Any information on bonuses and raises this year? Will they keep up with inflation or just deflate our expectations ?
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I constantly pickup slack and step in to put out fires and it comes with nothing. The usual 2-3% that everyone gets. Kind of a disgusting feeling. Where is the incentive to reward exceptional work? They literally are taking away everything and giving us peanuts. Inflation is sky high. It’s dehumanizing.
The merit increase and bonus difference for an extraordinary vs. meaningful rating is mostly insignificant. The merit and bonus pools are what they are and ratings have no bearing on that. The ratings do not give the manager any additional monies to allocate.
As an example, say there are 4 employees in department all making 100K. The manager will be given 2.5% merit to spread ($10,000). Now let's say one is extraordinary and the other three are meaningful. The extraordinary performer may get 106% of target merit increase, then three the meaningfuls may get 98% of target. Extraordinary would get a $2650 raise in this scenario. Meaningfuls would get $2450.
The same basic concept applies to the bonuses.
The ratings do offer a better justification for a future labor grade bump if your job role allows it, but that is tough. In my experience you must be a perennial overachiever and have your manager fight for you.
I received an extraordinary last year and it came with nothing. I was disappointed to say the least because in my department, everyone got great bonuses. So, it doesn't do anything for you monetary wise.
To the person who commented that 5% pay raises was "clearly sarcasm", the OP clearly wrote 2.5% as in two point five percent. Maybe I missed a post about 5%, sorry if I did, but 2.5% seems about right. I have only heard it is worse than last year.
5% raises across the board? I’m assuming that was sarcasm
If you got an extraordinary, at least in my department, you would probably get a pay grade increase and if no at least a much bigger bonus. Bonus pools don't get bigger so compensation would be taken from others in your department and given to you. That is why only a small number of extraordinary ratings are allowed.
I got my performance review and got an “extraordinary “ rating. Does this even come with anything anymore ?
- 5% .... what a freakin' joke. Bunch of 4s$holes running the bank.
There are much better jobs out there, in SO MUCH BETTER organizations.
Take the step. $$$crew US Bank now!
And they knew the big fine was coming.
What’s the difference in increase between a “meaningful “ and “ exemplary ” rating ?
- 5% increase across the board
Everyone is rated ‘Meaningful’ to ensure merit increases are limited.
Bonus pool is again underfunded (something that is never disclosed during the recruitment process).
They wanted a recession to assist with employee retention.