To be eligible for a 2022 bonus, you must be employed on Sept. 30 and in February when it is paid out. Why?
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Most cost savings moves leadership has made make sense. Annoying at times, but not outrageous. This move, particularly screwing retirees, is a complete load of &+#". In this era of the American worker, most people jump from job to job like they change shirts. As such, few people will actually retire from WFC. Screwing them over will save a miniscule amount of money. Basically, retirees are now forced to chose between losing bonus, losing 401(k) match, and losing PTO payout. Few would time things such to take full advantage of these benefits, but for those of use working in the trenches, day after day, doing the work that needs to be done in the hopes of one day being able to take a well-timed retirement, this change is a true "F you" move by the executive leadership...the same people that have golden parachutes and get paid millions even if their job performance is a complete failure and they are under investigation for criminal activity when they leave the company. No matter what, they get their millions, but the rest of us aren't even allowed to dream of a beneficial exit.
Charles and his entire team of short term minions can ESFO&D.
why? because overall it means that less bonus $$$ will get paid out.
if you are displaced you are still eligible for a prorated bonus.
as someone else said on the thread, this is consistent with other large banks' practices. we were an outlier.
This is just another stupid trick from leadership. Why not fix the root cause of people leaving rather than scr-w with people?
I wonder if they're trying to curb the exodus after the 401K pays out in December? Under the "old" way you could leave after the 401K match paid out and still be eligible for your bonus. Under the "new" way you have to wait 1+ months after that. And since presumably you won't be here in the upcoming December, you'll lose any 401K match that might have accrued.
With the "new" way you're leaving money on the table regardless of when you leave.
People are missing the point here. The objective is to leverage "voluntary" separations as a cost cutting measure. The timing of this is specifically aimed at people who refuse to RTO - which of course is prior to bonus payout (as planned).
Management expects a spike in turnover immediatly following RTO date, and they simply don't want to pay bonuses to people who are leaving.
Most companies I've worked at had July 1st as the day you have to be employed to be bonus eligible. Not sure what the complaints are about. Job shop Q1, bonus payout end of Q1 then leave. Been that way forever at most big financial companies.
means more retire week after bonus payouts
Who gets this bonus? Is Retail Banking included?
So if you retire on Dec 31 you get no bonus for the year? Missed that change.
Eh. That happened to me in joining another company years ago. Basically accepted the job in late August and they kept dragging their feet with various excuses until I started early October. And then found out that the bonus package they peddled didn’t apply for that year because I started in Q4. It would’ve had I started 9/30.
WFC isn’t the first company to sc--w over their employees and won’t be the last.
In true Orwellian form, the most inhumane policies are always implemented by the department of Human Resources
It really doesn’t change v. the old way besides screwing over retirees and maybe oddly changing which bonus plan applies to you if you jump enough in the company that a different bonus plan applies.
Would not surprise me if payout date is pushed.
I guess this means no prorated bonus if you get laid off with severance?
That's gonna stop the brain drain, sure.
Just more poor leadership in the face of WF crisis. When will it end? More lack of humanity at the top. Great for the shareholders, sucks to be a team member, uh I mean employee.
More greed by Chuck and the executives. Don’t worry, their contracts likely state they get bonuses even when they get canned for malfeasance
It’s a big club and we ain’t in it
Attrition, people leave WF in Nov and want the bonus prorated, but that won't work anymore.
They don't plan to pay bonus for people joining in Q4.
Because Chuckie needs to pad his own pockets, not yours. Simple as that.