Does WF do something similar like BOA, basically your merit increase and bonus has been locked in at end of October? Even you change job before end of year, those two items will not change?
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If you change jobs after Oct 30th and get a raise with the change you won’t receive a base pay increase at year-end. Bonus is not changed.
Nothing has been entered into the system yet. There's an HR meeting next month to instruct managers on how it will work this year and then we'll have a budget to work with. In the past, the budget has only been included for raises. Bonuses tend to reflect historical information with some caveats (your rating, your title, etc.). As someone previously said, this information isn't actually locked down until January due to calibrations, so it can theoretically change at any time, although it doesn't usually change much.
My boss told me to expect 10 percent due to inflation.
"What happens if you leave the company after it is locked down? I know you can still get a bonus if you leave, but feel there is little incentive for a manager to do that"
Nope. Not any more, if you leave voluntarily (I.e. quit). if you aren't on the books the day of payroll, no bonus. If you're planning on leaving, negotiate buyout of the bonus as a sign on.
If you are gone because you retired or were displaced - you do get a prorated bonus.
No. What Wells Fargo does is the spineless middle managers looking to preserve their salary and bonus pick out 30-35% of random reports and demand that their spineless lower managers deliver inconsistently meets ratings to that unfortunate group. Then they make up stuff to justify the poor ratings. Now, those 30-35% get zero merit increase and any bonus is cut to shreds. Then anyone with any self worth goes and gets another job after they realize the incompetent spineless a$$holes at WF need them more that we need to work there. I turned in my computer and danced out the f¥
They go through several rounds. Especially for above a Meets. It’s even at a point of peer review due to stacked ranking now. So no, it’s not locked early. A manager may have a goal or a target set for you but until the peer review validations are complete nothing it’s set.
At least you are lucky enough to get a bonus. Most of the company does not.
The OP overreacted. I can see the hiring manager softening your bonus over the fact that you are new but 50 percent is a major slap in the face. I would demand answers from HR.
Wait, what?
If someone switches departments today (10/20), wouldn't the bonus come out of the new department's budget next Feb?
Why would the bonus get slashed, especially if the two roles have the same title and comp?
basically your merit has already been decided. I heard the budget is has been submitted-- so it runs thru other levels to queak either up or down.....and mgrs cannot reveal until they receive green light from HR.
@uax+1jioTSmY if you leave WF (retire or quit) effective end of year--no bonus payout. you'll want to stay thru Feb or March to receive bonus--then bounce!!
You no longer get a bonus if that there on payout date. You are thinking of the old rules.
What happens if you leave the company after it is locked down? I know you can still get a bonus if you leave, but feel there is little incentive for a manager to do that.
They do not lock money down until sometime in January - literally almost up to the day they release numbers for payroll. I accepted a job and was told numbers were locked. It cost my THOUSANDS of dollars. DO not ever trust your old manager.
No I don’t think so. I changed roles in 2020 the week of thanksgiving and my previous group reduced my bonus (basically by 1/2) and told me it was because I left while bonuses were being finalized.
Everything goes through so many layers of discussion and approval it’s not final until at least December.
Na, where there’s a will here to s**** someone.. there’s a way.
I hope so.