Do people in GT qualify, which Band?
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Not sure of the precise Eligibility Requirements for Shared Success, but maybe someone with more details can weigh in.
Or maybe search Flagscape to see if it's on there any where.
I "think" you only need to be Full-Time Employee in Good Standing as of Dec 31, or maybe employed 90+ days before Year-End.
It's been reported that last year, roughly 96% of the bank’s nearly 217,000 workers were eligible for the awards. (so if you're FT, your odds are very good!).
Employees who receive $500,000+ in total annual pay per year are not eligible for Shared Success program.
@ef+1jhekwr3p, could you shed some light if you need to be with the bank for a minimum period to qualify for "Shared Success program" like for example joined the bank in July/August of the year, do they qualify?
@eb+1jhekwr3p - not quite right.
Your comment is accurate about the Shared Success program (shares success based on overall company performance across full-time employees; formerly all in cash, but transitioned to RSUs due to more favorable accounting treatment, yadda, yadda, yadda)
However, please know that there are numerous RSU-based incentive programs. (a LOT more)
- All full-time employees in good standing are eligible for Share Success (RSU) program. Shared Success is for everyone, whereas KEEP is "Key Employee" (not every role is "key".)
- Many B5 and up in Sales roles have part of their bonus (some are quarterly, others annual) paid in some combination of Cash, Cash/RSU, or RSU only. Based on their INDIVIDUAL production.
- B3 (and select B4) are eligible for the Key Employee Equity Program, which is our former All Cash Bonus, now paid in combination of Cash/RSU. This is my bonus, which technically should reflect overall company performance AND my individual performance, but when it invariably goes down they tell me, even though I am rated E/E and doing an Amazing job, overall expenses are up so the company did not perform as well (despite the fabulous press), so I am paid down 2%, 5%, whatever.
- Managing Directors (not SVPs) qualify for yet other separate RSU (equity incentive) programs. A bunch of different ones depending on which predecessor they came from and when they joined, made MD, etc. Sign on Agreement, etc.) Those are paid in early Feb, which is why (along with dividends) you will see BAC stock invariably dip in early Feb each year, like clockwork. Shares released = stock price down. Basic math.
- B2, B1 and B0s -- have yet additional Deferred Comp and Equity-related incentive compensation programs.
Basically, the higher you are promoted, the more programs you may qualify for,
Maybe someone from HR can clarify further. I've seen at least 6 different RSU-based programs and have heard there may still be as many as 30 variations. (but that sounds like a lot)
It's not actually considered part of one's Year End bonus. RSU replaced Shared Success which previous was paid out in cash. It's meant to be driven by overall Bank performance rather than individual performance. All full time employees should qualify for RSU with the contingency that one needs to be an active employee when the shares are paid out (spread over multiple years).
Look m flagscape… all your answers are there. Actually, just about ALL answers to many questions that people have are on there somewhere.. use the search bar on flagscape to look for your answers.
Key Employee Equity Plan -- all divisions are eligible, B3+
And select B4s. Maybe others.
It's the RSU portion of our YE Bonus (so Earned, not "awarded" like Shared Success is)
It was started about a decade ago when someone (Mngt? HR? Consultants? who knows) decided to not pay us our YE Bonus in all cash anymore.
A percentage of our YE Bonus is paid in RSUs that vet over 4 years.
The reasons?
- Easier on the company's Bottom Line (earnings) than paying us in cash.
- Spreads the company payout over 4 years.
- If we leave to a competitor, we forfeit the vesting and company does not have to pay.
or some such rationale.
Never heard of KEEP in GT been here 27 years
Huh?