Ok, who has the inside scoop on how well bonuses will be funded this year?
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Highly dependent on your business line and area. Funding levels can very dramatically. In my area it was less than 80% funded, falling interest rates k–led our numbers as we make a lot of money that way. The irony of course is that we have zero control over interest rates.
I will say that guidance for managers was much stricter and formula based this year in my area. It’s mostly based on a matrix of ratings and % of MRP times funding level with a very small range of wiggle room. Also Incentivize the high performers to stay, massive slashes to anyone not meeting expectations (to incentivize them to leave would be my guess.) If you’re in the middle, then expect a little less based on funding level. If you have a high % to MRP don’t expect much to anything in merit. If you have low % to MRP, too bad, MGRs weren’t given any room or extra to try and help those people. If you are rated below a Meets don’t expect much of anything in merit and likely less than half of your normal bonus.
my guess would be those that performed well and were relied on heavily will get their regular bonuses, or close to it and they'll be tougher on those that fell short, didn't contribute as much etc which would align with the accountability principle that came out of some of the regulatory work. That way the bank can say, look we didn't pay xyzzy people their full bonus, because ____. and of course it also helps the bottom line. Don't think they'll risk cutting bonuses for those performing at the top of their groups though, they will need those types to execute against the new requirements. Guess we'll start hearing around the 27th.
What is the average percent raise?
Bonus ranges for my people went from 0% (a weak 2, PIP) to 120% (5, best architect). Most were in the 85-95% range. My numbers were returned to me at least 4x this cycle. I know getting a 5 will be almost impossible going fwd. it wrecks the entire pool.
“ 90/100%??? Most HR said is around 85% max back in 2019”
Huh? I’ve always gotten between 104-110% of target and we’ve always been fully funded.
90/100%??? Most HR said is around 85% max back in 2019... No way with COVID they would pay any more than that.
if you're a good performer, assume you'll get 90%, they'll justify the slight cut based on the impacts from Covid etc; and it's still enough to keep most. If you're not a good performer 70% is more than likely. If you weren't even performing expect less than 50%.
We're seeing conflicting information where I'm at.
An auto-generated email went out the other day that discussed bonuses and seemed to imply that at least SOME people would get them. But our local manager then said that bonuses are "unlikely, due to COVID".
if you dont know the date you dont work here
They are funded between 80 and 100 percent, depending on your bonus amount.
Most people are working from home and have done nothing this past year, other than take training classes and report complaints. There is no way that this company will be paying any of us bonuses. Chainsaw will make sure that doesn't happen.
Feb 5 it’s posted in a hard to find pdf on teamworks.
I'm getting conflicting information about when bonuses are paid out (if any.) Does anyone know the date bonuses are paid?
It’s been posted on here quite often over the last month. Just wait 3 weeks and see for certain what you wre getting
Its a little more complicated this year with the 1-5 rating factored in but overall not as bad as it could have been.
You might want to be more concerned whether you can keep your job.