Heard that were moving to an industry standard practice of variable cash/stock comp with no bonus target? Can anyone share more details? Most of us were hired in to roles with a specific target, let’s say 25%, and our base pay was generally told couldn’t be higher because of that bonus. What now? Your manager just gets to give you an arbitrary 10% if they feel like it?? I don’t see this factoring in well for our DEI goals either, can’t imagine how they’re going to show there’s no discrimination or favoritism that will factor in.. guess those of us who were holding out due to our bonuses can kiss that goodbye and just jump ship. There’s literally no incentive to stay.
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Your explanation doesn't help. It doesn't address whether employees should expect cash or company stock (that most employees would just turn around and sell anyway, thus lowering the stock price).
@2nkx I dont get it
Not sure how much more to d-mb this down for people, so I’ll give an example.
Employee was hired into a role at 150k base with a target bonus of 30%
The Msrp for their job is 175k
Total compensation would be 150+45=195k assuming full bonus funding.
In this scenario your manager needs to pay out in relation to 30%_ this can be impacted by bonus funding less than expected or if you were a very good or very poor performer you may get 75-120% of said target
In this new structure that same employee has no target- manager could give them 20k or 75k (yeah right on the later..).
So if the employee making 150k expected his normal 45k bonus and now suddenly receives 25k there’s no issue as there is no “target”. Manager just decides.
Do you think your manager will pay you more or less? This isn’t about rsr it’s targets all together.
We took our jobs being told our incentive targets and they have been normally on par with that. I’ve turned down other jobs because total comp would have been lower due to the new companies bonus structure being lower.
So what does this actually mean?
We'll get the equivalent dollar amount in WF stock instead of cash?
Or, we'll get some arbitrary stock amount (could be way lower in cash equivalency)?
What if I don't want Wells' junky stock? Will I take a bath in fees to immediately sell it? I don't play the market so I know nothing about it.
As horrible as pointless RTO and hotel cubes are, this nonsense stock business will be the final straw for many employees - employees that are counting on receiving their bonus because they're high performers.
The wrong people are going to be resigning.
There was a meeting just scheduled on this topic so would say it is true
Finance is adjusting 2021 budget around this currently. They are equally stunned.
i can see these hitting for 2022 but not for 2021 reviews since we are already in cycle etc..
I guess CJTolkin made a proposal that will more than pay his salary; he has to justify being here, right? Oops, no, he is a protected class knows as Charlie'sBrownNoseShirts
"...guess those of us who were holding out due to our bonuses can kiss that goodbye and just jump ship. There’s literally no incentive to stay."
Ding ding ding, we have a winner. That's the point of this nonsense.
Anyone in Hr able to confirm or deny?
I call this fake news for 2021 comp cycle. MAYBE in 2022, but I think it will cause significantly more headaches than it will solve. But who knows, this new HR program and job title update will change a lot around here.
Perhaps we can all get ourselves promoted to “non-evaluated manager” and all our comp issues will be gone! 🤪
@rmo it is for the current plan year. they don't need to give "notice" as bonuses are discretionary and not guaranteed
@zbp, yes anyone on the WF bonus plan
@ 1czc suspect you may be right. I found it odd WFC has done multiple rehashes of jobs over the last 2 years and are now weirdly doing it again. makes sense for this to be why.
other that are doubting the info you just wait and see when this gets announced more widely by November.
This is fake news everyone
Op is a troll
I heard the same thing about tech attrition. The businesses were told to scale back their tech plans for 2022 because “there’s no way we can replace all the people that are leaving”. I am sure possible comp decreases or uncertainty plus RTO nuttiness isn’t helping with retention or recruiting….
Kind of doubtful about this, i'll beleive it when i see it. I'm in tech and they are losing headcount right and left. They better make this way more lucrative otherwise they will have a sh-t show on their hands. He-l i have interviews myself this week and next setup, and I'm the guy who knows everything.
Wonder if it has anything to do with the end of year job family consolidation. If you had 3,000+ job families with different bonus targets and you are going to a couple hundred, you can’t have a bonus target system for a job family/salary band. So everyone will just get the same amount, up to 10%. Like we all get the up to 4% profit sharing.
Yes and they will make it apply to the 2021 payout so theyre "altering the deal." Just like Darth Vader.
Is this true for all Job Families though?
I’ve been bonus eligible in tech for 10ish years. The only RSR i’ve received has been those 50 shares everyone got a few years back. So if it’s possible for me to now get a larger bonus, even if its supplemented by rsr’s, would be good. If this is just a way to give me less cash and getting some stock instead, well……… i think we know which way Wells will likely push it. Wonder how much weight will be placed on year end reviews to determine a target. Can’t wait to hear more about this in the coming months.
Can they change this for the next bonus payout (based on 2021 performance) or would they need to give ample notice before making a big change like this? They usually give more notice for significant changes, but I suppose anything is possible at WF. I know the “job architecture” change is coming soon, perhaps this is related? Anyone have more details?
@ sdt OP is saying there’s not a set target; if you were bonus eligible you were already eligible for rsr as well. Issue is the target is a gamble as most took their jobs expecting that %.
Seriously? So they are removing the targets completely? And instead of straight cash homie, it’s now going to be some cash/stock combo. Interested to see how it plays out. Is this the reason for the aggressive buy backs - so they can just turn around and hand em out for bonuses instead?
Clearly Wells likes to wallow in sanctions so much it'll revisit 2021. :-P
Sorry for the typo.
2021 ? We re going back in time for sanctions now ? This is a powerful govt
Q12021, Wells sanctioned again by OCC and CFPB, stock plummets.
@bse yeah come back in q1 and say that.
Fake news
Stock? Talk about worthless!!!
It’s only just now getting communicated to managers; broader communication won’t happen until later in Q4
I haven't heard anything about this, but it wouldn't be shocking. Sort of like how they plan on getting rid of most of the position levels (1, 2, 3 etc.) as a means of justifying new hire wages for all regardless of experience.