Wondering what everyone else got this year.
Bonus was funded at 72%
Merit increase was 2%
Last year was only 'Met Expectations' and merit was 2%
This year was 'Exceeded Expectations' and still only 2%
Regardless of expectations you get the same %
What is the motivation to strive for their expectations?
Met expectations, merit increase between 2.75-3%.
80-85% of bonus.
Met expectations in 2022 with the same amount of merit, but received 100% of bonus.
You want to look at total comp. Merit is supposed to at least match inflation. 3.4%. If you get less than that, and most do, you’re working more for less. Performance and reward would have to be greater.
It’s a problem for long tenure workers with solid performance. The company will lie and say they make more, but at a certain point you cap and have to leave.
Wages should be about inflation and performance. Ours aren’t. (Not that other places always do better)
I'm relatively young and haven't gotten a good picture of what merit increases are supposed to look like, but all that I've seen on this board and from other connections has led me to believe that merit increases and bonuses are overwhelmingly based on the whims of company and economic health rather than individual contribution. I'm yet to see much indicating that hard work pays off, or there's much incentive to strive to exceed expectations. Seems like all excessive effort gets you is faster burnout and diminishing returns, compensation wise. Short of personal growth and learning, why even try shooting for the moon?
This is what i was told by my manager.
Summary:
A person with 'exceeds' might get the same appraisal as a person with 'met' expectations.
Explanation:
Person A and Person B might be on the same level - example grade 57.
Both are eligible for exceeds, but lets just say they can give it to only 1 person as they have to write an explanation to the leadership detailing why they picked either of them.
If Person A is given 'exceeds' by comparing the work between them, Person B might be upset not knowing why they didn't get 'exceeds' even though they put their sweat and blood into it. So they try to keep the $$ number around the same range and compensate both.
Ofcourse, this might have its own pros and cons. This is what I was told and understood. I got an exceeds btw.
I got an exceeds last year and got 2.4% this year i got a met and got 3.2% now riddle me that
Exceeds - somewhere between 3.5% and 4%. Won't say the exact percentage to prevent revealing myself. Wasn't worth it. Schwab has refused to promote me for around a year now.
I received exceeds, but merit increase was the same as last year when I received met and no bonus bump. So busting my a$$ achieved nothing. Quite the disincentive when combined with RTO — or one could say adds incentive to leave. I took the Dallas Morning News survey today. I don't know why Walt decided to enter this? (you have to enter, you aren't solicited). Is the EC really that disengaged that they think they would make the list? Or maybe they just paid a bunch of $$$ under the table to get on it - I cannot imagine they have a shot in H*ll by just the surveys.
There is zero incentive to work yourself to exhaustion or exceed expectations. All spoils go to the Executive Committee. You get 2% and they get millions.
Nothing.
Watched hundreds work themselves to tears on multiple projects including the largest merger in finservices. Most got met. A few got negative ratings. None got additional bonus. Raises were normal.
The review process is a bully’s wet dream taken from the pages of a fraternity hazing manual. Family and friends are taken care of. Save millions or work 20 weekends? Meh.
I’ve gotten everything from bad ratings to chairman’s awards. Stock. Special bonuses. Generated millions in revenue and over one hundred million in savings. My reviews, bonuses and raises had less to do with the work and more to do with politics.