Can anyone elaborate on how much managers can influence cast bonuses? Some have suggested that it's largely out of their control. Is that in relation to the bonus pool or how the bonus pool is allocated amongst the team?
Two years in a row now of substantial bonus decreases with M/M annual reviews. No transparency at all!
to the question on performance reviews. performance reviews only serve the purpose of CREATING HR and corp DOCUMENTATION to justify the decisions about comp, promotions, moves, and firings. they are not meant to correlate to actionable performance insights. Think about it, this is the core documentation the company has about you over time, the only consistent form and format. And yes the timing is off because it's not driving decisions, which are made before. It is to provide written support in case of issues.
Remember - 'confidential' and 'anonymous' are not the same thing. The survey is 'confidential', otherwise how would they be able to categorize the responses for given managers....
Agree on not doing the survey, they like to quote people participating for clout but it will never lead to any real or positive change.
Don't believe it is truly anonymous and regardless, they know which teams are giving them poor reviews and ratings. If your area leaves an overwhelming bad review, pretty confident they use it to punish those teams with poor bonuses, merit increases, inability to backfill, and lack of resources.
They said participation droped last year. Save your breath and just stop doing it.
Haven't done the engagement survey in 3 years now and no plan on starting again. It's not anonymous and nothing comes out of it besides 87% of people agree this is a great place to work.
I am thinking it is time for everyone to boycott the associate survey. They never implement any changes anyway and I think they would hate the stat of hardly anyone filling it out. Save yourself the time.
@j4+1jjmx3vg8 - and all the banks froze and stopped offering our Pensions.
Just gets worse and worse.
They have very much shifted the focus to RSU bonuses at the expense of cash bonus pools and raises.
This a trend across all of the major banks as you can read in any finance news, CEO bonuses and conp going up while everyone below C-Suite has dropped or frozen annual bonuses, dropped merit base pay incentives and eliminated any inflation related increases. It raises questions about of these CEOs have coordinated or colludes in tilting Wall Street away from the old compensation model and onto a flat model that supports small gains to share price, in their favor of course.
Discussions are underway about a new unionization effort across these banks. So raise the discussion amongst confidantes. While every other industry is raising salaries and comp only finance is flat, while at record profits, so what other option is there!
"What should we call it - suggestions?"
A farce
Checking a box
A waste of time
Pointless
2 months later than it should be
Why is it called “performance review” if skills and effort don’t matter? What should we call it - suggestions?
Each year we're given direction from Top:
The only thing that is up to me is whether I take everyone in the team down by the same amount or make slight tweak (like 1/2 a percent) if someone had a stellar year, which means a haircut to someone else.
Your manager may (or may not) be (but probably is) a total je-k, but don't get mad at him/her b/c of the bonus. Unless they are in HR, they really have no influence and are likely getting sc--wed themselves.
Sounds like Mngt's attrition strategy by pushing us all out the door is working.
Bonus pool is beyond the control of the manager. How much amount in the pool is usually allocated by manager. My manager gave me 0 bonus and 0 hike compared to 4k bonus and no hike last year. He openly says he is giving them to his family and friends under him. I said my final good bye to him and joining new team next week (within same SLT so just manager change)
As a B3 manager (4-deep to Moynihan), I am completely boxed in.
The "pool" is largely set in stone by Sept and my ability to influence anything is zilch.
As for Merit increases, fuggitabutit.
HR manages that. It sux.
Bonus and merit pools are set way above your direct manager. The only factor that your manager can control is your performance rating and then if you are exceed you won’t see as much of a drop or possibly a small increase year over year,
We need to spread the word on all job sites that allow you to review the employer. Indeed, glass door, select leaders, etc… let the potential talent know that compensation has been going down in dramatic fashion across the bank for the past many years.
Pathetic. 35% decrease in IC last year and this year flat to that. No rebound. increase. No increase in IC or salary. M/M. All stretch goals in Sales role exceeded. Told I need to to do more internal stuff? Who's running this place?
Have you asked your manager? Bonus and raise budget su-ks this year. Over the last few years there has been a steady decline. It looks like sharing success awards have slowly replaced bonus and merit payouts. They used to be decent.
Your direct manager can usually submit their recommendation for merit increases and incentive awards (cash bonus if you are eligible). Sometimes it's their direct manager doing the recommendations but they will eventually flow up to your sub-Line of Business leadership team and HR Executive who make the final determinations. All of the recommendations we submitted were largely ignored this year.
Important to note that the total budget allocation for end of year merit increases etc in your sub-Line of Business is decided way in advance, usually near the beginning of the calendar year. Your direct manager has little to no influence on the final outcome. Since the pandemic, the incentive pools have been small and this is the worst year by far.
Definitely not a fan or justifying this process but providing transparency.
if you are still working there and expecting higher bonuses -- you're the clown. Realize that the company is doing that to everyone and it's just their way to quietly attrite those who are looking to quit. Even when those people quit, they will keep cutting the bonuses. The CEO is to blame - but he gets bigger raises!
Group manager can allocate bonus based on the value of the members but they would not like to change anything unless they had a strong feelings of realocation
*Cash bonuses