Hello,
New to an annual bonus pay for performance payment. Prior to this it has all been very clearly spelled out what your performance will get you. How generous are bonuses? If you have over performed on all your goals how much over your stated bonus amount should you expect? How often are raises given and how much are those typically?
@1gvb+1ew09Dr4 is exactly on point. Your work has nothing to do with what you get as a bonus. It all depends on who you know and how close you are with SLT. Guy in my department was promoted less than a year into his new role (he knew the manager from previous job). I busted my rearend and was given a MM and told I'd have to do more to get to EE. So this year I did as little as possible, no point when they don't care and you will not be compensated for you hard work. Wanna make the big money, start becoming good friends with those above.
you do know managers are given X number of E to give. So depending on your team size and strength it can be difficult to do E/E. lets not forget the fact that E/E would expect $$ so they don't like to give a double E. Bonus, Raise or those 4 year stock options even combined can be depressing. No matter the market - good or bad - they have some excuse. Good year? Sorry we had XYZ expenses this year that had the pool smaller. Bad year? Even better for them, no BS excuse needed.
I'm a VP and havent even hit a 5 figure bonus yet. Annual raises are small too. 2% whoopie!!!
Based on my experience with BofA, bonus and growth for band 5 and above depends on the contacts established with the executives. If you are family or friend of D/MD , you can expect 15% to 30%. Otherwise, bonus range varies between 1% to 10%. Bonus, merit increase and growth has nothing to do with year end ratings. I know people with 5-7 straight exceeds rating are not even nominated for promotion, instead friend/family member projected as the star performer of the team for promotion. Nepotism rules in BofA
I have worked at the bank for 16 years. Outperforming peers and still never received an E/E. Always either an M/E or E/M. Suspect that my boss, of which I did everything for, was giving the only E/E to her friend on our team.
Anyway, with that; I received a 2.5% increase in 2021 and an $11k bonus on a team of about 30 (not sure how big the pool or bonus was) and only a M/M.
In prior years, I got a 1% increase and an $18k bonus.
I’m a b5 in GTO.
Too much personal sacrifice to make executives happy, but they are never satisfied. They want more, faster, bigger, better. Pandemic? The heightened pace is the “new normal.”
OP wrote: If you have over performed on all your goals how much over your stated bonus amount should you expect?
Management is designed to push employees to over-perform, but it’s all numbers and politics. There is no stated bonus. The executives, however, will get paid.
If you value your health, family, finances, or sanity, find a new opportunity. The expectations at BofA will never equate to a reward worth the sacrifice.
White female. Do way more than any of the D&I and white male and have yet to get an E/E or a substantial bonus or merit. It’s still a matter of nepotism and the D&I factor when it comes down to merit increase or bonus.
Last year, GT&O as B5 received 2.5% merit increase and $5500 bonus.
I got 3.5% as Exceeds/Exceeds last year.
15 to 30%
The greed must keep this guy up at night. Clearly oblivious to the fact most get hardly anything never mind 25%. Wants to know how much over 25% he’s gonna get?!
You have to jump ship and change jobs after two years to get a 20% raise, so plan on changing jobs every few years to stay ahead of inflation. They look for any reason to rip you off on your bonus.
They call it a bonus for a reason, you are to expect very little and if you get a small scrap, you feel like ‘WOW, I got a bonus’
Then you work your bu-t off the next year and it’s the same thing.
Once the market has a correction, they can use the “times are tough and we have to look out for the shareholders” excuse for 10 years and give you no bonus and no raises.
Welcome to corporate America.
Any idea on the % over the stated amount for an exceeds/exceeds? My stated bonus amount is roughly 1/4 of my total compensation.
Depends on your LOB, how your LOB did, how the bank did, and then how your team did, ands then how you did individually. Lots of factors and bonuses have been decent if you're exceeds/exceeds - but meets bonuses are mediocre. I've been an exceeds/exceeds for 10+ years and never get over a 2.5-3% increase for a raise.