Thread regarding Wells Fargo & Co. layoffs

Seriously though, how will this be addressed in a new environment where bonus targets no longer exist?

It would be prorated if the bonus levels were different but your new department will pay the full amount owed. I’ve moved positions mid year multiple times and always got the higher bonus %, but technically they don’t have to do that. Depends on your performance. For for example if you make 100k and we’re bonus eligible for 20% for 6 months and took a new job at 150 and 30% for the rest of the year your bonus would be 32k if it was prorated; or 45k if they did not.

Keep in mind that this is also up to old groups discretion. Last year my bonus was fully funded but my former group but they cut a big chunk of my bonus from me and gave it to people who stayed with the group. It’s an exceeds rating! I knew they would knock me a little for leaving but they took almost half.

@1hmt

This example isn’t quite right. Let’s use your percentages and forget the “=12.5%”

It’s times your salary. Therefore, when you switched roles, you should have gotten an increase unless lateral/you didn’t negotiate. So make sure you take 10% Xs first 6 month’s salary then 15% Xs second 6 month’s salary and add that together. This is the what I would consider the cap and think about if you received 100% OF your bonus target last year. Some teams were cutting back and awarding 90% of your 10% of your salary (for example).

They do a prorated amount, so if one position is 12% and the other is 15% they will give you a potion of both based off the target you meet.

The devil is in the details here - and NOT documented. The prorated calculations are correct BUT where the money comes from is a bit slippery. I honestly don't remember the point in the year it shifts but where the funding for your payout comes from matters.

If there's a balance of the year between departments, your new one generally tries to do right by you but always have an out to blame your old job if they skimp. I think 10 months is the cutoff for your old department to fully fund your payout - good luck with that.

It’s prorated. If you go right at mid year, you get 50% of whatever your old bonus is, 50% of your new one. In theory the old manager has a say, but in reality they don’t.

Won’t matter going forward now that there is no longer a “bonus plan”!

You shouldn’t be employed if you have to ask this question.

I disagree that the pdf is crystal clear for this scenario.

If someone was in their role for half the year, and in that role had a target of 10%, and then went to another role with a target of 15%, their bonus would be:

10% for the first half of the year
+
15% for the second half of the year
= 12.5% bonus overall?

Is the above correct (setting aside the fact that targets are gone and that people don't always get the exact target)?

This happened to me. Your bonus will be prorated by the time and bonus percentage for each role you were in.

This is very common and the process is well defined as other comment states. Managers - former and current - work together on the decision.

Page 11 of the Wells Fargo Bonus Plan.pdf talks about this very specifically and simplistically so anyone should understand. You can find the document on hrss