Was recently let go, my notice period goes through 9/30, the displacement paperwork said you are eligible for bonus, but realistically, I am wondering how many ended up getting a prorated bonus?
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Thanks, that’s too bad. The thought of having to work until early Feb ‘25 is hard to stomach.
I made it past 9/30 last year and got a bonus but got absolutely crucified on it (between 1/3 and 1/4 of what a full bonus would've been). At least it was better than zero.
For the person that asked about retirees - the bonus plan changed last year.....used to be that if someone retired before the end of the year, they could still be considered for a pro-rated bonus. However, that is NOT the case anymore, as the language was changed to say that retirees must also be employed through bonus payout in order to be granted bonus. Search for the Wells Fargo Bonus Plan on Teamworks. The info is in the bonus plan document language, not the incentive compensation policy.
Anyone know or care to opine about retirees? I am considering bowing out soon. I have a 60-day notice period which would carry me through 9/30. The “retirement” handbook on Team Works is pitiful, so wondering if anyone was in this situation?
I was laid off on 6/25. My previous manager deliberately gave me a doesn't meet review which is totally bogus. I wasn't even notified that he posted my review -- I found it by accident. I'm sure it's so he can give his bonus pool to his remaining direct reports.
I'd love to see class action suits start at all companies, not just WF, for these kinds of things.
My layoff paperwork last year said for bonus eligibility to read the policy. I never could find the policy on that. Luckily I actually got my full bonus. I think in my circumstance I had a two up manager who likely went to bat for me.
its a good question to ask because they are deliberately unclear about it. your manager will have complete discretion on how much you get. all "eligible" means is that your portion of the overall funded bonus pool will end up in your managers bonus dollars total. the same manager that displaced you and would likely now rather use those funds on an employee who is sticking around. last year there was direction that bonus dollars allocated for displaced employees couldnt just go directly to their other peers - any unused funds had to be "returned" to the division level pool. However - as with so many of the random edicts that come down - leaders were never actually told how much money in the pool was for displaced employees and HR didnt bother to check or care, so the 'rule' was never enforced. i would expect 80% of your target / 90% of your prior VC - discounted further by 25-75% for reasons above. basically the worst possible bonus you could get if you were still here.
Director here: Keep in mind, managers will reduce the performance rating of displaced employees to game their stats and increase the remaining Bonus pool for their surviving employees. If you're rated as 'Inconsistently Meets' or 'Does Not Meet', they can cut your bonus 20% or deny it altogether.
For planning purposes, expect a 75% pro-rated bonus, minus another 20% at least, so roughly half of what you got this year.
You are wrong on the bonus piece based on the facts provided by OP.
No prorated bonus and 401k. That’s the whole point of doing layoffs before the bonus and 401k payout. Cost cutting is everything.
Depends on your mgr but likely you will get 75% of what you got last year if performance the same.
I was displaced in Oct of last year and got a bonus. I got a job with one of the Big 4 accounting firms during my severance period and was later put on the Wells Fargo contract where I continue to support!
“Eligible” is the key word. I know a few people in this situation that did not end up getting anything so wouldn’t bank on it
You are entitled to part of the annual bonus pot for part of the year you gave to the company.
As a manager i would not accept being told to shave anything from your rightful prorated bonus. To be clear, if you were selected for severance due to performance and you might have had a lower bonus anyway then you could expect that bonus to be commensurately lower.
But personally I would never accept going beyond that and subsidizing / goosing survivor bonuses from reductions in yours just because bonus budgets are zero-sum.
Wishing you good fortune.