Anyone heard how the bonus and pay raises will be, and when we can expect them ?
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If you are an UB person USB is going to sc--w you on bonuses and reduce them by 30%. This was a big bait and switch from USB. Leave now , sc--w the acquisition let them find others to do it.
Agree on the performance rating agenda. We have colleagues that have earned the Legend trip award but are not rated Extraordinary. Clearly an ugly McKinsey strategy
Communication to employees will be the week of February 16th. February 26th your base pay increase will be effective. Bonuses are paid out on March 3rd. Base pay increases reflect on paychecks starting March 17th.
Just search intranet MyHR, compensation review :)
When are layoffs for the MUfg Union Bank employees who came in from the acquisition by US bank?
Bonuses are not as good as last year but still over target, not sure about merit increases.
Layoffs for which business lines? Any rumors for Mortgage?
Roll rate this year is 4.5%. Layoffs coming. Decisions were made on 12/30 by all managers. It’s coming any time now.
I’m seeing 3% for grades 10 and under
So what’s the expectation this year? Same 2.5-3.5% increase on average? Or is it going to be higher 4%+? Anyone know? Should be at least 4.5%+ in my opinion to at least help with inflation but we know how this works. They never give to keep employees.
I might be one of those people that got “extraordinary” a few times, for whatever that was worth. Didn’t get it this year, so it’s funny to read one of the reasons might be due to companywide pennypinching.
I remember too that when the raise to $20 base pay / 3% increase was announced, they dangled the carrot by saying they anticipated a generous pool to pay out to employees who were not bumped up to the same degree as new or newer hires. Will be interesting to see how much that statement pans out.
Review theater is alive and well. Management ranked everyone in October. Nothing will change their ranking. Self assessment is rarely ever read. Reviews are written to meet the predetermined ranking. Of course only those they want to promote are exceeds.
That's also not to be confused with the additional 3% bump for grades 10 and under that happened in Q4 to help offset inflation.
Grades 10 and lower no longer receive bonuses. I believe anyone grade 10 and under received a 3% bump in pay last year in addition to the usual merit increase. That 3% bump replaced the bonus. So essentially what used to be the bonus is now spread out over 12 months and every pay period.
I thought we no longer receive bonuses. Wasn't that phased out about a year ago?
I don't believe the employee ratings have any bearing on the bonus and merit pool allotted to management. Employee ratings should impact how management spreads the pool out, but I don't believe it factors into the total dollars management has to spread.
But yes, I was told it takes an act of congress to get rated as "extraordinary".
Heard leadership was told to not give out many "Exceeds expectations" on reviews so the bank doesn't have to give out more merit/bonus dollars.
This is all planned out. IF NUMBERS ARE NOT MET. THEY WILL BE.
Bonuses should be paid on the March 3rd checks in the US. No one is in the dark. Same process as every year.
Yeah, manager’s in the dark, too.
Timeline is available on intranet for anyone to see. Ask your manager if you can't find it. No great conspiracy!
Bonuses are usually late Feb or early March
There will be a crazy amount of layoffs announced on a weekly basis until they have saved enough to pay my massive raise / bonus (to be paid end of Feb)
That should address the two most frequently asked questions on here for the next month or so.
Bonus and raises aren’t normally communicated prior to the end of the year. More like by the end of January. Patience grasshoppers.
Wondering also about why there's been this seeming delay in telling us? Anything to do with the MUFG merger?