Does this really happen? Is it true that a manager can only give out one E/E per their whole team?
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Yes, got me nowhere. I did however get a new job that pays me that exceed/exceed money. Best decision of my life!
Comp is simply a formula based on what you were paid last year. Guidance from HR to managers late summer/early fall -- take it up or down by X%. That's across the total team, not by person. So if you are a favorite or really strong performer your manager depends on, he/she may steer more of their allotted pool your way.
I've been E/E off and on with diff managers over the years. My pay those years pretty much matched what I heard in the rumor mill (pool is "up X", or pool is down X"). My YoY pay was in line with that. Rating did not make any diff.
So I stopped busting my a$$.
M/M this year and got a raise! (that I did not even ask for -- with all their excuses, gave up years ago) Total shock. Go figure.
I've heard from management that raises are decided before performance reviews are completed, meaning, compensation increases, if you even get one, are not based on performance reviews, they are just a formality.
Bonus and comp are decided in Aug or Sep. none of them related to your rating in year end.
I gotten E/E twice, first time my increase was 3% and the second time was 0% because I switch roles and bands right before the end of year and the increase was under my old LOB and since I left they decided to not give me my increase.
Thanks @4fzi+1l0rDaej for the explanation!
@4taj+1l0rDaej - there are 2 different ratings:
- Yours: you rate yourself in your self-evaluation
- Manager: rates you in their evaluation of your performance (that's the one that matters for compensation)
Approaches differ, but as a manager, while I look at how the employees rate themselves, their rating has no bearing on the rating I enter on their performance records. It is, however, a good guide as to how they think they are doing, and indicates whether we're far apart (or not) on the ratings.
If they rate themselves the same as I'm thinking based on what I've seen on the job and read in summary of accomplishments, then I enter the same rating they did. If I think they are short-changing themselves, then I enter a higher rating.
If they rate themselves higher than I'm thinking, I look to see if their write-up justifies the Exceeds to convince me. If I still really disagree, then I understand that I need to manage expectations and provide guidance as to what is lacking/needs to improve to earn the Exceeds.
That said, per HR guidance, we can only rate at most 25% of the team as Exceeds and the other 50-75% Meets (or 25% Does Not Meet when called for). If the manager has a strong team, it's a problem b/c we are constrained in how many we can rate as "E".
I might give M/E or E/M if I'm trying to get a strong performer paid more. But I only give E/E when I'm putting you up for promotion.
If you're comfortable, you might try asking your manager how they approach it and what you can do to earn the E/E and if you could maybe work together on a plan to help you get there.
if the employee enters meet/meet. can manager change it to meet/exceed or exceed/exceed . if the manager thinks so?
Got a meets/exceeds for the first time this year my bonus was the same as all other years at the bank. 7k.
Yes several times under different managers.
Usually exclusively reserved for those up for promotion. Otherwise e/m or m/e at best.
Yes, favorites and cronies get rated E/E.
Ratings are meaningless. The bonus is based of what you receive the year before.
Say someone is M/M and their bonus is 35k and another is E/E and their bonus goes from 18 to 21k...the M/M can go up or stay flat, but typically not down unless it's a terrible year.
Also when being promoted you will usually not get any $ bump because you weren't in the higher band for the year.
It's not based on merit at all. It's how much you kiss ar-e and annoy the mgr about it and how much they like you.
There is no such thing as pay for performance unless you are front office. All other support functions will not see any different result.
Source: 18 years of experience including mgt...
I wouldn't say only one but they're extremely limited. Say there’s a team of 50 and the manager believes 10 of those employees earned an Exceeds rating. Then HR says they can only give out 4 Exceeds on their team. Those 10 employees performed well but the rating itself is limited, so technically not based off merit or performance.
Disappointing and not a good model. Guessing upwards of 90% will get a Meets rating at year end. The remaining 10% is probably split between Does Not Meet and Exceeds.
Jumped to a bank 1/10th the size of BAC now my bonuses are more than 10x than BAC’s
That is what they started saying a few years back. I used to get rated E/E get a title promotion without pay and was expected to over achieve again. GET the F out of here! This bank sucks!
I do. Oh wait wrong bank portal.