What is the cutoff for getting a bonus (even if prorated) if you're displaced? As example, if I work 6 months of the year (past mid year reviews) but get displaced shortly after will they prorate any of it? A former colleague got let go about 3 years ago and hers was about 20% of her normal bonus after working 5 months. Just like the change to 401k match, I have a feeling Schart got rid of this concept as well but not sure.
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The deadlines to look out for (assuming you get a 60 day non-working notice):
- Bonus eligibility (notice period must run past September 30th). Basically, if you make it into August you are eligible for bonus. As others mentioned, bonus is pro-rated. Also, the bonus is left to manager discretion. Manager may give you the entire portion or they may redistribute some of your bonus to others on the team. You will have no insight into this unless your manager tells you.
- 401K Matching (notice period must run past 12/31). As long as you make it to early November, you should be able to receive your annual match to your 401K.
- Adjusted new salary (notice period runs through Feb?). Not sure on the specific date (as it changes annually) but as long as you haven't started severance by the time the new pay adjustments are made you will receive the updated salary amount for the duration of your severance.
Best case scenario is to be let go in mid to late January. You get bonus + matching + adjusted salary and you are early enough in the annual cycle that if you latch on to a new company you will most likely be bonus eligible there in year 1.
Worst case scenario is to be let go in July. You miss out on everything.
You are bonus eligible through Q3, September 30th. But don’t worry, the corporation sets your term date and your last day will be September 20th (like they did to me) or something similar. I also lost my 401K match. I did receive severance, so I can only complain a little bit. :(
October 1st. Expect a large wave of layoffs, especially with non-hub folks in Q3 because of that deadline.
I don't count on anything from this company beyond my paycheck that way I am surprised when I get a bonus. I have received bonuses for as long as I can remember, but always get in the mindset that I won't get one or it will be much less. Don't count your chickens before their hatched.
People displaced have received bonuses before, no doubt. But the key word is ‘eligible.’ I have heard of instances where it was negotiated as part of a large team layoff, but I think that’s the exception and not the rule. I would not count on one and if you do receive something all the better.
@ac it’s not myth and rumor nor can you possibly speak for every division in the company. I had a performing employee that was let go due to location strategy and their bonus was real, fair and not used to line the pockets of survivors (either under me or somewhere else in the keg nearby).
I know people laid off in Q4 last year and got prorated bonuses (or less than that but they still got something). They did not get the prorated amount for the time they were in the 60 day.
To be eligible for any bonus, you have to be an employee on September 30. That can be during a notice period. if your final day of notice is before sept 30- nothing.
Aside from being eligible, how much is then determined by the manager and their line of managers.
Let’s put it this way. You will get no bonus if laid off. It’s all myth and rumor. No one laid off has actually got one. It sounds nice on paper, oh wf is taking care of us. In reality they pull those allocated dollars elsewhere. Just the way it is
@a6 it’s 9/30. Any manager that denies or discounts your bonus beyond pro-ration and performance should receive karma in kind, and punitively so.
I believe sept 1 is cutoff for being considered for bonus. plenty of posts on here about people getting bonus after being laid off. have to be an employee (including on 60 day notice) as of Dec 15 to get 401k match for the year.
It’s up to the manager and his/her bosses. Often they prefer to reallocate bonus to employees not those laid off.