I've been with the company nearly 15 years in IT. I was forced into a management position a few years ago, even though it's still not my job title and I'm doing both management and development.
For some insight, we were forced to give "Below Expectations" ratings to 10% of our staff during year-end reviews. I've spent many hours over the past months in meetings with upper management to force the rankings, and because I refuse to give someone a "Below Expectations" ranking who doesn't deserve it. I was told either I force rank, or someone will do it for me. I've heard from other managers who were threatened to do so, or they themselves would be forced "Below Expectations".
I was then told a few weeks ago that anyone with "Below Expectations" was being let go. There was nothing we could do about it. Oh, and we won't be getting new reqs to fill their positions. (uh, what about "talent refresh"?). This is simply the banks version of forced rank, and don't let anyone, even Charlie, tell you differently.
I'm grateful for my job, and I really do like my immediate manager. I'm more than OK with letting someone go who isn't doing their job, as long as they're given a fair opportunity to. However, I simply don't agree with this forced rank approach; It's not sustainable. I'm already at a point where I don't have enough people to stick to this "10% below expectations" nonsense, and I'm already being forced to choose between the remaining good people I have on my team. We're spread too thin as it is. The performance rating system that we're using is worthless and discouraging to hard working employees.
Good luck to those who were let go. India is up next week.