Information about the new Job Architecture is supposed to come out this month. Anyone's managers released discussed it with them yet?
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Bonuses are also a way to encourage performance. Without them, there is nothing to incentivize employees to be top performers. Rank me the highest amongst my peers and then not reward me for it? No thanks.
@3rzn+1dDSWrkC On the surface I would agree, but the reason why people are rightfully pi---d is that for many positions at WF the bonus payment is a significant part of total compensation rather than just a cherry on top.
For example- some positions are structured with bonus as 30-50% of total comp. Without the bonus factored in, base salary is usually well below market. And this is for IC roles, not execs or mgt. Now if they want to adjust base salary upwards while decreasing bonus %’s, great! But we all know that’s not what they’re going for here.
Bonuses are never guaranteed. You should treat them as their titled - a ‘bonus’ if you get one and it meets your expectation. It will never exceed expectations ;-)
the new job architecture was mentioned here a few months ago about an excel sheet on the new HR service now portal. within a week I went back to check the same excel sheet and it showed I didn't have the permissions to access it anymore. Used to be public but then was hidden once word got out. Just seems they are consolidating all job titles to mimic that of other banks. i.e associate, regular, senior, lead, senior lead, and principal for individual roles. and manager, senior manager, director, etc. roles for management.
I’m curious to see how this bonus structure will work from the perspective of being able to submit proof of income documentation. I rent and my landlord asked for proof income and accepted my offer letter with bonus target to qualify me for the 3x rent requirement in SoCal. It will could be challenging if you’re new to a bonus eligible position but I guess showing a W2 would work….
You are going to see a change similar to what technology already has done. Associate manager, manager, senior manager, principle, etc. also as the person above said bonus targets are gone. Will make competitive hiring difficult.
At the end of the day it's all about reducing salaries and bonus. They do this by reclassification of employees into different job titles with different midpoints and bands.
On one hand they'll give you a fancy title like VP, but behind the scenes your future earnings will be diminished.
Yes, someone knows
does anyone know about the new job titles?
New titles last year affected many in our group negatively. Lower MRPs as well as bonus targets. Ridiculous when our jobs didn't change and many actually had more heaped on them due to spans and layers.
Post ID: @1gis+1dDSWrkC
I'm in tech in a business and that's wht we were told as well. New titles before year end effective 1/1/2022 - we went through it last year and honestly, it makes no difference at all.
Business lines we support, heh. Nice to hear that someone is keeping the myth alive. I've never once dealt with tech and came away feeling like i was being supported. It's more like some version of 'no, we can't do that, because reasons', or 'we'll allow it, pleeb', or 'i've altered the deal, pray I don't alter it any further'.
Tech will be affected, but not as heavily as the business lines they support. Since we did already go through this exercise and adjusted out levels to match what is forthcoming there won’t be a ton of changes. The changes you will see is around roles and better clarifying roles based on competencies. IE, if you are in platform services, you will see a new Platform role. If you are SRE, there will be new SRE role, etc
I heard tech isn't affected.
It has been all crickets here. Not a peep about any job title changes. But I suspect that is because we went through that last year.
I’ve heard there will be less than a dozen of the new job families, some examples I’ve heard: tech office worker, risk office worker, commercial banking office worker, branch worker, and executive
I’ve heard that they have removed bonus targets, so bonuses will not be tied to a specific number.
New titles often mean no pay hike in certain times and quarters. This is one of those times and quarters.
may get a little guidance over the next week as hr begins meetings with all managers around year end comp guidance.
The NextHR site shows that communication should be done by the end of November and take place in January. The video linked said they are consolidating over 10,000 job titles to about 2500 job titles. So that means around 75% of us will experience a change.
Nope. But my manager had a really nice hefty new title (and probably a huge bump too). It won't be travelling down to us though.