Has anyone heard level of funding for bonus pool this year? When will that decision be made? Asking specific to Wells Fargo Advisors.
21 replies (most recent on top)
I had been told by my management it was based on salary, but based on amount of bonus makes sense. would be nice if HR communicated this out to managers. the down side is these calculations assume 100% funding and don't take into account reductions. if your target bonus is 51000 then you will get 40800 whereas if your pear who may have a lower rating and has a target of 49000 will get 41650.
The LTI participation %s seem off. Supposed to be enterprise wide but comparing with other managers for the same role, getting very different numbers. Anyone else se that?
@1han You solved the mystery that my comp person was unable to -I was trying to figure out why one of my people was at 80% not 85% when his TVC was under 50M. It is not THIS year's TVC but what the Target is. It made no sense and because of this I have someone like at 50,001 and they are getting less than another employee who makes 1,000 less.
I doubt that is what is supposed to happen but it looks that way - I will wait for HR to respond (in April of 2021)
All of you are either wholly incorrect or half correct. Bonus funding is tiered. For those whose bonuses (when taking salary times your bonus percent) is $5,000 or under, funding is 90%. For those whose bonuses are $5,001-$50,000, funding is 85%. For those whose bonuses are $50,001 or higher, funding is at 80%. This is just the funding that was allocated. Managers can choose to allocate differently. So if you have someone whose bonus would have been $5,000 (but would have been $4,500 due to only funding at 90%), but that person did a terrible job during the year, they can choose to give them $0 for bonus and allocate that money to someone else whose bonus (salary times bonus percent target) was $10,000, so maybe that $10,000 person actually gets $13,000 (or 130% of their bonus) because they gave the money from the lower performer to the higher performer. Once funding is in place, how its allocated after that is a pool and up to manager discretion (but has to go through calibration sessions and is subject to change based on those sessions).
150k. Widely reported on here. Also note Salary Increase is different from bonus
When you say high-paid individual gets no salary increase, is there a clear cutoff?
lots of confusion by some people here. bonus targets are individual and driven by job family. bonus pool funding is broader and is still not finalized. Currently CP&D shows 85% but who knows if that will stick. Individual bonuses are a directional formula based on performance rating, individual target, and pool funding. Merit salary increases are what is different by salary level - most high paid individuals will get no salary increases this year
Literally not one comment in here is correct. If there are any actual managers here that work at WF with a large team you would know funding is variable per job code.
First time they have done it this way.
We’re blessed. With a year like this in most LOBs it could have been 50%, maybe 0 for corporate groups. 80% - 85% works for me.
if you make >150k it's 80%, it's 85%
Is the 85% by LOB or is that global?
You make 100,000 usd with a target incentive compensation level of 20%
$100,000 x .20= $20, 000. That is 100 % of your bonus target.
$20,000 x .85 (funding level)= $17,000
Depending on your year end rating there is still movement past that.
In CP&D the bonus shows funding at 85%
If you look at the bonus plan, 1s and 2s will get shafted on bonus. That’s 20% of the pool (5% at 1, 15% at 2) who will get no bonus, or in the case of 2s - 0% to 50% at maximum. Let’s be generous and give all the 2s 50%. That’s still a 12.5% reduction in the bonus pool and up to 20% reduction. This is a major change from our old bonus plan where a 1 could get 50% of bonus and a 5 would get 150% of funded target. I have to check but I don’t think the 4s and the 5s get that high in the new regime.
it's 85%
Yes, 80% funding would mean that is the % funded for the target (so not fully funded, believe last year was 90 or 95%?)
So if you had a 30% target, 80% =24%
Would guess there’s room in here for managers to determine to pay closer to 100 for “exceeds” performers and less for the “meets” or under
Does 80% mean that if one's bonus is 25%, that they'll get 80% of 25% (i.e. they'll get 20%)?
As I understand it the pool is 80% funded and that is where it will remain, full stop. As of now management has been directed to get a new compensation report completed by COB Monday but this new interface they were directed to utilize was down immediately after this directive was relayed. Us underlings won't be told the numbers until January.
Or I may be like @hdn+181pBXfo and post an answer to a question that wasn't even asked.
80%
Won't know until January.
it's variable. those making over 150k have a lower target than those under.