Moved from a Business Execution Associate to a Consultant in 2023. does anyone know if that means I will be more aligned to bonus what my team bonuses? Or would management still look at what I bonus’d last year as an associate? (Which for the record was cr-p at 5k)
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Thanks for the information. I suspect this is a damage control post. There are many factors left out. Let’s take the Job code and/or if they are assigned to a different Job Family.
For example; If an employee is promoted at the end of the year / beginning of the following year and the promotion increases the employees “job code” such as the employee going to a job code, from a a “P4” and is promoted to a “P6”, or they change job families, that employee would be eligible for the new roles bonus(role EE promoted to. This is all date contingent as well. WF does not like to do any promotions, until after October and before mid-January This is a way to reduce costs because of all the internal rules. It also will impact your year and raise and bonus from the role you were being promoted from.
What I find most interesting is how this company is getting away with saying employees are getting promoted however, they are having to interview both internal and external candidates, along with applying for the position to get a promotion. I have seen promotions rarely given out off cycle or without interviewing for a promotion. Yeah I know…. I really am not sure how they are getting away with that when essentially, they are interviewing you and others and are supposed to pick the best candidate for the job. Maybe you can explain how this can actually be considered a promotion? I can’t even believe this is legal or in line with “ doing the right thing”. That whole process just seems very suss to me.
There IS a stack ranking process the further you get in the year-end review calibration. It is amazing that employees are barely getting a “Meets Expectations”, when we have these senior leaders who were brought in to address asset cap which has yet to be lifted. The company is not allowed to grow until the assett cap is lifted and, yet, the Schartman has the gall to state the “company’s troops are inefficient”. If innovation and investing in modern technology actually took place as it should have, the company would have mitigated risk, drove efficiencies and up-skilled their workforce in the process resulting in “the Firm” being much more efficient. If this was any other employee, they would have been rated “needs improvement” and fired by now. Is it in the BOD’s interest to try to drive a narrative of a successful CEO? If so, they should read a newspaper lol. All I see is offshored American jobs to less qualified individuals(cheap labor, and raises our risk). Under the current CEO for the past 5 years the company continues to be a habitual offender with regulators, and continue to still accrue multi-billion dollar fines all on the Schart’s watch, concurrent to potential l repetitional risk because of company’s CEO. SHAREHOLDERS SHOULD BE PO’d! In my own opinion, Schartman is focused on the short term only. Most CEOs typically last about five years. I wouldn’t be surprised if he accomplished nothing, made hundreds of millions, and jump ship before 2025. Take a look at his offer letter on the SEC website and I think you can figure it out yourself.. Meanwhile, captain Schart continues to collect multimillion dollar raises from the current BOD, while accruing, multi billion dollar fines, and increasing the companies risk appetite. If I was a shareholder, I would be pi---d. I find it funny that people get excited when the stockk price gets above 40 a share. It’s impossible to enact leaders hold the majority shares, so no matter how many employees vote it will always be rejected based on what the BOD recommends you should vote.
Remember folks, there are a lot of minions on this site that post disinformation. They are doing this so people quit due to such toxic working conditions in most employees opinions
The ship is sinking, and The 1980s playbook is in full effect. Reduce headcount to show a short term profit each quarter. Any imbecile would realize that Schart’’s has done nothing the past four years except jetset and use the company as his piggy bak(company provided car, driver, security, free parking, access to the company jet whenever he wants, and a very nice long-term incentive. Once he reaches October 2024. These are FACTS! Nothing he is doingnor has done is sustainable nor has it been effective or profit generating because we are STILL RESTRICTED TO GROW DUE TO THE ASSET CAP! if anything, the CURRENT CEO for the PAST FIVE YEARS IS INEFFICIENT AND LACKS ACCOUNTABLE. It is my opinion that the BOD has also gone senile.
Post ID: @1jvu+1qkemu6f
Spot on.
Also to add, exceptions or “outside of guidance” requests (for anything, comp,
remote, etc) are highly frowned upon.
Prepare for your management skills to be ridiculed to help you find your way back down to company guidance agreement.
