Thinking of leaving, but wondering if I'm still eligible for performance bonus if I do.
15 replies (most recent on top)
@zof, retirement does make a difference, but I’m guessing OP would have mentioned if that’s how he/she is planning to leave.
As long as you’re “retirement-eligible”, you are supposed to get a bonus payout. That means if you’re 55+ with at least 10 years of service (or 65 with 1 yos or 80 points). Otherwise, you can retire, but you’ll be treated the same as someone who just left to go to another company.
I had an employee retire last year and he got a pro-rated bonus in Feb. If you had someone retire in July of this year, he should be getting 50%+ of his full year bonus but paid out NEXT year.
No. And before you ask, you also don't get your 401k match unless you are employed at payout.
You don’t get anything if you’re not employed as of the payout date
Negotiate a hiring bonus commensurate with what you estimate would have been paid out with the new company.
Its very common to ask for but many dont ask
Unfortunately that is not how it works. Your team is allocated an amount based on how many bodies you have, it’s not like you have 150k to disperse to anyone left standing.
Let's hope not. If you don't get your bonus, the money will be distributed to others like me. Please walk, please walk.
They changed the rules it used to be employed as of 12/31 would be eligible but now is as of payout date which would be feb. considering the changes rumoured I wouldn’t wait for it if you have a good offer elsewhere
I haven’t received a bonus in years. I’ve put in countless hours overtime, stayed up days straight during outages. But I get paid to do a job - a job I love to do with people who respect me (I think) and people I like and respect, look up to, and teach me new things everyday. Some people that I get to work with I feel like it’s an honor because one day when I’m older and still nobody I get to say that I had the chance to work with “Mr. Genius-X”. But overall I know all of you are here on this board just like me, you love working with these great people who want to make the process better. Remember Wells Fargo is a community of various gobbled up entities and companies over the years and everyone has been groomed and trained differently - so yes we all are learning to get along and it will take time. Hang in there like me and hopefully one year I’ll get a bonus and be able to see that someone maybe has appreciated my loyalty and respect otherwise I’ll just keep getting my paycheck and keep being the best I can and continue to learn me grow no matter how bad it gets.
Check the HR policy, but as of a few weeks ago, the requirement is that you MUST be an employee at Wells Fargo through 12/15 in order to (1) get your 2021 401k match and (2) be eligible to receive a bonus in 2022 based on your 2021 work efforts.
In spite of this and it already being September, I still chose to leave Wells Fargo, forsaking the cash. No regrets.
Will you retire or will you resign? I believe that may make a difference. Although they may have changed that and decide not to pay out bonus even if you retire. I had a team member retire in July and he received a very small bonus due to not staying through the end of the year. If you quit, you most likely will not receive any bonus.
You will not get any bonus if you leave. However, if it is a decent company they may offer you a sign on bonus that can cover part of what you would have gotten.
Also, don't forget that you will also lose 401k match for the year if you leave now.
if you leave before 12/31 you are not. I left in September and lost my bonus and a lot of unvested stock. The price you pay to get out of toxicity.
They're going to curtail and reduce the bonus for the people who do the work anyways.
nope
I am eligible but I am not leaving.