E / M with no increase in total comp, don't forget about the flying inflation outside of the world. I am literally living a worse and worse life as I'm working here.
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M/M - no raise, bonus down. I was fed lame a-s excuse that if you make over certain amount, raises are not a given. First time in my 10+ yrs at the bank not getting a raise. This is a new mgr to me (due to reorg) and I am not in his/her "inner" circle and I am very certain that I got the short end of of the stick cause he/she played favorite.
yes, B5,M/M,0% sal increase, bonus cut by 50%
guess I am the mostly impacted, time to say good by to Bank of America
Anyone else get 0% increase with M/M?
Yall got 2%? I got 1% raise .. lowest I’ve ever seen and I knew at least two coworkers who also got 1%
@1xzg+1qSKdgtk - same, but the Script we were given said to say "strong" M/M in the Comp Discussion. The Rating is the Rating.
Rating = simple 9-box diagram (like tic-tac-toe board. The ranges top to bottom and across are each E/M/DNM.)
HR tells us to put a proportion of our team in the 9 boxes.
We are not allowed to put more than 25% of the team in the E column or row. (even if the entire team had a record year)
Also told 25% are supposed to go into the DNM row or column. Those are the weak or non-performers who should be axed if we are asked to make cuts.
I always fight back b/c I need everyone on my team and none are DNM.
Then, I have to explain to some of my strongest why they are "only" M/M (even tho' they kick a**).
And later, for the comp discussion, I am allowed to say "Strong" M/M and add "you are one the lucky ones we did not have to cut"
The entire process s*cks when Expenses are running High (like now), even when our team had its own Record Year (which contributed to the Bank's Record Year).
My manager (B2) told me "bad year to be a Top Producer" . wtf - can't make this up.
So for some out there, being a manager here ain't great these days either.
I’ve been a manager - high/mid/low for meets/meets rating is not a BS script, I assure you. It can and will be used for compensation decisions as it relates to M/M rated teammates. Guidance has been given that a “high” M/M rated employee should get better compensation than a “low” M/M employee, especially if other factors are similar (current compensation, role, etc.)
Feel free to disagree - simply relaying my experience as a manager who has been party to many compensation meetings/decisions.
I understand the stack rankings. But that has nothing to do with your performance rating. If I apply for another role within the bank, the hiring manager, when he looks at at my review(s) just sees "meets". He doesn't see anything referencing "high" or "strong". It's just a BS script suggested to managers to sugar coat what they know is wrong.
Actually, there is such a thing as “high” Meets/Meets. It’s a part of stack ranking employees. Managers are asked to stack rank all M/M teammates as “High”, “Middle”, “Low”.
This is primarily done for talent planning, but also used to differentiate compensation when the time comes.
I was also fed the line of high meets. I know there is no such thing. It is just a line of bull to soften the blow and insulting to me. I also know they have talking points and try to make the conversation positive despite handing out less money than last year.
M/M
23-year employee
0% increase
$3,900 bonus which is a decrease of 50% compared to last year
The cost of living is skyrocketing. I know they don't care about me. The feeling is mutual. I will "silently" quit until I'm laid off or retire.
You got the "strong meets" BS too? We've had different managers use "High Meets" or "Meets +" as well. Do they really think anyone buys their cr-p? There's only Exceeds, Meets, and Does Not Meet. That's it. Stop trying to sugar coat what you know is an unjust rating.
"Off-cycle" guy adding one more detail.
My 2024 base pay is ~36% higher than my 2016 August hire rate.
Estimates I've seen is that $1 from 2016 is $1.28 today or ~28%.
YMMV, but in my experience if you perform well, and push for more responsibility and growth, BofA is a decent place to work. I can't say another company has been much better to me. In my career, leaving from one employer to the other resulted in a more substantial wage increase (but then, on principle, I have never left a company for less than a 20% increase).
Me: E/E, Global Tech
~3.5% raise and ~2.8% cash bonus.
Wife: M/M, Global Tech
~2% raise and ~1.2% cash bonus.
I've been at the Bank for 8 years. Not to boast, but I would consider myself a consistent high performer that strives to do well, regardless of the sometimes disappointing bonus/raise outcomes. I usually get E/M or M/E. First time with E/E. Bonus and raise were essentially the same no matter based on rating.
FWIW - The best pay increases that I've received at the Bank were off-cycle increases of ~9.3%, ~4.8%, ~7.6% associated with various promotions and/or efforts to "retain talent" based on attrition in my area.
I guess it just depends on your line of business. My husband received meets/exceeds got a small 2.7 % raise, cash bonus (largest he’s ever gotten) and a title promotion this year. He also got all the same last year. While I received a small raise about 2% and no cash bonus. My incentive plan was cut and goals were raised in a slow market.
M/M - "strong" meets = flat. "Be grateful I did not have to take yours down like the others."
wow. Inspired to come back in tomorrow to knock it out of the park! (again)
um, no.
M / M last year and ZERO bonus. That's how they treat average people.