Can someone confirm if this is true, heard that it 30 days pay if you don’t want to do development plan.
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LP will still get a 30 day Severance “seperation pay” as my co worker was just one of these affected. One partially meets in 3 years and he was let go.
They listed several reasons that don’t require them to pay separation.
Notably is a blurb that states they don’t have to pay if employees are laid off due to the sale of any part of the business.
Some of us have been saying for a while now that all of these changes are leading up to a partial sell off.
Buckle up.
I smell a class action lawsuit for pre-textual dismissal if they do not offer severance. Force rankings are fine, laying off low performers is fine. Saying you are changing your severance policy for two weeks before you do it en masse shows intent. You'd have to let them go one by one without coordination to not be avoiding a mass layoff. The lawyers are going to have a field day on this one. Hmm 5% of 50k employees at assumed 24 week avg tenure (probably a lot more) plus benefits not paid plus triple damages and legal fees. Some law firm is going walk away with almost a billion in restitution. Good job Robin! You just wiped out a third of your earnings for the year.
Hard to believe how low this bank has sunk. Disgraceful.
This is true, they changed the policy and now can deny separation payments due to performance issues. Performance issues can include partially meets. Length of time and prior exceptional reviews mean nothing. I know that required to rate on a curve, which does result in some partially meets ratings going out. This is the first year I've seen the muse that has the basis for dismissal and revoking any severance payment you were owed. They are really not doing the right thing here for long-term employees, or even shorter term employees. This is not going to bode well for future employees.
Management never learns. They just keep burning those bridges with their employees!
Using the performance review process to falsely record the performance of an employee in order to meet force rankings and eliminate higher paid employees is disgusting. Ironically, the person escorting me out the door after over 35 years with the Company, was herself escorted out those same doors three months after me.
BNY has demanded force rankings for years and then demand managers put “LPs” on a development plan. It is yet another way to “trim the fat” in the next year. It’s despicable!
What’s the pay-out if you are laid off?
Yes, they have a quota based on the number of people in the group. I have heard that several were forced down by upper management to meet the group quota.
The Separation Plan policy says “unsatisfactory job performance, as determined by Employer”may be the cause of termination and then would not qualify for the Separation Pay Plan.
I assume unsatisfactory performance may mean even 1 partially meets?
Question: do managers have a quota to assign partially meets expectations ratings?
so, the fact that they did forced rankings to basically eliminate higher paid people allows them to skirt the WARN notices. Goldman had the decency to give low performers 2 months pay and then severance. No one will ever come work for BNY again with this approach.
This is outlined in the new policy in the HR portal. Search on keyword separation to locate the policy.
The website lurkers use mo--nic acronyms. If you commonly look on here and see these below items this is what they mean
LP- low performer aka got does not meet or partially meets. And you will probably be put on a pip
P-m is P-M model the new silo based program for operations.
What is LP?
There is no severance for LP. You are put on a performance plan for 30 or 60 days to graduate, 30 days exit or 60 days exit or termination. If you pick 30 days you get 30 days pay and they will allow you to still came you are employed when looking for a new job.