Be happy you get a bonus, not everyone does. Bonus pool in my department is lower than last year. Chuckles needs a new penthouse.
if I get same as last year, I will be happy
You all really need to go out to Service Now and search articles on TVC (Total Variable Compensation). There are even articles for managers that are open for ANYONE to read and it will tell you exactly how this all works. But in case you don't want to do that, TVC is a new way of getting screwed. Instead of the previous "targets" we used to have (so if you had a 10% target bonus and you made $100k and you got your full target amount, you would get $10k as your bonus.........but if you got promoted to a roll that had a 20% target bonus and your new salary after promotion was $120k, then your new bonus "target" would be $24k if you got your full amount). Now, with TVC, it's all about what you had the prior year, NO MATTER WHAT. So you say your bonus was $5k last year and you got a promotion. That's awesome! But now they will still use that $5k as your baseline for this year. A manager is supposed to take into consideration a promotion (again, you can read this in the articles on Service Now)..........BUT........again, your baseline is at $5k; so let's say the bonus funding for this year all around is the same as last year - maybe you get 10% more than you got last year then because of your promotion - so that means you would get $5,500 for a bonus. OR.......maybe total pool bonus funding this year for your group is up and maybe the manager decides to give you 20% more than you got last year because of your promotion and because funding is up.......which means you would get $6k this year. OR..........let's say bonus pool funding is down by 10% from this year to last year.......well, that su-ks because even if the manager wants to give you 20% more than last year because of your promotion and performance (so WANTS to give you $6k instead of $5k, but funding is down overall...........well, he may only be able to allocate you less than that...........so it's quite possible based upon funding AND based upon how others in your similar position/title performed and what they are receiving for bonus, that you may still get your $5k. THAT, my friends, is the beauty of TVC. So the company can save money..........because by ALWAYS basing your current years' bonus on the prior years' bonus, it saves the company a ton of money. In my first example, because if the person got $10k with a 10% target, when they got promoted and still hit target, it would have been $24k.........NOW. with TVC, you might get (if the bonus pool is funded the same way it was the year before...............let's be SUPER generous and even say the manager gives you 30% above what you had the year before because of your promotion.........so you would get $13k ($10k x 1.30)............so the company gets to not spend the other $11k paying you a bonus because it's no longer a % of your salary - it's now a % of what you got for bonus the year before, which is a MUCH smaller multiplier than your actual salary. And please don't even try to argue any other way on this one - because I'm more informed about it than 99.9% of the organization on it. I helped BUILD AND IMPLEMENT TVC. Yes, we all hated it from the first time we heard about it. No, there wasn't anything we could do about it. CS demanded it. We didn't have a choice; we all argued against it and so did our first AND second line risk partners..........but doesn't matter when good 'ol CS wants what he wants and it's the model JPM uses. And yes, you CAN go outside the guidance.........but it requires STRONG justification........WRITTEN justification in the system that gets QA'd for "quality justification". And the Operating Committee of your LOB has to sign off on any Out of Guidance scenarios if they pass the QA and those are few and far between (those that don't don't even make it to the OC member).........meaning..........don't hold your breath.
@1wwr+1qkemu6f Meets should be at 100% of your target (that no longer exists) but in reality meets is usually less than 100% so those who receive exceeds or higher get a larger bonus.
If your bonus is up to 20%, does anyone know where the meets rating would start? 7.5, 10%?
Your bonus will be based off of last year's bonus. That's how bonus pools are funded (based off of entire team's bonus payout last year) so unless your manager deducts heavily from others, your bonus will be $6k at most.
: @mqz+1qkemu6f 's answer is wrong - it describes the old bonus way where there were target ranges for each level of position.
there are no more target ranges. all that matters is last year's bonus and this year's performance. higher performance = higher percentage increase in bonus from last year.
There's a difference between administrator and associate.
I would assume you are non exempt which is usually the trigger for bonus eligibility
It will be a mix - prorated by percentage of time in each position. You weren't a BEC for the full year, so BEC potential bonus x that percentage of the year. And BEA potential bonus for that percentage of the year.
I'm a Business Execution Administrator. You're getting a bonus?? Our team has barely gotten raises the last few years