A new 5 point rating system will apply in 2020. From the material I’ve seen, 20% are expected to be rated as “unsatisfactory” (the old 1 rating) or “inconsistent performance” (the old 2 rating). All backfills are also on hold unless EVP approval is obtained. Expect to see the new rating system by end of March when goals are rolled out.
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This is exactly what Chainsaw Charlie did at BNYM. Then comes the layoffs.
@2tdt+13TBuP6N Great observation!! Next thing you know people are gonna start closing a few thousand bankers opened millions of so called “fake” accounts for unsuspecting customers in addition to committing fraud on a level unprecedented in us history.
Yeah, right! Only a bunch of imbeciles would think WF would institute this policy without the OCCs concern. You told them didn’t ya!!
LOL that you think the OCC hasn’t signed off on it.
People. Really be diligent in keeping ears and eyes open and ask questions. It's really awful to have to. The writing is on the wall. I truly wish it wasn't but, it is. I wish nothing but the best for my WF mortgage team members. We really ramped up during the default mortgage crisis and the volume is significantly down. Nobody is backfilling. Teams are combined and trimmed. Processes are divided up with one team not knowing what the other team does. That will and should change.
Wells people, welcome to what BNYM people experienced. I was one of those force ranked subpar, though I historically met or exceeded, then 6 months later, got my walking papers. Regardless of where you stand, get your resume updated and network like there is no tomorrow. Also review severance and your financial situation to see where your break point is.
BNYM laid off thousands worldwide this way.
I hope this is not true. Managers have some discretion. Meaning they get a set $ figure to disperse to their team how they see fit. My personal experience is the "friends" get the higher rating/bonus. The ones that go out for beers together after work. Some of those people do little to no work, its insulting to those who want to do well.
I stopped going above and beyond last year. I am done, its too taxing and I get nothing in return (as do most of us).
Distributed ratings are used by companies that want forced attrition without having to do layoffs that attract attention. Distributed ratings also promote a lack of team work and turn people against one another.
Distributed ratings aren’t done at the most successful companies. There isn’t any hard evidence they worked. Many have shifted to continuous feedback.
The deleterious effects of his last-decade approach to performance management here at BNY are still being felt.
Managers have bonus discretion. I got improvement needed and got zero comp.
20% of 270000 employees is 64000. Yep that sounds about to bring the company in line with competitors.
These ratings mostly don’t matter if you’re performing, managers have very little bonus discretion and the difference between 4 and 5 is maybe $500 at best. Definitely not worth the extra 10 hours a week of brown nosing, or “being a leader”.