Under Charlie, did you have to stack rank your employees at the end of the year only and then those below expectations would be laid off in January? Or, did you also have to stack rank them as part of the mid- year process and if employee ranked below expectations, they were laid off. In other words, was the stack ranking process an annual process or a process that took place twice a year with layoffs as an end result. Thanks - appreciate your incite.
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Its been around for years. I believe it started @ JPM and BOFA in the the early 2000s. then moved to BNYM and now recently WF. It s—s because someone always has to be rated a BE as oart of the curve. Not a good thing for morale and growth as well.
yeah i've been rated BE before but I'm still there. My bonus, on the other hand, has been reduced for 3 straight years. I just got moved to BE again at this year end and the given reasons were so lame i almost laughed out loud. Certainly my bonus will be reduced again, maybe to nothing. I'm waiting for them to blame the comp guidelines, because last year under the guidelines i should have received an increase. They were p-ss-d that I even knew what the guidelines said and they told me that guidelines are just that. Maybe I'll get let go this time. I have no idea anymore.
It's done to cut costs. You may go 0-6 on goals as BE and keep your job, while somebody that goes 6-0 on goals is laid off.
Since they started the forced ranking, they have ranked people at both mid and end-year evaluations, except for 2020, where the mid-year rating was changed to either meeting expectations or not meeting expectations.
We expect that BE people may be laid off in April, based on the rumor mill to date. However, being rated BE doesn't mean you will definitely be laid off. It's also a way to hand out lower (or no) bonuses, lower (or no) raises, and if you have been rated BE in the past three years, you can't be promoted, again saving money for the company.