Repeat employee here. During the Wachovia merger / layoff we were told all the same things. Top performers don't have to worry, keep your head down and do your work.
Leading to that layoff I was always exceeding and was in fact an employee of the year. I got laid off. A friend in upper management told me that regardless, we're just #s on a spread sheet and I was indeed cut because of my constant high performance, that lead to constant high reviews and high pay.
I've been back for 18 months and am at the top of our departments pay grade and though I got a pathetic "meets" mid year review, I'm already beacing for what could be up ahead.
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Imagine being in a group for literally years and receiving only a token raise every March because you're at the upper end of the pay band, only to be assigned a new job title late last year with a significantly higher band – and then be told this March you didn't get a raise because of funding.
ಠ_ಠ
I got an ‘exceeds’ or 4 rating and was also told that people were graded on a curve. My manager didn’t like this. Also told if you miss a STAMP entry date, expect a 2 rating, regardless of your performance. And in the next week we will see how our jobs got remapped to new titles, along with the new salary band and bonus potential. In Saul’s Technology group.
I was rated a consistently exceeds (5) as well; not shocked there but no idea how ratings were handled with the rest of my team. If I had to guess on my small team (8 people) there was likely at least 1 other 5, and probably at least one 2. that would be fair based on my own assessment with the team and not based on the "curve" being discussed.
@1lkg+16dvrDg7 Must you be obvious and rude too? What a punk!
@vcb if you apply for and are selected for a job with a different job family/level you can get a raise off cycle (only if, however, the new job has a midpoint >10% higher than the old job, AND you are below the midpoint of thee new job level). If your current job gets more scope and is "re-graded" - i.e. you manager goes through process to show that responsibilities are commensurate with higher grade level - that can happen off cycle although it is very much discouraged now. Adjustments in comp subject to the same criteria about differentials.
If your current job got more scope but is not re-graded - yes, you do more work for the same $$. Most often this is the case these days - and in my part of the bank has been that way since the company blew up with the initial consent order. You are deemed fortunate to still have a job.
@hzw you are not a “top” performer if you got “meets” and a “3”. The new bell curve has 15% rated 4 and 5% rated 5. Top performers are in the top 20% of the firm.
@1wro you did in fact point out a persistent and pervasive culture problem at this firm. Just not the one you intended. You are completely spot on that inflating team members ratings and lack of accountability from top to bottom across this company is a core root cause of the problems we have had. Have you not been paying attention that we have literally had scandals in every area of the bank due to awful leadership, risk, compliance, and accountability culture. We let “team members” get away with average performance and haven’t done any favors by letting people slide by. It is now going to cost ~50k people their livelihood(most of whom we shouldn’t have needed anyways if we were a more effectively run company”. You are case in point and should be p-ss-d off for never being properly rated and held accountable.
@1lkg+16dvrDg7, pointing out a persistent and pervasive issue with the company culture and describing its effects as demoralizing whining. I'm sure you're a pleasure to work with/for.
@wdm a decade of “above average performance” and “4” ratings and zero promotions means one of a few things.
- You are already overpaid
- You are not deserving of promotion and should not have been rated 4 for ten straight years
- You have terrible management
- Your promotions have been blocked by better talent on your team.
If 3 or 4 are true and you stayed than you are complacent or not talented enough to warrant regular 4 ratings and a promotion.
If you are complacent and comfortable, that is fine too, just own it. Don’t come here whining about it.
Yes, meets expectation is a 3.
I got meets and am top performer. Is that a 3?
My business line hasn’t been doing off-cycle promotions for a few years now and we were meeting plan for financials most of this time. Just shows you how FUBAR’d our HR dept is and how inconsistent across the board mgmt is.
@okm+16dvrDg7, yeah, you don't know me or my situation. But thanks for the support.
@xvk seems like you should have never been rated a 4 which is the exact problem with this place.
My experience is having been in the same group for what will be an entire decade early next year, with not a single promotion and never having received anything more than token raises, while always having been rated an overall 4. Now I'm being asked to work harder than ever, knowing that I almost certainly won't get a raise, bonus, or promotion. I find the entire situation demoralizing.
@vcb Grasshoppa, you are finally getting it.
Welcome to Corporate America.
Am aware that of off cycle merit increases (not relating to promtion) were shut down, but have not seen any notification that off cycle promotions were shut down. If I take on a substantial new body of work in addition to what I already do, WF expects me to do it for free for 9 months?
promotions will only happen "on cycle" - I.e. at the year end comp/review cycle. Off-cycle promos were shut down earlier this year.
Way to pad your review, Charlie. We're all super happy for you!
Happy for all of you getting great reviews. I received a meets today and then was told I led all three teams in production. 🤷🏻♂️
Got promoted last review cycle this spring. Received a 4 on my mid year
I received a 4 and am interviewing aggressively. The best and most employable talent will be leaving soon. The rating is meaningless when you have a toxic culture without competitive pay.
I received a 5... and tomorrow is my last day.
That’s the problem WF is dealing with now. The wrong people are leaving.
That's great! I received an exceeds today. Pretty happy with it but we'll see what happens.
Not intended as a brag. I actually don't think it will hold up. The narrative was obviously positive, but not a masterpiece by any means. Just venting my frustration that even the top rating won't take you places in the Risk org eventhough there is so much dead weight in management.
ha ha count your level all you want....if your division is slated for layoffs you are still out the door. Just sayin....5 or 1, still bust.
OP here. My manager +2 levels up are "supportive" of the promotion yet its been 4 months and it hasn't happened. Maybe I am being played or does HR really hold all the cards?
Asked my Manager if she thought it would carry weight for the promotion I have been asking for and she said "I hope so, but seems like WF is not operating as BAU when it comes to promotions". If I am expected to do my job to the best of my ability in the current environment, why shouldn't I expect the same from the company. Maybe they will wake up when the talent goes elsewhere.
Charlie’s reports don’t count