After a wave of layoffs in mid-January, those who are left were just told that only 50% of staff will receive merit increases this year and those 50% will be getting the smallest increase possible.
This is how you reward the people who carried your business through a dumpster fire of a year???
Not true, I was in IT and received a bonus in Feb 2020. Not much but it was more than a year's worth of my raise.
No bonus in 2020 Feb either from IT.
For a merit increase to not even meet a cost of living increase should be illegal. Something tells me the false talking unit managers still get their bonuses. Talk about a joke. They move middle managers around to avoid the minimum of 5 people under them and all they do is generate more work for people. Id you were c-ap and lost your team because you were c-ap, why are you given a specialist role?
I worked at BNYM the last five years only to be let go earlier this month in the round of layoffs. I wasn't surprised. I spoke to my manager maybe twice during the year, so I know that he had no idea what I actually contributed. Reward and recognition seem to be a big problem. Jobs, especially in Technology, will just continue to move to India to save costs. I'm not surprised at all about the merit news.
Good news for me though. I quickly found another job and got a huge pay increase as well. I'm thinking of sending my manager a thank you note. So sorry for those left behind.
Inflation has been under 1.2%.
Forget merit increases, they should be giving 2 to 3 percent just to maintain existing compensation after inflation. It's really time for employees to start demanding comp time for working DR tests and implementations. And tell your boss to take a hike when they give those arbitrary and unrealistic deadlines.
There is no rewards working for this company. None that I can think of. So glad to be gone. Sincerely feel bad for those stuck there. It’s such a dead end wasteland. That is the shame of the place. It’s truly sad.
They already told us merits would be 20% less than last year. For most depts like mine , me get sh– for a merit pool compared to other areas. So try splitting 3000 across 8 people. It’s a slap in the face
Tbh the reward is still having a job. I was worried about not getting a bonus this year. Instead I've been made redundant. A company I contributed over a decade of my life to. Countless hours of overtime, compromised my personal life for.
High performance culture except the pay, for most of us at least.
What region are you in? We don't hear of merit increase until a week, if that, before end of February. We are only told a day or two before before our pay statement becomes available online showing our incentive as part of the February 28 deposit total. This is in the US, specifically Pittsburgh
Sounds about right for BNYM.
Long live big US corporations. Selling their rubbish model to the entire planet (stack ranking, turning employees one against the other, diversity instead of social justice,...).