Hello,
A friend of mine is currently interviewing at WF. If a new hire is forfeiting a bonus from their current employer to join WF, does the bank offer a sign-on bonus to offset this loss? Apparently not.
She was told that even if she joins in August, the annual bonus would not be prorated. Is this accurate?
I had prorated bonus starting in q1. Mgr will get the full money but can allocate how they see fit
RUN! Wells Fargo is toxic and don’t trust them with a bonus.
Depends on recruiting manager. I had to provide my prior employer offer letter which stated annual bonuses percentage.
I hired someone in September a couple years ago, I was surprised we did not have to prorate the bonus. I’m guessing it depends on group/role/level to some degree, but this person got a sizeable bonus (well into 5 figures) for 3.5 months of work.
I started on 9/29 and received full bonus. They said if I started before 9/30, it would be 100%
Sign-on bonuses are mostly reserved for hard to fill roles or higher level leaders and even in those instances, it's mostly for equity that you would leave behind in your prior company so WF will "buy you out" of that equity by granting RSRs of WF that would vest over time (sometimes w/ a certain portion of it being cash up front upon onboarding). So if you're just a typical person who gets a yearly bonus from your former company, but not until January (think our discretionary bonuses here) and you're leaving midyear from your employer and say "but by doing this, I will lose the bonus from my employer from the whole year", that almost never will qualify for them to give you a sign-on bonus to make up for this, except for rare instances in which the business agrees to fund it for just an average joe who doesn't have a specialized hard to find skillset or a senor level position.
If you are a good friend, I'd tell this person to RUN, not walk from this dumpster fire.
WF does have the ability to give a sign-on bonus based on if someone is forfeiting a bonus payout to come here. Recruiters have been trained on this. Also, the policy has been if bonus eligible in some roles, so long as your first day is by 9/30, you are eligible for all of it. But it depends on what the bonus is based off of and the role.
Enf
It's negotiable. When I joined many years ago I got a sign on bonus which was to offset options I held in my prior employer (and would have lost when I quit).
These days-- who knows. You can ask-- the worst thing they'll do is say no.
She must be damn fool to join this sinking ship
Anything is negotiable, but depending on the hiring manager and the skillset, it might be possible.
So it does get prorated?
Unless she’s a BSD none of that is negotiable. First year prorated bonus will be lackluster.
She must really need a paycheck.