Ooof. I made a lateral internal move last summer. Does my new management look at the previous bonus to determine what my bonus in my new role will be? Now I have gathered that targets by job level are no longer formally used but are they at least informally used?
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Depends on your manager. I left mid year and was consistently exceeds from prior team and new team I was “meets” at year end (even tho I was only there 4 months). My new boss determined my bonus and it was far less than any I’ve ever received. Moving mid year was a bad move for me.
Manager here, other replies on this post have stated that targets are no longer a thing and that is 100% correct. This results in the new bonus pool being based on what the team had budgeted last year, plus 1 or 2%, which on paper doesn't sound too bad. Unfortunately, I'm in the awful position whereby I hired 2 internal candidates which were a promotion for them, with the old target system they would be gaining 10% on their target with the new system that doesn't even hit my bonus pool, so someone is going to lose out, either the newly hired newly promoted or my existing team.
This of course doesn't even consider the forced distribution on ratings and the fact that last year I had 2 people below a meets so again this year's pool has those lower amounts from last year factored in.
I wish you all the best and a lateral move shouldn't be an issue, good luck.
As others point out, targets aren’t a thing. Averages, previous bonuses, other people in the group with the same role / title / level. All considerations but a decision of your mgmt chain. Too late now - was all determined months ago but you should have had that conversation with your manager.
you haven’t been in new position to get more than a meets. Factor that in
No, targets are not even informally used.
Your variable comp is built off of your prior year, and performance in current year.