Given how many people will be jumping ship shortly after being paid their bonus, you can pretty much look at your bonus as your severance.
You waited around for it, you got it, now you're moving on.
You say, "what if I don't get a bonus?!". No different than being canned with no severance. Might as well start seriously searching now (or right after the holidays).
It is the Chase bonus pool plan, which is all favoritism and politics geared toward the nosebleed section who gets most of not all of it. Also, any issue they can think of reduces that pool for the year. Enjoy!
Don’t get it twisted- for most people it is going to be pay for politics, not pay for performance…. this is inevitable if TVC is going to tied to a forced ranking system that is flawed and arbitrary.
Up to 50k it’s straight cash homie. After that a mix of cash and stock. Outlined in manager faq link….
No one's mentioning that bonus could be all stock, too, instead of cash (or blend). Therefore, as WF circles the drain, bonuses could be worthless.
Tech is impacted significantly
TVC = pay-for-performance!
Before there was no differentiation between someone who did decent vs great job during the year.
They specifically said in the email this will strengthen the pay for performance principle. If that is truly the case, there should be a broad range.
@mbp+1e7h3PUh you're right it is the purpose. However, when you get rid of the targets, the company can get a little more extreme, both ways. If it was a decent year and bonus was funded 100%, it was almost expected that everyone got in the 90-110 range. Now, that range could be 30-150 or similar.
Don't you know everyone here is a big shot that gets a $50k+ bonus?
The regulators will be happy about the new built in clawbacks. I'm sure it met some check mark.
“ People waiting to get their bonuses before they leave are going to be very unhappy when they find out that being AWARDED a bonus and actually GETTING their bonus is dependent upon them working at WF for another 4 years.”
It’s actually spelled out in the manager FAQ that was embedded within todays email that the cash/stock grid is not applicable to TVC awards of less than 50k; those are paid in cash. If you’re going to post on here to get people worked up at least don’t be deceiving. While you may be directionally correct, you aren’t giving the pertinent details.
People waiting to get their bonuses before they leave are going to be very unhappy when they find out that being AWARDED a bonus and actually GETTING their bonus is dependent upon them working at WF for another 4 years.
Bonuses now have strings attached.
The separate provisions for Deferred and Clawback clearly mean that you have to stick around for 4 years to be paid all of your bonus -- AND -- you cannot get a rating of "Needs Improvement" during that time, or your previously awarded - but yet not paid portion - of your bonus is clawed back.
It's all spelled out for those willing to read it.
Post ID: @bek+1e7h3PUh - that is the textbook version of a bonus. The point is NOT to reward mediocrity.
A bonus is a financial compensation that is above and beyond the normal payment expectations of its recipient.
Bonuses may be awarded by a company as an incentive or to reward good performance.
I see them using TVC to hit the poor performers harder and reward the top performers more.
The new TVC is not much different from the old model.
Post ID: @tfd+1e7h3PUh
I'm curious why you say that. Seems pretty straightforward. Your manager gets a bonus pool to allocate across their team as they wish. Standard deviation / bell curve still exists and your manager's manager still has to approve it and your manager will have to justify any outliers. The only difference is that top performers can get more than say the 15% target for a specific job to hopefully stop them from leaving. I imagine for most people it will be a wash. Once you get the bonus, you can easily figure out the percentage.
That's how my manager explained it. Just seems like a nothing burger to me.
Wells has always been notorious when it comes to lack of transparency around compensation and growth. The new bonus/salary plans are just making it worse.
Going to be some exceedingly disgruntled ex employees if they've been here miserable for months (years?) to only not get a bonus or a severance.... what's that they say about not counting on money you haven't earned yet (yeah, I know it's chickens hatching but this works better in the current scenario)
The new bonus plan info that got sent out today is next to useless.