Managers are busy with comp.......anyone know the criteria they use to decide our merit increase?
Is there an actual formula or is it based on their personal feeling for each direct?
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Also depends upon the rating. We are being forced that we can only give 1% to anyone who had inconsistently meets on the overall risk, or overall rating. I've of course we are also forced to put so many people in that category which is highly unfair and unethical.
No raises for those making $250K or above base pay this year. Also, while there is a set budget and managers have guidelines for raises, we have some discretion if we provide justification.
Total BS if you think your manager has no say in merit or bonus. Let's start to be transparent.
Anyone know if there’s a Nero cutoff this year? Last year it was $200k year before was $150k. Amy salary level getting blocked for merits this year?
Managers are told by upper management what to give you. Managers don’t manage at WF anymore, they are dictated to.
there is general guidance provided by hr, but ultimately comes down toany factors first and foremost being the budget. That is really your starting point and that money needs to get spread across everyone. not everyone will get the budgeted amount, some less some more. performance does play a role but in my experience if you are meets or above it is minimal. they tend to one to give more to those on the lower end of the salary range vs higher end. also. promotions come out of the merit budget as well so if you have a handful of people getting promoted with 10%+ raises that is less for everyone else. I feel managers have a little more flexibility when it comes to bonuses or tvc as it's called now assuming your bonus eligible. so while someone may get a lower merit because of any number of factors they may be able to make up for it with a slightly higher bonus. once the lower level managers finishes their initial evaluation, tomorrow is due date, it gets moved up the chain for calibration amongst director level and above. this is where the cuts really start to happen. Your budget is 4%? sorry I am only letting you have 3%. You want to give a 15k bonus, sorry can only give you 13k. At this level is low level managers just watch and bit refresh in workday, we aren't changing the numbers, directors and above are. I can recommended and justify all I want but end of day there are many levels above me making the final calls. I at least always try to start on the high end so that when the cuts come it's not as bad as if I started there to begin with.
its loosely tied to your rating and the overall funding basis for merit overall
It should be based on your contributions for the year compared to the rest of your team. There are also calibration sessions where an out of whack increase (or no, low increase) are scrutinized.
Last year I got the largest bonus of my career. I made sure my supervisor didn’t like me the whole time. So, that being said, what are the real metrics to determine a bonus percentage? I know it’s not about supervisors and how well they like you.
Depends on the rating and if they like you.
Everything at Wells Fargo is "who you know" , all politics.
I think it depends on their mood and if they like you. Just my experience since they did away with any sort of transparency.