no raises for anyone making over $150k”.
I know the bonuses last year were skewed to be more generous to people under that arbitrary salary number as well. Same is true of mundane awards like TOP Dollars - guidance continues to be to focus on people in the under $150k crowd, regardless of the fact that people getting paid more have more skill, responsibilities and accountability.
Will this be the case again this year? My boss hasn’t been able to answer that yet and I do believe him when he says he doesn’t know. This company needs to stop with the mixed messages of meritocracy (rating calibrations across job titles) and skewing monetary decisions towards a group that falls below an arbitrary salary number.
Oh, and Charlie, who was the HIGHEST paid bank CEO in 2020, asked for his own raise via shareholder vote in a Marie Antoinette “let them eat cake” performative leadership move.
That would be about like playing the Lottery. If you don't get laid off before then, you may get a bonus. You may have better odds of a payout playing Powerball, given the instability of this place and Charlies in Charge layoff plans.
I was trying to decide the same thing. I decided that I am not sticking around. It's not worth it to me.
amendment to what @hzz said.
There is funding at the enterprise level which is pretty much known starting the year, because they have to accrue for it throughout the year. The last two years the accrual has been less than 100%. 100% means roughly "if everyone eligible received their target incentive amount this is what would be paid".
The past couple of years the funding has accrued at less than 100%. Let's say it's 90%.
Then the next step is how whatever is accrued (the funding "pool") gets allocated across LOBs. Some get more than 90, some less, depending on relative performance. That happens in the fourth quarter and is finalized in december.
Then the third step is how the pool is allocated to individuals. that is based on performance rating as well as guidance about different levels of funding for those in different comp ranges. So let's say a business got a pool of 90%. So if you are a "higher" earner, the pool is funded less - say for example 80%, while "lower"earners are funded more, say for example 100%. Then from there, what an individual gets depends on the rating. That is based on year end rating, and the initial decisions are made in december, and finalized in January.
The 401k match is on December 15th, not 31st.
They don’t pay out anymore if you’re not employed as of the payout date; so you’d have to stick around through early feb; the match would be 12/31..I got my regular bonus last year but know many who did not. It depends on how much you’re “worth” to your boss. If you were the super star I’d expect a full bonus, otherwise 85-90 if you’re otherwise a good employee. I’d expect they’ll come us with bs reasons on why to cut bonuses again for the year.
Depends on your LOB and rating. I got exceeds last year and received 105% of bonus target with full funding. Other LOB’s were only funded at 80-90%.
You will not get 100 percent target. If you make 100K with 15 percent target you are not getting 15K. You will get between 80 to 90 percent of that target if you are a meets. Not worth it to me. You need to consider the market competition from peers who thin it is worth the wait.
Bonus is based on year-end review only, not midyear. Bonus budget is determined in December.