Since WF created new performance reviews in which rather judging you on a scale of 5 (best) to 1 (worst) how many of you have gotten your bonuses? And for next year's performance reviews did the % of your bonus go up or down? Many had complained that bonuses were going to get cut to save money to handle all the fines and lawsuits.
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Absolutely. BBG top performers are being hurt, in particular. Same expectations, but success is being measured differently and no one system is being used to measure. Pay has been declining and will again next year. Recent midyear bonus is part of an adjustment as BBG employees are converted to annual bonuses only (vs. quarters). The payout represents 40% of what will be paid out next year, if year completes along the same level as first 5 mos. Doesn't take a rocket scientist to figure out base pay, annualized, plus the remaining bonus. Bankers are leaving. No adjustments to base pay, any performance review adjustment to base pay was minimal. But hey, bankers got a pizza this week from Laura Oberst.
The 5 level system was a bit rediculous. I doubt any manager could explain the difference between a 3 and 4 rating between two employees with any confidence.
Yes there was a blog post on WF Teamworks regarding the new pass or fail employee rating system late last year 2016. Most employees were berating the new system as a ruse to cut employee bonuses across the board to pay all regulatory fines and lawyers costs. Well the employees were right as it seems that bonuses based on a percentage of your salary are now lower.
Performance review doesnt measure the bonus in my position, would only affect annual raise which always has been practically non-existent. Bonuses were cut drastically in mortgage lending, because they revamped our bonus plans at beginning of the year too. Not much motivation to go above and beyond anymore. I am assuming its the same across the board at WF in all business lines.
Now that performance reviews are pass or fail did it impact your bonuses?