I'm curious to know what is the bonus structure at Honeywell? I heard 10 -15% of the base salary, does it sound right? Does the company offer any RSU/stock rewards?
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You spelled it wrong. BONE US. As in us regular employees, we is always getting fu$ked.
I'm a band 4 individual contributor in PHX. I get MIP and as other have said, it's typically 5% of base salary (taxed at 44%, I might add) and not guaranteed. Each year the targets get higher and higher aimed at trying to keep that carrot just barely within reach. By the time you factor in hours and inflation, you lose money working at HON.
RSU's are granted to executives and a few lower down staff. The issue is that it's a RETENTION MECHANISM. They are designed not to reward as much as they are to MAKE you question leaving. #BOATANCHOR
I usually get my RSU's in the summer. 100K each and need 3 years to vest. IT IS BLOOD MONEY and not worth the toll it takes on your health and family.
It’s a BONUS if you get RIFFED and get severance!
But you can only move after a blackout period and relocation packages are rare.
If you pull the PIP lotto card then raise and bonus is gone for two to three years.
Pips are random if the team is high performing -- ie.. the better the work and team the more likely you are to get scrwd.
Yup. Getting promoted to Band 4 is slim chance, as mgmt wants to limit Mips payout.
One option is to apply to a band 4 position, outside from your current group. I have seen this happens quite a few times, as one group needed the staff by opening band 4 Lead/Principal engr req, to attract engrs from other product teams
Good luck getting promoted to a band 4.
By FAR.. number one reason cited for leaving Honeywell is lack of promotion opportunity.
No real raises without promotion.
No promotion without certified diversity status.
And Yes -- hiring and promotion is systematically based on gender, race, and se-ual orientation. Why else is there a requirement to have a diversity candidate on EVERY succession plan.
Caveat to this is manager jobs. Honeywell can't get people to apply for management positions because of the extreme compromises necessary to integrity and morals. All managers are immediately promoted to "senior managers" as a thank you for showing up.
Bone Us Structure
There, fixed it for you.
MIPS is mgmt incentive program for band 4 such as Lead Engr (formerly principal) and above, or Sr Mgr or above
The level was reduced from 10% to 5% for Engr and 15% down to 10% for Sr Mgr, to be measured against a set of published metrics set by mgmt which is getting harder to meet
Assume all metrics are met, the MIPS is the said % above Plus a multiplier between 0 and 1.5 set by your mgr.
For example, if all metrics are met, band 4 engrs could get 5% time a number between 0 and 1.5
The previous post is right there is also a discretionary factor set by the board to override the metrics performance
I have had MIPS for over 10 years now. It was really good on the beginning with 15% as a Sr Mgr times more than a factor of 1 (got as high as 1.5 max) translated to a MIPS of 22.5% of salary. Recent MIPS received this year was 10% times 1.0 factor.
I no longer worked much OT.
Band 5, Sr Director and above, has better Incentive program and their was not reduced when our was reduced from 15 to 10%
Stock options and stock grants are selectively given for ~ 1 to 2% of population for performance and retention (vesting after a few years).
Bonus at HON?
😂😆🤣
By the time you get done with all the OT they will demand of you, your bonus will maybe be minimum wage.
In 25 years at HON, I got a few thousand in bonuses. Now I am at a company that has given me way more in 1 year than in 25 years at HON.
The job market is good. Find a better place before you are stuck. HON is completely toxic.
Few stints there will last long enough for it to matter.
You won't even get a 1-year subscription to the Jelly of the month club.
The closest thing is the MIP for band 4 and up. The target was lowered years ago to 5% base salary. Then they tacked on new metrics 2 years ago which are completely out of our control and impossible to achieve. The past 2 years the MIP was around 65% of the target. Leave it to HON to find away to take any compensation and benefits from employees…
If you are referring to the MIP, its not a bonus. Its mentioned in the offer letter and forms part of your compensation. A bonus is something you get beyond your offer, I have never received anything above the offer letter
Only in Band 4 or above do you have an 'opportunity' to get a bonus called MIP.
I was promised 10% a year, small print said discretionary.
Guess what, despite high performance I NEVER got 10%.
You have to be senior director to have the possibility of 15%.
No stock reward, pitiful merit increase if you even get it, year on year my salary goes down relative to inflation and the now regular furlough scam smashes that further. DO NOT BE FOOLED!
You are just an HR troll or India bot. 22 years here SPS. Never a bonus. Never a stock option. This year my bonus was 4 weeks unpaid. And I lost 4 co-workers.
When Honeywell brought our company the FIRST thing they did was take away the holiday bonus and cut the benifits to the bone.
Go back to your smelly cave you nasty little troll!
Bonus....what's a bonus? LOL Our bonus this year was a forced unpaid week off.
I am a band 3 engineer and have been with Honeywell for over 6 years. I have never received a bonus or profit sharing. I understand that in some groups in Aero, there are bonuses. But I believe those bonuses are related to government contracts and are required by the contract.