I interviewed for an internal position and was hired at the time I was told that the bonus would be $46,500/~25% by HR (over the phone).
I received a Meets on my review just got bonus figured back today and got 20k the explanation give was bonus is based on last year, regardless of the position/promotion. Is this new?
Anyone else in a similar situation?
I assume a HR case would go nowhere?
@elmx+1kSl8jcC HR case with the comp team. No response yet re: broken process.
Remember this when they work your assess off: Bonuses are not guaranteed!
Anyone heard anything on this?
@hlp+1kSl8jcC THIS is the next scandal. The laws that have been passed so that a perspective employer cannot ask for your previous salary was to encourage pay equity. Similar to the pay transparency laws that require them to post the pay ranges - even though they have made a mockery of that.
Internal candidates do not have to be asked what their previous salary is, the “new” employer can see it. This is a blatant violation of the first law I mentioned an an abuse of the employee base. This is also part of the reason why people coming in from the outside get paid so much more - another factor the first law I mentioned was enacted. People here know it - how many people leave and come back to get a 15-20% bump?
Some employment lawyer needs to bite into this. The data is all there. By law all pay change history must be retained for 7 years. Demographics, job role, pay changes, it is all there and tells the story all of us on the losing end know.
If this happened to you I highly recommend you open an HR case directed to the comp team. What was verbally communicated was to be loaded in WD and rationale documented if your manager deviated from that.
It is possible to correct comp after it closes. Will that happen? TBD.
I was significantly shafted by this broken process.
Wait!! You mean you were lied to by Wells Fargo management and HR? Welcome to the club
Op, I think wells removed the x% of your salary rule at the end of 2021 but it’s worth having a conversation with HR if you have the 25% offer in writing. That is an extreme different from what you agreed upon.
Happened to me too.
I think it comes down to your manager and department. In reality you should get a bonus based on the new role and prorated as needed depending on when you changed jobs. the hr guidance managers received do not cover this scenario just last year's rating vs this year's rating. They then tend to force anyone who was promoted into a rating of meets and as such your bonus for this year would be similar to last year's give or take. I was promoted last cycle and thankfully got a much higher bonus this year than last even with a meets rating. I made sure to talk to my manager about it back in December given the guidance, he took it up the chain and our group gave higher bonuses to those promoted. at this point all you can do is talk to your boss about it and go to HR
If you were hired into the new role before October, then your bonus is based on the new position. Your manager was told NOT mess with the bonus because what you are paid this year is the metric used to fund next year’s bonus. There is no pro-rate
Same exact thing here, I am in my current role For over a year should have received 15% as per my hiring agreement. Only received 10% which is exact same as last year when I was not in my current role for a complete year.
Tf definitely not a retail side if you’re making that. How do I break into those figures? :(
Promoted in review (jan22) to a higher level on same team. Old Bonus target world, bonus should have went up 10%.
Got the exact same dollar amount, in the higher role. Not a penny more but worked all of 22 at a higher level than 21.
Make it make sense.
Same
So you expected around $46.5k, got right at $20k. Is the $20k what you would have expected if you stayed in your old role? Did you change positions roughly around mid-year? Just looking at from the perspective of the $20k being a pro-rated amount of the $46.5k based position.
I'm not saying I agree with it but I do understand the rationale of all of it. If you stay in the same team, same role just promoted from something like say a P3 to P4 I would expect a maximum P3 based bonus or a pro-rated P4 bonus based on your review ratings. But switching teams or Job Titles, at wells that does constitute a new "job" and triggers a reset of TIG (Time In Grade). Your TIS (Time In Service) doesn't change because it's continued WF employment. Just because the role may have similar expectations, you're now in a new structure and team so for all intensive purposes you are a new hire.
That's 20k more than you had before, right?! Look at all the entitled WF sheep on here whining about their feed.
Similar situation here and was given a similar explanation
I was given my “target” for my new role I accepted in July so by the 4th quarter logic, the target I was given should have still applied. I was also consistently exceeds at mid year in my equally comparable previous role for bonus. Was I granted anything near that target? No.
I feel so scammed.
OP is a Sr. Lead Risk Officer based on the base and those numbers.
I left WF a couple of months ago but when I had moved to a lateral role internally I was told by the recruiter that they couldn’t up my base but my bonus would be x number. The x number was above my previous target percentage. When I got the written offer, it didn’t have the bonus on it but I signed anyway assuming it would be ok. I left before bonus season for a better and better paid opportunity but reading below makes me angry on behalf of everyone they pulled this on.
So here is WF logic on you question. All FACT’S:
If you were hired/promoted/moved to a nee role between the dates of Oct 30, 2022-January 31, 2023 you won’t be entitled to a merit increase. Your bonus will be what the target was in 2022, if lucky.
The recruiters intentionally do not mention this, in my opinion. I also find it very strange that even though current employees apply for new jobs within the company and go through the interview process, if you are the one that is hired during that process(because you are the best candidate), and currently working for the company, you will be classified as a “promotional move”.
I think anyone would agree that this is an unfair and unethical practice. Any employee that went through the actual interview process against other candidates (both internal/external) should not be classified as a promotional movie. WF policy intentionally makes it so; even though you may be applying for a new job, and you are the top candidate and get the new role; the company will still classify you as a promotional move.
I’m not sure when corporate America started making existing employees go through an interview process just to receive a promotion! It makes no sense, and good luck getting a recruiter to be transparent with you. Make sure you get everything in writing. Good luck to all.
This is what they wanted to do when they got rid of targets. If you have that in writing, I'd fight it.
Same here. Promoted on same team. I was just provided the rationale that a 2% raise was really good for a promotion year. Couldn’t articulate the arbitrary bonus number.
The only guaranteed bonuses are for UpCHuck and his merry JPM men. The rest of us do not count. Every rule has an asterisk and those are where we find that reality is not for us. Now if you came from outside of the company you would get the full bonus. They literally LOATHE wells Fargo employees.
Here comes the next Wells Fargo scandal. Enticing somebody into a role with an offer that you aren’t planning to follow through on…
Same. Promoted to different role. HR stated a target amount over phone. Find out I will be getting half of it despite getting exceeds rating in new role.
Same thing. The targets are being given out when accepting roles when they really mean nothing apparently. No wonder people are leaving not long after they get here.
Yes I was given that explanation as well, even though I was promoted. Doesn't make sense and is another of the many mechanisms that Charlie has put in to hurt people financially.
Yep same situation.
Similar situation here where I was told my last bonus drove this year’s bonus (instead of looking at the % of base salary). I too was promoted in 2021 so my bonus last year was partially pro-rated from my previous team. Seems unfair to be hired into one group and told you will be eligible for x % of bonus and then told those numbers no longer exist.