Are these 25% low ratings to avoid bonuses, promotions, and cut the low of the low workers? Was hired about 6 months ago as a VP software engineer. Do I need to be worried? I get my work done and sometimes more.
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Why is it necessary to now force rank employees based on very rigid performance criteria for new positions and roles that have been created out of the new P-O-M cr-pola model?
While I may not be the sharpest crayon in the box, it certainly seems a plausible reason is to create yet another bogus reason to terminate people for cause and deny severance.
Also seems HR leadership is once again copying another page out of the McKinsey "worst practices" playbook and pulling out all the stops to meet senior leadership displacement goals.
Everyone here is raging mad on this site because there truly is no open forum within BNY either with HR, Managers or Senior Leadership to OPENLY discuss feedback and concerns. Wasn't this feedback not loud and clear in the most recent PeakOn survey results?!
HR: Since you monitor this site, why aren't there programs in place to positively address associate feedback. If so, please share results.
Leadership will falsely profess they have an open-door policy and project empathy, but very predictably, they will continue to mask over the true Global Associate Feedback concerns while dispensing the Dermie stirred Kool-Aid, RV touted free coffee and wait.... there's more.
Look out for the summertime kiddie cones and free ice cream with sprinkles in select cities and strategic growth locations on Thursdays!
Look at all the great things that are being done to create a positive, happy workplace environment. How delightful!
I went through 4 years of "below expectations" reviews, no raise, and ever shrinking bonus. The last bonus I got was $1250. this came immediately when I was moved to a new manager after several years of meets or exceeds and healthy bonuses. What changed about my performance? Absolutely nothing. But I was over 55 when it started. Let go at 62.
Another way of cutting costs to make the bank seem cheap to operate. Now we know why after the NT leak….clearly the plan is to sell the bank. Robin and Dermott ride off into the sunset with a huge payout and everyone else is sc--wed. Don’t be fooled….there is minimal investment going into this business. The sole focus is on cuts….move to India and get run of expensive US people. Madness.
@a4+1jxxnrc83 - no its not. They've been doing it. Now it’ll be more to meet that goal. Getting rid of this many shows how unintelligent the ceo and his cronies are when you dont want to keep good employees. As a mgr we keep getting told we cant give too many exceeds and if we do sr mgmt comes back and says reduce them. We have also been talking on that receiving end after busting our as--s so they will absolutely meet it. How else do you think they are showing how well things are going? Its not by bringing in new business. Hes fluffing their reports is what hes doing and he needs to go
@e8 @e8 struggling with this same position myself. They're going to sc--w me this year end. I actually wrote a resignation letter last night and filed in a folder for now. I think they would be shocked...and definitely sc--wed. Trying not to "cut my nose off to spite my face" for now, but cannot take much more. Never had before, but have gotten chest pains twice these past 2 weeks. Such a toxic, broken cesspool.
@e8 struggling with this same position myself. They're going to sc--w me this year end. I actually wrote a resignation letter last night and filed in a folder for now. I think they would be shocked...and definitely sc--wed. Trying not to "cut my nose off to spite my face" for now, but don't know how much more I can take. Never had this before, but have gotten chest pains twice these past 2 weeks. Such a toxic, broken cesspool.
@ez you are supposed to be eligible unless you are terminated for cause such as RTO, compliance, or a code of ethics type violation. if you are let go because they say you just aren't as good at your job as your peers, you are eligible! if BNYM tried that cr-p, fight it!!
@OP At what level does the forced ranking start ? Are the MDs also subject to the same process ? Does Jen B need to rank 25% of her direct reports as “almost meets” ? or whatever they are calling it .
@em You are not eligible for unemployment if you are let go “for cause”.
@e6 Good luck with that !
@e8 I am in the same place after 30 years. I can not wrap my mind around what this company has become.
@e8
Should have just reported in 9 to 5 and have them fire you to collect unemployment while you search
I was one of the people that was hoping to just ride out the rest of what’s left of my my career here… Trying not to let all the nonsense bother me but eventually, I finally had enough and put in my notice a month ago. The last straw for me was realizing that even though I perform well, if I’m targeted for this displacement, they will give me a fake rating to avoid my severance so the one “perk “ that was keeping me here was no longer.
@e6+1jxxnrc83 - nah i absolutely mean the over 1k coffee machines they plan on adding. Cause other locations dont get that sh-t
@d8+1jxxnrc83 I think you mean don’t have free private Starbucks baristas in NY! Don’t take away the only perk we have in the cr-ppy non growth centers that are slowly dying unless they let us WFH without layoff threats.
If they want to cut cost, have more people wfh, close high cost locations like PA and Nyc and maybe not have fancy gyms and coffee machines added to the office.
@d0 10 more years here and retire? What are the odds of that? Maybe 100 to 1. There is no career here. Especially when your tenure is measured in weeks. Not years.
It's a cost-cutting measure.
Not only can they avoid paying severance to those who get fired, but anyone who's still here with a bad rating gets no raise and no bonus.
That has an effect for the rest of your time at the company, as any raises going forward will be based on a lower salary.
This is not a company for anyone looking for a career. I had a co-worker tell me they want to work for ten more years and then retire from BNY. I laughed and said maybe if you move to Lake Mary or India, but otherwise think maybe two or three years before we're all gone.
Clients are already annoyed at slow responses and lack of knowledge from offshore people who are supposed to provide production support, but in reality know nothing about the product or the system it runs on.
I'd say we have a full meltdown coming in the next few years, but the execs will probably have taken the money and moved on by then.
It is going to be a corporate goal for everyone to give 30% more productivity soon. Never mind how that will be measured. But dontcha know, we will have a 30% increase minus 25% FTEs so mgmt says we will come out 5% ahead! So you see, it’s all going to work out 😏
Of course they can do it, just say they did. How they can legally get away with force ranking 25% is the real question. They would open themselves up for a class action lawsuit.
25% is a lot! To cut that across the board, they’d have to actually resign themselves from servicing certain clients. This is a major accident waiting to happen.
Start documenting more of your accomplishments, save any positive feedback from colleagues, don’t let them get away with not paying severance.
@a4 not impossible. That’s what we are being told to do for mid year. Manager meetings start today thru next week. I will let you know exactly what they tell us.
This is to put you on the curb with no severance
Impossible to force rank 25% out.
Yes. Start looking now. They’re avoiding paying severance when they let people go and bonuses with these fake ratings.