Given it seems so much of TVC is based on what you got last year, does HR or anyone do any comparisons to what others in the same role/location/perf are getting and adjust accordingly? Seems ripe for issue especially when all else is equal and some are getting a lot more/less than others.
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I can confirm they do NOT factor promotions into the bonus amount, at least they didn't last year. I was promo'd 2 levels at beginning of 2022 that would have caused bonus target going from 15% to 25% using the old policy. I ended up with same Meets as prior year, higher year end comp, but LESS than prior year bonus simply because our budget was reduced and everyone got less.
most critically the funding for the bonus budget (eg the money that managers can allocate at end of year) is not increased at all for internal promotions. so - to give someone who was promoted a higher raise the next year they would have to pull funding away from others on the team. Internal promos are basically salary increase and title only at this point. External hire bonuses however are funded in full - which aligns with the strategy they have talked about to source most/all mid to senior talent externally. Bye bye career growth at WF
if you don't get the bonus, make sure you ask for the bone at least.
of life were fair then there would be some fairness to it all. as a manager this is my least favorite time of year and WF makes is very difficult to do anything. Even when following the enterprise guidelines you still get shafted. What they need to do is use AI or something to automate the whole process based on common inputs from manager, employee performance, where you are against your peers, etc. It wouldn't be that hard.
What if last year I was in another title and lob and got a fat bonus. Now in tech where they are cheap. What should i expect?
re: promotion, the HR guidance is that it should be taken into account and as such higher than last year. Also details around comparing to peers. Now whether the enterprise guidance matches your lobs or teams guidance is another story. If you manager takes into account they will then need to defend it and fight for it when your sr. leaders are looking for hair cuts
Curious what happens to your bonus if you were promoted this year. Since it's not a straight % of your salary, I think they won't increase it at all. All smoke and mirrors
What issue?
It's just blatant favoritism.
A practice as old as time and legal.
So if I get a promotion to a higher level within my team, I know that my bonus is going to be MUCH lower than my peers who were grandfathered in at a much higher bonus target % under the previous structure.
This makes Wells a very poor place to "grow your career".
Negative. TVC will now remain the same regardless of position. It is based on performance not promotion. Senseless but longer term strategy to save money for firm.
Yes, how your bonus compares to others in your job title and level is available info. However, if the average is $50k and your bonus last year was $30k, you're not going to get a $20k bump, just as an example.