I am not asking for speculation here, so if you don’t have absolute confidence in your statement, don’t make it, please.
Used to be, if an employee was laid off during the year, they would still receive a bonus the following year. It wasn’t usually as much as they would have received if they weren’t laid off, but it was something and a rare surprise on the up-side to a former employee.
Is that still the practice?
I had to explain the concept of tracking to the offshore Voya reps. The answer was no tracking and U.S. Mail only. The amount was over half of our net worth. After a few back and forths the rep asked “can you have a UPS?”. I asked if it had a 1Z in it and they said yes. They never did supply the 1Z tracking but I have the UPS app and it alerts for anything coming to our house.
At 11:00 about 10 days later my app alerted that I had a package. I drove home and found a large UPS envelope in he middle of the yard, blown off of the porch. All of my prior rollovers from other employers were purely electronic rollovers. I’m obviously very happy that I insisted on tracking. Sorry, but VOYA is in the Stone Age.
Even if you retire after a full year, give more notice than required, and follow the “Good Leaver” guidelines there is no guarantee of a bonus. Wish that I had worked 2,000 instead of 3,000 hours. On the bright side, getting shafted only reinforces my confidence that I made the right decision. I can never again be forced to deal with unethical people.
If you are let go because of a layoff or job elimination, the terms of the SUB package (as of October 2022) state that you will receive a bonus if you are eligible under the terms of the applicable bonus plan. On that basis, it would depend on the terms of the plan you are working under. (And good luck finding out what those terms are…) The document also stressed that any payment is at the discretion of the company. As someone noted below, the EC shifted the cutoff date to 10/1, with the obvious goal of stiffing people on their bonuses. There are not lows this company won’t sink to
I just got my 401k out of Voya without too much trouble. They block it for 30 days then you can request it. They send you check, I was able to take a picture of the check and upload to vanguard.
I got laid off in August, no bonus and good luck getting your 401K out of Voya.
I was laid off from BNYM in November 2015, right after Thanksgiving. I didn't get my bonus then, and I've never heard of anyone around the H, I, J grade level get theirs either. So the practice of not paying bonuses has been goin on for a long time.
I don’t know the answer but I wouldn’t count on it. If they can take nerf 401k benefits for the whole company what makes you think managers from behind the scene will just say “oh we had some headwinds so our budget got small. No hard feelings go--m”
Depends on the circumstances and your manager.
In many cases, those identified for separation are those judged to be the lowest performers. In those cases, the guidance, even if they are staying, is for a drastically lowered bonuses.
In situations where it really has zero to do with performance, your manager will likely try to give you something half decent, assuming they are half decent.
Up until a few years ago, HR was weird about reducing bonuses for those laid off. They would tell me I could not give them less than the prior year. That has changed.
But the truth is, once you’re out the door, you are not a high priority for your manager when it comes to allocating the bonus pool.
No, in almost all cases management knows well in advance who they will be terminating, so they plan accordingly. They use the $$ that might have been allocated to the person being let go to either give more to employees staying, or give it back to their upline manager, and so look like a hero ("look boss, you can have the bonus bucks I could have given to Terminated Joe, happy to help.")
Agreed Baron.
A few yrs ago the EC changed the policy. It was if you got laid off after juju 1st you would still be eligible for your bonus. 2 yrs ago that was changed to October 1st-basically to sc--w people who delivered for 3/4 of the yr. Let’s let chuck Schumer and Elizabeth Warren know this.
In reality there are two things to understand about 2022 and early 2023. Substantial layoffs have happened or planned for January (esp in O&T). Bonus pool has been communicated to mgmt that it’s down 10% from last yr. Since BNY practices a fully discretion bonus the favorites will keep it, including the pool from those let go before October 1st.
Hope this helps for someone still plugged and in the know.
I know, but I am unable to share.
The only bonus I got was not sitting by the bathroom anymore!
unexpectedly got a bonus yesterday, came out of the blue, 11 years working for this cr---y place, i'm still in shock, waiting for the other shoe ot fall.
My boss is a spineless, loser, shill... This doesn't answer/add to the Convo, but also doesn't it???
Absolutely not, it goes to others.
You may want to check the current HR materials on MySource. Unlikely any change to this would have been publicly advertised but presumably it’s buried someplace on the intranet…
Hardly considered a surprise unless the sick joke of being laid off is the surprise you are referring to.
WTF is a bonus?